Rieva Lesonsky is a well-known expert in the field of small business and entrepreneurship. In a recent article, she delves into the world of side hustles and how they can serve as a stepping stone to full-time business ownership. With the rise of Gen Z and millennial entrepreneurs, side hustles have become a popular way to earn extra income and prepare for a serious entrepreneurial venture.
According to research from Bankrate, a significant percentage of Zoomers and millennials have embraced the side hustle trend. Many of them are not just looking to make some extra money on the side, but are also aiming to turn their side hustles into their primary source of income. This shift towards entrepreneurship among younger generations is driven by a desire for flexibility, making a difference, and financial independence.
Ashley Hubka, SVP and GM of Walmart Business, emphasizes the importance of making business ownership easier for Zoomers and millennials. She believes that side hustles can be a pathway to full-time entrepreneurship, providing valuable experience and income along the way.
Turning a side hustle into a full-time business
Lesonsky engages in a conversation with Hubka about the journey from side hustle to full-time business ownership. Hubka agrees that side hustles serve as a way for younger generations to earn extra money and prepare for a serious entrepreneurial venture. She highlights the importance of establishing a clear mission, creating a formal business plan, and remaining flexible in the face of change.
Hubka also discusses the resources available to help side hustlers transition into full-time business owners. She emphasizes the need for tools and resources that support the unique needs of entrepreneurs, such as automating administrative tasks and increasing productivity. Walmart Business offers programs like Open Call, where entrepreneurs can pitch their products to Walmart merchants and potentially reach millions of customers.
Mistakes to avoid when starting a business
Hubka shares common mistakes that startup entrepreneurs make and provides tips on how to avoid them. One key mistake is not choosing tools and technology that can scale and grow with the business. By selecting solutions that align with long-term goals, entrepreneurs can save money, simplify business operations, and prevent burnout.
Hubka also stresses the importance of managing cash flow in real time and setting boundaries to avoid burnout. By prioritizing rest and incorporating well-being activities into their schedules, entrepreneurs can maintain a healthy work-life balance and prevent business-related stress.
Rieva Lesonsky’s insightful article provides valuable insights and practical tips for aspiring entrepreneurs looking to turn their side hustles into full-time businesses. With the right mindset, resources, and support, side hustlers can successfully navigate the journey towards entrepreneurship and achieve their goals.
