As long as you can grow and learn from the experience
With COVID-19 affecting the world for the most part of 2020, we’ve seen a sprout in side hustles, with many trying to create other income streams for stability. This could range from doing something as simple as knitting clothing to launching your own startup.
For me personally, I have found some success in some side hustles recently but also to boot, a lot of failures.
What I have also found, however, that it is essential to pick your winners but also let go of the losers.
There are too many articles pushing for success no matter what
It is however important to be realistic so let me throw this perspective at you.
Seeing the success of a multi-million dollar business is great, especially if the founders grinded years to make it work. But for one business to succeed, most likely means many failed before it, especially with niche markets.
There is way too much sensationalization in making a business, side hustle, or whatever work.
Let's take a look at startups.
It is true — startups with founders who have grit are most likely to survive over those who don’t. These are characteristics that could potentially allow one founder of a business to outshine another.
However, you should never put yourself in a situation where you’re funneling money down a drain just because you read something online that a founder had to eat cup noodles every day for a year to make it work (hats off to those who did make it work though).
Everyone knows this, but the survival rate for businesses are extremely high in the first few years and will continuously drop over time.
Probability wise, you’re most likely to fail than succeed.
This means it is important to determine what success really means to you.
Is it creating a billion-dollar business, or is it perhaps just a learning experience for you?
Whatever it is, it’s important to understand how much you want to invest in reaching that particular goal.
Success doesn’t necessarily need to mean a flourishing business earning millions. If you can simply make the concept work, earn a bit of money and gain a valuable skill, that could mean success as well.
Sometimes, however, you have to let go
Like many things in life, sometimes accepting failure is better than trying to continue something with no promise.
As shown in the graph above, fear of failure is common in every entrepreneur around the world.
This is especially worse if it affects your mental health, financial situation, and relationships with people around you. I have seen many friends, acquittances, and strangers push forward and ruin things around them only to meet with failure and regret at the end.
The main question you should be asking yourself is: “If this fails at the end, would I have regretted it?”
If you’re passionate about it, then do it because you’re passionate rather than a monetary reward.
Time to rethink for the future
If you’re here grinding the hours but loving the journey, that’s great.
But if you’re doing this but regretting every moment, it’s time to rethink your options. Even if your side hustle fails, you would have still learned from it, and at least then you can have a fresh start to something new.
Instead, failure shouldn’t be looked at as a negative but rather embraced so you can point out future weaknesses or problems for ventures down the path.
In my opinion, setting an early understanding of what success means to you can help you gauge if something is worth pursuing in the long run or if it’s time to close shop and try something else.