Part-time businesses, or “side hustles,” have enabled many aspiring entrepreneurs to plan and build their big ideas. Take entrepreneur Mark Zuckerburg, for example. While he was working on his degree as a full-time student at Harvard University, he was laying the groundwork for Facebook, which is now considered one of the world’s largest social media platforms. Then there’s Spanx founder Sara Blakely. In the early days of her business, she had to pound the pavement selling fax machines to pay the bills while running the now-popular casual wear brand out of her apartment at night. And Nike didn’t just start as the 33.9 billion dollar business it is today. Founder Phil Knight started the iconic brand by selling the running shoes out of his car at track meets while working as an accountant.
These are just three examples of people who became rich thanks to their side-hustle. But is a part-time effort really ideal? What exactly could go wrong with part-time entrepreneurship? Here’s a look at five things that could block your path to success:
You lack determination
There is no question that successful entrepreneurs are passionate about their businesses. You should do what you love and enjoy putting in the hours and the effort—even if that’s after a whole day at the office. If there is no spark, chances are you won’t enjoy yourself or grow your business to its full potential. Determination is key and will be the driving force behind all of your entrepreneurial endeavors. Make sure it sticks around.
You could lose your focus
No business path is perfect or linear. There will be confusing moments, and at times, you might find yourself distracted with your day job. You might even get wrapped up in what your competition is doing. Keep your purpose and vision in mind at all times. Focus on yourself, your business, and your employees. Stay on track and don’t get lost in the details.
You aren’t realistic
It’s easy to get overly excited about the future, especially when you imagine your successes. Make sure you are taking actions that are consistent with your personal goals and your intended path. If you stray too far from what’s realistic, you might not get to the finish line at all.
You aren’t prepared
Before becoming an entrepreneur, you need to prepare yourself for the realities you will encounter. You need to have confidence in yourself, and you need to work hard. You are about to embark on a new and exciting journey, so make sure you have planned it out thoroughly.
You lack resilience
Get up when you fall. Inevitably there are going to be bumps in the road, challenges, and setbacks, especially when you have other responsibilities. Use these challenges as an opportunity to learn and grow. Remain tough and don’t quit. Surviving the setbacks can be a direct path to success.
It is important to realize that the most successful entrepreneurs didn’t get to where they are now without hard work and dedication, and yes, many obstacles. It’s important to always look on the bright side of things, but equally important to be prepared for what might go wrong. Try your best to remember these things, and you might just become the next Mark Zuckerburg, Sara Blakely, or Phil Knight!