Author Topic: Is this a normal struggle for entrepreneurial minds?  (Read 2173 times)

deek

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Is this a normal struggle for entrepreneurial minds?
« on: March 01, 2018, 08:10:32 PM »
Long story short, I've been trying to think of money making side hustles for the last several months and it seems that every promising idea I have fizzles out and I just can't get anything to stick. Most of the time it fades because I'm not able to dedicate the time that I want to learning more about it.

Sometimes I'm just racking my brain all day because I want to do something else to make more money since my day job brings in less than $35k (a new job coming soon most likely - closer to $37k).

Does anyone else here have a hell of a time seeing a side hustle idea through?

MrUpwardlyMobile

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #1 on: March 01, 2018, 08:22:52 PM »
Long story short, I've been trying to think of money making side hustles for the last several months and it seems that every promising idea I have fizzles out and I just can't get anything to stick. Most of the time it fades because I'm not able to dedicate the time that I want to learning more about it.

Sometimes I'm just racking my brain all day because I want to do something else to make more money since my day job brings in less than $35k (a new job coming soon most likely - closer to $37k).

Does anyone else here have a hell of a time seeing a side hustle idea through?
most side hustles involve doing and less thinking from my experience.

bwall

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #2 on: March 02, 2018, 07:14:10 AM »
That's part of the learning process. I have many, many ideas on how to make money. I think them over and try to find the flaw in the idea. Usually, I can find the flaw and don't do it. This process is fun for me.

My problem is when I can't find the flaw. Then I get nervous; what is it that I don't know? What can't I see? I must have a blind spot there, then. Then, I gingerly put a toe in the water and see how it is. Sometimes it works, sometimes it doesn't. Each time I learn. And, it's always enjoyable, mainly because I'm not dependent on the money. If I were, it probably wouldn't be much fun.

Freedomin5

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #3 on: March 02, 2018, 07:23:25 AM »
Does anyone else here have a hell of a time seeing a side hustle idea through?

No. I have a good number of entrepreneurial ideas, but I don’t consider them to be side hustles since I’m not actually working on them, and they’re not generating any money. Ideas are a dime a dozen. If you want to learn more about a side hustle, try learning on someone else’s dime. Get a part time job in that area and see if you like it or if it really is a side hustle you want to get into.

undercover

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #4 on: March 02, 2018, 09:33:28 PM »
My side hustles turned into something simply due to the overwhelming desire to want to do it. Not too much thinking went into it frankly. Saw a need and an opportunity and didn't waste much time. Learn as you go.

SC93

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #5 on: March 02, 2018, 11:06:56 PM »
Every business that I've had (not sure on the number) has went from idea to actually doing it in less than 1 month. You can make all kinds of excuses.... read what you want to read about it... try to find why it won't work... try to find why it will work... blah blah blah..... Write down 3 ideas and put them in a hat... draw 1. Come Monday start doing that idea. <<<< You will do that if you are serious about doing any thing at all. Or else you may just be a dreamer.

But wait..... what if I fail? Oh no.... the world will end because you will be the 1st person to ever fail. Get over yourself... you probably will fail the 1st time out.... then put 3 more ideas in a hat and start over. This is the real world, pick yourself up quick and start over, you are here less than 100 years.

^^^^ This is for anyone, not just you.

Let's see by the end of March if you are a do'er or a dreamer. Update us.

Missy B

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #6 on: March 10, 2018, 02:06:06 PM »
DJ, even the way you phrased the question is revealing. You referred to 'entrepreneurial minds', which indicates you're only thinking, not doing.
Here's the thing: people who run businesses call themselves entrepreneurs. They don't use 'entrepreneurial minds' to describe themselves, and they are well aware it takes more than just a  'mind' to be effective. And it might surprise you how many I've met who don't think they are all that smart. (I thought they were plenty smart enough,but then, not having a big head about yourself is a big business advantage.)

The thing is, when they saw an opening, they took it.

There is no point screwing around with thought experiments about whether the business will work. If it's expensive and you risk too much money, don't do it. Find something you can start easily for cheap. Start it and see if it works. Like SC93 says, there's never a shortage of excuses.

My last side gig was selling raspberry plants out of my garden plot. I was really annoyed that I couldn't find a good deal when I bought the original plant ($10-12 for a seven-inch 2nd year cane, so hardly any berries the first year) so I sold 4-ft 2nd year cane for $5 each, and baby rootlets for $2, and made $146. I didn't know if they'd sell when I put my ad up, but I guessed that others would feel like me, and appreciate the deal.


Fishindude

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #7 on: March 12, 2018, 09:23:38 AM »
You don't need the best idea in the world, you just need to get off your rear end and take action.
I've got a buddy that makes $3-500 every week (cash) detailing cars, people have learned about him through word of mouth.   All he needs is his garage space with running water, a few tools and cleaning supplies and is making himself an extra $15-$25,000 per year.


zazpowered

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #8 on: March 15, 2018, 01:06:02 PM »
Execution is more important than the idea. I would just think of something and stick to it until you know it won't work

living small

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #9 on: March 15, 2018, 07:07:24 PM »
I often easily get discouraged in the same way. I am one of those strange individuals whose mind is always in overdrive. I come up with a million ideas.

Now I am getting better at creating space to analyze one or two ideas on my days off. I work three days per week, and on my off days, when my kiddo is still in preschool, I have made non-negotiable time to research and sift through information pertaining to my various ideas. Once I have a concept of what it is that really is an interesting opportunity, I create a checklist of actionable steps to keep progress and momentum.

One theme that has popped up over and over for me is how to find the help or expertise that I might need when I hit a roadblock. Researching your side hustle ideas are one thing, finding a mentor with real world experience and useful advice is a whole other thing.

One resource that was particularly helpful to me on one of my side hustles was  www.score.org

This is a free resource that partners you with a mentor in your community (Service Corps Of Retired Executives). My mentor came to my house and listened to my project idea. He helped me understand other things about my target industry. He helped me create other actionable steps I hadn't thought of. He gave me contacts that I would not have otherwise found.

It sounds like it can be hard for you to keep the momentum. Having a mentor is a great way to stay accountable.

Good luck dj!

SC93

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #10 on: March 15, 2018, 10:18:09 PM »
Let me give all of you people a tip about researching a side hustle or any type of business that will be your own.

STOP!!!!!!

STOP!!!!!

Every time that you decide to do research, you are punished.... do 20 pushups. I don't care if you can't do 20 pushups... DO THEM because all you people are is dreamers...... you call yourselves other things but you are lazy ass dreamers. If you don't do 20 pushups pull 30 individual hairs out of your arm. You don't need any damn research. What you need to do is get off your lazy ass and do it! Lazyassity is what you are good at but it pays $0. I get ya, I used to be a lazy ass too.....


[That seemed random and unhelpful.  What were you going for here?]
« Last Edit: March 16, 2018, 05:53:20 AM by FrugalToque »

SwordGuy

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #11 on: March 16, 2018, 08:04:59 AM »
Long story short, I've been trying to think of money making side hustles for the last several months and it seems that every promising idea I have fizzles out and I just can't get anything to stick. Most of the time it fades because I'm not able to dedicate the time that I want to learning more about it.

Sometimes I'm just racking my brain all day because I want to do something else to make more money since my day job brings in less than $35k (a new job coming soon most likely - closer to $37k).

Does anyone else here have a hell of a time seeing a side hustle idea through?

Is this normal?

Yep.  Most people think about how they could have a brilliant idea that would make them rich but never get off their rear ends and do the work.  Pretty darn normal. :)

What is your target income improvement?  How much time are you willing to spend to make that happen?   Realistically?
Can you afford to spend $500 to $2000 on it over the course of a year?



living small

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #12 on: March 17, 2018, 08:13:44 AM »
I want to add in something that I think is also relevant to this convo.

There seems to be some theme here that research is not work.

I wholeheartedly  disagree.

As a medical professional who's only contact with an engineering discipline was formerly being married to an engineer, I had a lot to learn in order to bring a consumer product to fruition.

I had to figure out how a product was going to be made, the cost of re-tooling/cost per item, how to design/talk to an engineer or industrial designer to get the product the way I wanted, the ins and outs of intellectual property/legal implications, licensure vs LLC, and on and on.
I also realized that I could avoid spending a ridiculous amount of money on certain things that didn't matter.

Perhaps some of these things are simply part of other people's wheelhouse, but they weren't a part of mine. Research made me educated enough to get my project off the ground.

And that, my skeptical friends, was time well spent IMHO.

Malkynn

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #13 on: March 17, 2018, 09:18:14 AM »
Like everything, it depends.

If it’s a low risk, low barrier to entry, low overhead cost endeavour, then just go do it.
If it’s a high risk, high investment cost, or high overhead cost endeavour, then research the shit out of it and go in prepared and with a fully realized plan.

I have three side hustles and none carry much risk or required much up front investment that I wasn’t willing to lose, so I just jumped at them with essentially no plan whatsoever. One came out of being delirious while sick and sending an ill advised email to a professional colleague whom I barely know saying “check out this crazy idea, I think you should pay me to do it” and he replied “that sounds amazing, I think we can really make this work”
And voila. I had a new project.

SC93

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #14 on: March 17, 2018, 09:18:37 AM »
Let me give all of you people a tip about researching a side hustle or any type of business that will be your own.

STOP!!!!!!

STOP!!!!!

Every time that you decide to do research, you are punished.... do 20 pushups. I don't care if you can't do 20 pushups... DO THEM because all you people are is dreamers...... you call yourselves other things but you are lazy ass dreamers. If you don't do 20 pushups pull 30 individual hairs out of your arm. You don't need any damn research. What you need to do is get off your lazy ass and do it! Lazyassity is what you are good at but it pays $0. I get ya, I used to be a lazy ass too.....


[That seemed random and unhelpful.  What were you going for here?]


It might have been unhelpful for someone who likes to sit around all day and do unpaid research.

For those of us that make money and make a lot of it, it was REAL helpful.

Maybe I need to explain a little better. Get OFF YOUR LAZY ASS AND DO THE WORK. STOP with all the research.

I've made MILLIONS with 0 research and so can you if you will STOP researching.


Was that better? I can draw you a map if needed.

Back to the shirt I bought the other day. It read:

Ok, you're right, let's do it the dumbest way possible so it's easier for you.

I have 5 people working on what we call the .com. 0 research and it should net a ton of money. I never said research isn't work..... it's STUPID unless you are putting up a huge amount of cash upfront. But why put up a huge amount of cash when you can make millions by putting up $1000......
« Last Edit: March 17, 2018, 09:21:31 AM by SC93 »

living small

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Re: Is this a normal struggle for entrepreneurial minds?
« Reply #15 on: March 17, 2018, 01:38:01 PM »
Well put, Malkynn.

As they say, luck is opportunity meeting a prepared mind.

I never set out to do this, I just kept seeing the same problem over and over. I thought, well, if no one else is going to solve it, it might as well be me. But it did take the preparation steps.

I hear you too SC93, but consider that you might have already been prepared for your action, your research was sort of "built in" and you could just go for it.

The other things here:
1. No amount of money is worth it if its not fun/satisfying for you. Sure, there is some awesome, immediately actionable thing that could net you millions. But it could also make you a miserable and unkind know it all. I mean, my chosen profession ( high barrier of entry) could net me millions at this stage, but to do that, I would stop enjoying life. I still make an obscene amount of money, but I get to explore other things that give me joy and keep me from turning into a dickhead.

2. At some level, we all have some association with money equalling happiness/freedom...and it does have some bearing. At my advanced age...I feel that money is a powerful tool when you have enough, but when you are building it, it is a representation of the energy you are willing to give up. You can never get that time or that energy back. 

3. There are many paths.