Entrepreneur and motivational speaker Nic Haralambous. (Photo: Facebook) | Ray Mahlaka of Business Maverick (center). (Photo: Supplied)
During Tuesday’s Daily Maverick webinar, entrepreneur and author Nic Haralambous said it is important to accept failure when starting a sideline.
As Covid-19 changed the way many of us work, socialize, and live our lives, many were considering alternative ways to make money, and that meant letting go of their fear of outside employment, entrepreneur Nic Haralambous said at a Daily outsider Webinar.
Before Covid-19, background noise was already on the rise. A 2019 Study by the Henley Business School of Africa (HBSA) In addition: “In South Africa, the secondary business is becoming more and more popular. It is estimated that one in three South Africans also works to supplement their income. “
Of the 1,158 respondents in the study, 27% said they had earned an income from another part-time job.
A side business is one that adds to your current income, but it’s also about making money with a skill you already have, he said Haralambous, the author of the book How to start a side hustle.
However, the most important part of starting a side business is “learning how to deal with failure. What I like to tell people is that failure isn’t fatal – if it’s fatal, don’t do it. ”
In 2020, when bans were imposed around the world, Haralambous, who is also a keynote speaker, was unable to speak at events. So he started a company where people could book a keynote speaker to speak online. “After three months nobody had booked [a keynote speaker] So I closed it, ”said Haralambous.
Although it is important to accept failure in How to start a side hustle Haralambous also writes about “failure triggers”. These are triggers that let you know when it’s time to get away from a deal, Haralambous said.
With the cost of living soaring, many people could use more money, but many people are not entrepreneurs. And that’s fine because your sideline doesn’t have to be a business venture, Haralambous said.
For this reason, it is important that anyone looking to start a sideline think about what success and failure will look like for them.
“We think our success should look like someone else’s success, and that is flawed.”
While many people think they need to start a groundbreaking sideline, Haralambous says no.
“Your side business doesn’t have to be innovative, it just has to make money. If it doesn’t make you money, it’s just a hobby. ”
Haralambous warns against turning your passion into a sideline:
“I get a lot of criticism about it… if you like to potty and then do it as a sideline, when it goes wrong, you stop because you think you are not good at it. But when things go well, it becomes a duty. So don’t turn your passion into a sideline, you should rather get excited about the sideline. People often bond the two together. ” DM
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