The Death of the Side Hustle: Why Full Commitment is the New Trend in Entrepreneurship
In an era where ‘side hustle’ has amassed over 2.8 billion views on TikTok, some seasoned business leaders argue that the side hustle might actually be hindering true entrepreneurial success. While social media is flooded with “easy ways to make extra cash,” this fractured approach to building wealth could be more of a roadblock than a stepping stone.
The Seductive Illusion of the Side Hustle
The appeal of side hustles is undeniable. A 2022 survey by Zapier found that 40% of Americans had a side hustle, up from 34% the previous year. But this trendy approach to wealth-building has fundamental flaws, according to many business experts. It’s the business equivalent of having your cake and eating it too. But in today’s hyperconnected world, our attention is already fragmented. Adding a side hustle doesn’t just divide your time—it splinters your focus into unsustainable shards.
Three key pitfalls of the side hustle mentality:
- The Attention Deficit Economy: Multitasking, once hailed as a virtue, is now recognised as a productivity killer. A University of California study found that it takes an average of 23 minutes and 15 seconds to refocus after a distraction.
- The Mediocrity Trap: When you’re juggling a full-time job and a budding business, you’re not excelling at either. You’re trapped in a limbo of mediocrity, never fully realising your potential in either realm.
- The Innovation Bottleneck: True innovation requires deep work and uninterrupted thought. Cal Newport, author of “Deep Work,” suggests that the ability to focus without distraction is becoming increasingly rare—and increasingly valuable—in our economy.
The Full Commitment Revolution
Enter the Full Commitment Revolution—a radical departure from the side hustle mentality that’s gaining traction among forward-thinking entrepreneurs. This approach posits that success in the modern business landscape requires nothing less than all-in dedication.
I’m constantly told that every millionaire or billionaire has multiple streams of income. My response is always: ‘Yes, but show me any that were financially diverse in the early years.’ Almost every one of them was obsessively focused until they made massive excess or exited for huge sums that facilitated and enabled the diversification.
The Baseball Diamond Theory of Entrepreneurship
One way to conceptualise this is with a baseball diamond. If your current job is first base—safe and familiar—your entrepreneurial dream is home plate. The side hustle mentality often keeps people with one foot on first, never fully committing to the run. The Full Commitment Revolution, in contrast, advocates for a bold, base-stealing mentality. It’s about taking calculated risks and freeing oneself from the mental tethers of a “safe” job.
The Counterintuitive Path to Security
Paradoxically, fully committing to your business venture might be the safest long-term strategy.
Here’s why:
- Accelerated Learning Curve: A 2018 study by the Global Entrepreneurship Monitor found that entrepreneurs who jump in full-time are 33% more likely to see their businesses survive past the crucial five-year mark.
- Undiluted Focus: With your attention solely on your business, you’re more likely to spot opportunities and solve problems that a part-time entrepreneur might miss.
- Authentic Networking: Full-time entrepreneurs build stronger, more authentic networks. LinkedIn data shows that entrepreneurs with larger, more engaged networks are 3x more likely to achieve high revenue growth.
- The Commitment Halo Effect: Investors, partners, and customers can sense half-hearted efforts. Full commitment signals confidence in your idea, attracting more support and opportunities.
Redefining Risk in the Age of Disruption
The traditional notion of job security is becoming obsolete in an age where entire industries can be upended overnight. A 2020 McKinsey report found that 87% of executives were experiencing skill gaps in the workforce or expected them within a few years.
In this context, putting all your eggs in the basket of a single employer might be riskier than going all-in on your own venture. Developing a diverse skill set through full-time entrepreneurship might actually be the best insurance policy against economic uncertainty.
The Mindset Shift: From Employee to Entrepreneur
Fully committing to entrepreneurship requires more than just quitting your job. It demands a fundamental shift in how you view work, risk, and personal growth. This mindset shift is perhaps the most valuable outcome of the Full Commitment Revolution, transforming not just careers but lives.
Key elements of this mindset include:
- Embracing uncertainty as a catalyst for innovation
- Viewing failures as high-return investments in personal growth
- Prioritising long-term vision over short-term comfort
The New Entrepreneurial Paradigm
As we move further into an era defined by rapid change and disruption, the side hustle mentality is revealing itself to be a relic of a more stable economic past. The entrepreneurs who will thrive in this new landscape are those willing to commit fully, dive deep, and embrace the transformative power of undivided focus.
The death of the side hustle isn’t a tragedy—it’s an evolution. It’s a call to aspiring entrepreneurs to honour their ideas with the full force of their time, energy, and passion. In the end, the most valuable currency in business isn’t money—it’s commitment. And that’s something you can’t do halfway.
About Mike Greene
Entrepreneur, Leadership Mentor, and Philanthropist: https://mikegreene.co.uk/
Mike Greene is a dynamic and visionary entrepreneur renowned for his extensive background in executive leadership, strategic business growth, and philanthropic endeavours. With a keen eye for innovation and a knack for fostering strategic partnerships, Mike is committed to cultivating strong corporate cultures while leveraging his business acumen to drive positive social impact and support local communities.
Mike’s commitment to nurturing entrepreneurial talent is evident in his investment portfolio, which includes over 30 start-up and growth businesses such as Shazam and Chargemaster. Currently, he serves as a mentor and strategic advisor to over 40 UK businesses, providing invaluable guidance and support to aspiring entrepreneurs.
Mike’s influence extends into the media realm, where he has been featured on Channel 4’s “Secret Millionaire” and is a regular commentator and pundit on business-related topics.
Following the programme, which had a great impact on him, he sold his main business and took a three-month sabbatical with the personal challenge to raise £100,000 for 100 charities in 100 days. He was successful in this bid and was inspired to go on to commit one-third of his time to help charities and mentoring people to change their lives for the better.
Renowned as a sought-after public speaker, he has delivered keynote addresses on business, investing, property, and education across the UK, Europe, US, Australia, and New Zealand. Additionally, he is the esteemed author of the book “Failure Breeds Success”.
As the Founder and CEO of Global Research Business, Mike successfully led the growth of a multi-million pound global research enterprise, ultimately orchestrating a highly profitable exit and the rebranding of the company as Lumina Intelligence.
Mike’s influence extends beyond his own ventures, as he has served as a main board advisor and speaker at events for numerous global corporations spanning various sectors including energy, retail, consumer goods, food and beverage, tobacco, pharmaceuticals, and finance. Notable engagements include advising industry giants such as BP, Tesco, Coca Cola, and GSK.
Throughout his illustrious career, Mike has held various executive positions across multiple industries, driving strategic change and growth. Notably, he holds the distinction of being the youngest Chairman and longest-serving board member of the Association of Convenience Stores, advocating for over 33,500 small retail establishments in the UK.
Beyond the boardroom, Mike is actively involved in large-scale property development projects in the Peterborough and Cambridgeshire region, contributing to urban revitalisation and community enhancement efforts.
Driven by a passion for giving back, Mike has dedicated his time and resources to various philanthropic causes. From serving as a Trustee of Peterborough Cathedral to advocating for the establishment of Peterborough University, he remains deeply committed to making a meaningful difference in his community. Additionally, his role as an Ambassador for the Cambridgeshire Children’s Hospital underscores his dedication to healthcare advocacy and fundraising.
In addition to his professional pursuits, Mike embraces physical challenges and adventure pursuits. From sailing in the Clipper 2013/14 Round the World Yacht Race to summiting mountains like Kilimanjaro and Annapurna, he continually pushes the boundaries of achievement and inspires others through his endeavours.
Mike’s dedication to excellence has been recognised with an Honorary Doctorate in Education from Anglia Ruskin University. Furthermore, he has been honoured as one of the 100 most influential Leaders, Thinkers, and Agitators shaping the Grocery Industry, solidifying his status as a trailblazer in his field.
The post The Death of the Side Hustle: Why Full Commitment is the New Trend in Entrepreneurship appeared first on Real Business.