The experts have been ranting for sometime on how the burden of student loans on national entrepreneurship could be adversely affecting business diversity. Nevertheless, there is an important point that should be understood by these up and coming entrepreneurs with a hefty student loan to address.
There is a way to become a successful entrepreneur and you don’t need to be from an especially affluent family to accomplish this small miracle.
There are two primary ways that an entrepreneur can make their money work out in the long haul. The first is a technique called “side hustling” and the other is the “reverse side hustle”.
Side Hustling 101
The term side hustle is often used to describe those who keep a regular day job and then begin working on their side gig, or start up, at the same time. Of course, the ultimate goals is to generate enough revenue from the side hustle to eventually use it as your primary source of income and eventually leave the day job.
And believe it or not, there are many people who are doing this very thing. So a person with a regular day job could start up their side hustle and begin generating extra cash in their spare time. Make no mistake about this, it will be a tough hustle, but completely doable and profitable if plenty of patience and strategy is added to the plan. Expect late nights, busy weekends and non stop networking before bed. In time the your efforts will see results.
The Reverse Side Hustle Entrepreneur
This idea can be taken to the next level as well. If you are hoping to dedicate all your time and focus to the pursuit of your startup you will still need to pay your bills with a reverse side hustle. This means that your startup will be your day job and your necessary expenses will be coming from your side job, or better said “side jobs”.
Balance and patience will be greatly rewarded as you begin this difficult undertaking. There will be times when all of a sudden your side job must take priority and having the agility and flexibility to switch your plans around on a dime will be essential to your progress.
In Conclusion — in the end it would be nice if those in Washington gave us entrepreneurs some slack on these pressing student loans, but you could wait forever for this to happen. Still young entrepreneur with hefty student loans can’t just quit on their dreams because the outlook is difficult. By putting yourself out there and committing to your dreams you will find a way to make them come true.