The $100 MBA Show: Episode MBA2329 Q&A Wednesday - Choosing the Right Side Hustle

Release Date: June 28, 2023
Host: Omar Zenhom
Episode Title: How do I choose which side hustle to go all in on?

Introduction

In Episode MBA2329 of The $100 MBA Show, host Omar Zenhom addresses a common dilemma faced by many aspiring entrepreneurs: selecting the right side hustle to fully commit to. This episode, part of the Q&A Wednesday series, delves deep into the strategic decision-making process behind choosing a single venture over multiple side projects.

Listener's Question

Fred's Inquiry:
"Hey Omar, I got a few side hustles going, but I want to go all in on one. How do I choose which side hustle to go all in on? They all have pretty much the same potential and are earning around the same amount of money. Would love some advice. Thanks Fred."

Fred's question highlights a pivotal moment many entrepreneurs face—transitioning from juggling multiple side projects to dedicating their resources to a single, promising venture.

Defining Personal Success

Omar begins by emphasizing the importance of defining what success means to you personally. He outlines that success varies widely among individuals:

• Personalized Success:
  "Success could be you're making enough money to live a very comfortable lifestyle and have a rainy day fund and with plenty of time for yourself to think, to travel, to explore, to have fun, to exercise." [05:30]

• Ambitious Success:
  Conversely, some define success by building a unicorn company, aiming for valuations in the hundreds of millions or even billions.

Omar advises listeners to reassess their definitions of success to ensure their goals are realistic and aligned with their personal values.

Choosing a Side Hustle You Enjoy and Can Sustain

The core of Omar's advice revolves around passion and consistency. He underscores the necessity of selecting a side hustle that you not only enjoy but can also sustain over the long term.

• Enjoyment in Daily Activities:
  "You need to be able to do what you do to be successful consistently." [10:15]
  Using his own podcasting journey as an example, Omar shares how enjoyment has been crucial to his sustained efforts:

  "I've been podcasting since 2014. I have published over 2,300 episodes on this podcast. This would not be possible if I did not enjoy recording podcast episodes." [12:45]

• Avoiding Burnout:
  He warns against choosing a side hustle that feels mentally draining:

  "If you feel exhausted afterwards after doing an activity, and I'm talking about mentally exhausted, then that's not great." [09:50]

The Power of Consistency

Omar draws parallels between entrepreneurship and other fields to illustrate the importance of consistent effort:

• Athletes and Professionals:
  Just as an Olympic athlete requires countless repetitions to perfect their craft, entrepreneurs need to consistently engage in their business activities to achieve and maintain success.

• "Game of Inches" Philosophy:
  Referencing a motivational speech similar to one from Al Pacino’s character in The Longest Yard:

  "Life is a game of inches... each time you're doing that activity in the business, that's one inch." [14:20]

This analogy emphasizes that small, consistent actions compound over time, leading to significant progress.

Integrating Passion into Daily Life

A standout moment in the episode is Omar's reference to Arnold Schwarzenegger, highlighting how integrating a passion into daily life fosters long-term commitment:

"Arnold is 75 years old and he's still working out at the gym every day... it's who he is. It's just a part of his life." [18:10]

Omar uses this example to reinforce the idea that the chosen side hustle should feel like a natural extension of oneself, rather than a burdensome task.

Identifying the Essential Activity of Your Business

Towards the end of the episode, Omar provides a practical framework for listeners to determine which side hustle to pursue:

1. Identify the Core Activity:

   • Example for a YouTuber:
     "You gotta be on camera or shooting content. You gotta come up with concepts." [22:05]
   • Example for a Chinese Restaurant Owner:
     "You gotta know something about good Chinese food. You gotta develop recipes." [22:10]

2. Assess Enjoyment and Fulfillment:
   Ensure that the core activity energizes you mentally and doesn't feel like a chore.

3. Long-Term Sustainability:
   The activity should be something you can see yourself doing daily, not just temporarily.

Conclusion

Omar concludes the episode by reinforcing the importance of self-awareness and alignment between one's passions and business activities. By choosing a side hustle that resonates with your personal definition of success and one that you can consistently enjoy, you're more likely to achieve sustained growth and fulfillment.

Final Thought:
“If you're wondering what is that one activity that is going to be required of me to run the business... just think about each business that you have in your hands or business idea and ask yourself, what is the one thing I have to do in order for this business to grow to actually be a business, actually be sustainable.” [25:30]

Key Takeaways

• Define Personal Success: Understand what success means to you to set realistic and fulfilling goals.
• Choose Passion-Driven Hustles: Select a side hustle that you enjoy and can commit to consistently.
• Embrace Consistency: Recognize that small, daily actions lead to significant long-term success.
• Integrate Passion into Daily Life: Your side hustle should feel like a natural part of who you are.
• Identify Core Activities: Focus on the essential tasks that drive your business's sustainability and growth.

For those grappling with similar decisions, Omar's insights provide a clear roadmap to making a strategic and fulfilling choice in selecting the right side hustle to commit to.

Learn more about building your business with practical lessons at 100mba.net.