Why is one job not enough for most people? Smart people should be able to get jobs that pay enough for them to live well. If people can do this why would they opt to work unskilled jobs as a contractor as well – this is what a side hustle is.
A side hustle is another way for people to make money on the side of their main job. People become contractors for companies and are able to set their own hours and work when they have free time.
Most people would prefer to work a 9-5 and spend their spare time doing things they love. 80-90% of people are not workaholics, I believe a lot of people working side-hustles out of necessity.
Side Hustle vs. Online Business
This side-hustle phenomena is completely different from starting a business on the side of your job. I believe entrepreneurial people should have a job, start an internet business, and have investments. But it is unreasonable for most people to do this, they are not ambitious enough.
For ambitious people, having a job, internet biz, and investments is a good plan for ambitious people. The truth is that most people do not have the stamina and enough ability to delay gratification to go through with this plan.
What are some side hustles?
Side Hustles are things like:
- Driving for Uber or Lyft
- Having a part-time job
- Using task-rabbit
- Giving music lessons
- Being a personal assistant
- Writing resumes for people
A side hustle is something you do in your spare time that isn’t your main occupation and isn’t scalable. For example, writing resumes for people through an online resume service. You are exchanging your time for money. You are a contractor to a business, you are doing freelance work for a company for a wage.
Exchanging time for money is an essential part of a side hustle.
The difference between this and running a business is the ownership aspect. If you are an entrepreneur you can grow the business and you accept the risk and reward of this. As someone who has a side hustle, you get paid what someone else says you should get paid. A side-hustle is a part-time job where you set your own schedule.
Why is it such a powerful cultural movement for people to have more than one job?
Some Explanations For The Side-Hustle Phenomena
- Millennials are more entrepreneurial.
- There is no reason to assume that there is a personality difference between millennials and previous generations. I do not believe it is a difference in risk-taking ability or personality that makes millennials more entrepreneurial.
- People want freedom of scheduling
- People are working their 9-5 jobs and doing their side hustles on evenings and weekends. Therefore they aren’t getting more free time because of their side hustle. They are working their regular job + extra work when they are free. Therefore there is not more freedom, there is just more work.
These are wrong!
A Common Definition of Side Hustle
People have the entire idea backwards. I did some searching to see what people defined side hustle as. This is from an Inc.com article titled “What Is The Best Definition of A Side Hustle” (I’m not linking it cause it was rubbish).
The article was an interview of Chris Guillebeau, who wrote a book about side hustles. He was interviewed on one of the stops on his 100-city book tour, this was his definition:
A side hustle is not a part-time job. A side hustle is not the gig economy. It is an asset that works for you.
Chris Guillebau’s Side Hustle
The only hustle here is this guy trying to sell his book. I also find it hilarious that this guy’s name is so similar to gullible.
Let’s look at 2 definitions of the noun hustle,
1.busy movement and activity. This is exactly what the wantrepreneurs who are buying this guys book are doing. Busywork instead of doing the hard work that will produce results.
2.a fraud or swindle. This is exactly what this guy is doing by promoting this book. Telling people they can buy a book and make a sustainable income in 27 days is a complete fraud.
Don’t take financial advice from people on 100-city book tours. This guy is teaching people they can get results without putting in the work. This is an idea I have never seen happen in the real world. There is no such thing as a free lunch.
The Real Explanation For The Side Hustle Phenomena
People don’t make enough money in their jobs. This is a reason a lot of people forget, because they lose sight of the forest for the trees. People’s salaries aren’t rising as fast as the cost of living, particularly in big cities. This is particularly true of white collar workers who unfortunately are often very naive about their careers. These white collar employees often think they can just get a degree, find a first job and then climb the career ladder.
These people have been lied to. Following conventional wisdom is how people end up with 100k in student debt and working at Starbucks.
Smart people know there are only two choices – build a network and actively work on professional development, or build a scalable business on the side. Working a job without a backup plan (business to go all in on, or a strong network with connections to find another job in a month or two) is a disaster waiting to happen.
Why would people work two jobs if they had a choice?
The easiest way to understand something it so simplify it.
Would you work a part-time job in the gig economy if you had a career that paid enough, or an online business you were growing?