Need To Know with Dr. Nsenga Burton-Great Resignation Side Hustle

BEP Narrator: 00:00:02

A Black Executive Perspective now presents Need to Know

2

: 00:00:06

with the award winning hyphenated Dr..

3

: 00:00:08

Nsenga Burton.

4

: 00:00:09

Dr..

5

: 00:00:09

Burton.

6

: 00:00:10

What do we need to know?

7

: 00:00:13

Dr. Nsenga Burton: Good afternoon

And welcome to need to know with Dr..

8

: 00:00:16

Nsenga Burton.

9

: 00:00:18

I am happy to be here.

10

: 00:00:20

I hope that you are as well Today I want

to talk about something that is related

11

: 00:00:24

to what was called The Great Resignation

Uh, you may or may not have heard of that.

12

: 00:00:29

But uh at a time there were lots

of people who were Leaving work who

13

: 00:00:34

said they were not gonna Be part

of the workplace anymore, corporate

14

: 00:00:37

culture, or any other culture.

15

: 00:00:39

Of course, this was during the

covert pandemic and people were just

16

: 00:00:43

really tired of being made to work

in conditions that were just really

17

: 00:00:49

difficult and dangerous, quite frankly.

18

: 00:00:52

But people were expected to continue right

to behave as if nothing was happening.

19

: 00:00:59

And so you had what was

called The Great Resignation.

20

: 00:01:02

Other reasons for The Great Resignation

included burnout, any culture wasn't

21

: 00:01:07

what they wanted it to be, um, low

pay, lack of advancement, opportunity,

22

: 00:01:13

feeling disrespected, right?

23

: 00:01:15

You know, yeah, I'm sorry you

have COVID, you have three days

24

: 00:01:17

to get in here, your job is gone.

25

: 00:01:19

Um, and lack of flexibility and

of course, crazy hours, right?

26

: 00:01:22

This, um, electronic leech

that we're all on and still on

27

: 00:01:25

and we're on prior to COVID.

28

: 00:01:28

So, uh, one of the things that I wanted

to discuss is how to transition from

29

: 00:01:33

a corporate job or a job as a black

executive or any type of executive,

30

: 00:01:37

in fact, and becoming an entrepreneur.

31

: 00:01:40

Unless you are fortunate enough to be

able to live off of investments, you

32

: 00:01:44

have been able to save a ton of money.

33

: 00:01:47

Uh, You know, despite some of the

challenges that we've had based on coming

34

: 00:01:51

out of the pandemic, based on the cost

of living, things of that nature, unless

35

: 00:01:56

you have that, you can't just leave.

36

: 00:01:58

Well, you can, but it's just not very

smart to just leave corporate America and

37

: 00:02:01

say, Oh, I'm going to be an entrepreneur.

38

: 00:02:03

Uh, you know, to be an entrepreneur,

it's not for the faint of heart.

39

: 00:02:07

Um, as an entrepreneur, as someone

who's been the head of a national

40

: 00:02:11

entrepreneurship initiative and a regional

entrepreneurship initiative, 1 of the

41

: 00:02:17

things that we have to coach people

about is, you know, just biding your

42

: 00:02:21

time and leaving your corporate job with

your benefits and your retirement and

43

: 00:02:26

all of those things at the right time.

44

: 00:02:29

So, what I wanted to talk about today is.

45

: 00:02:33

Something that you can do to help

you transition into entrepreneurship.

46

: 00:02:36

And that is what we, um, call

in slang, uh, the hustle.

47

: 00:02:41

All right.

48

: 00:02:42

The side hustle and having a side

hustle and what that looks like and how

49

: 00:02:46

that can kind of help you transition

into entrepreneurship side hustles

50

: 00:02:50

are basically anything that you do

outside of work that do not provide,

51

: 00:02:54

uh, the bulk of your financial security.

52

: 00:02:57

Right?

53

: 00:02:58

So you might have a freelance job.

54

: 00:03:00

You might be a consultant.

55

: 00:03:03

You might do some type of coaching.

56

: 00:03:04

You might have a 2nd, part time

job that does not have benefits.

57

: 00:03:08

But side hustles are types of

jobs that you can do usually,

58

: 00:03:13

you know, 5 to 10 hours a week.

59

: 00:03:14

That will give you additional

income to help you cover bills.

60

: 00:03:18

Now, when you think about

side hustles, you know.

61

: 00:03:23

And people talk about side

hustles as it relates to the gig

62

: 00:03:25

economy and things of that nature.

63

: 00:03:27

But when you think about side

hustles, some of the key statistics

64

: 00:03:31

about side hustles include 45% of

working Americans currently have a

65

: 00:03:36

side hustle, you know, salaries are

not matching the cost of living.

66

: 00:03:39

That's just.

67

: 00:03:39

Facts, so people have to go out and

get extra money to meet the need, meet

68

: 00:03:43

their needs and some people, they just

want to be able to do extra things.

69

: 00:03:47

Right?

70

: 00:03:47

They may want to be able

to take vacation each year.

71

: 00:03:50

They may want to have their children in

private school, things of that nature.

72

: 00:03:54

So they pick up these extra jobs

to help make ends meet in that way.

73

: 00:03:59

30% of those with the side hustle say they

need extra money to cover basic costs.

74

: 00:04:03

Now that's scary.

75

: 00:04:05

Um, because if you are going to work

every day and you're working 8 to 10

76

: 00:04:08

hours a day, like most people are, and

you're on call, like most people are

77

: 00:04:13

because of this electronic leash, and

you don't make enough money to meet

78

: 00:04:16

your needs, like your basic, you know,

food, shelter, clothing, utilities, and

79

: 00:04:22

in most places, car note, you know, and

even if not, Transportation, uh, public

80

: 00:04:27

transportation is very expensive now.

81

: 00:04:29

Um, then you're in the wrong job, but we

can talk about that on another podcast.

82

: 00:04:34

Um, so you really want to, um, think

about the type of job that you're in and

83

: 00:04:39

when you're doing your side hustle, um,

you want to think about which you can

84

: 00:04:44

feasibly do how you can leverage what you

already have skills that you already have.

85

: 00:04:49

Um, so that is not another

heavy lift for you.

86

: 00:04:52

Um, ultimately, you'll have to.

87

: 00:04:54

You know, deal with something else.

88

: 00:04:56

Maybe it's additional stress, um,

you know, or things of that nature.

89

: 00:04:59

Maybe there's a large learning

curve things of that nature.

90

: 00:05:02

So we have that.

91

: 00:05:04

So then we have 19.

92

: 00:05:06

1 percent of side hustlers report that

they make more than $1,000 a month.

93

: 00:05:10

So that's pretty good.

94

: 00:05:11

Right?

95

: 00:05:11

That's $12,000 a year.

96

: 00:05:12

That's before taxes.

97

: 00:05:13

Of course, you got to take out your.

98

: 00:05:15

They say 33%, I always say, take out 40,

because you just never know what's coming.

99

: 00:05:19

Um, but you want to take out your 33%.

100

: 00:05:22

Um, so that's pretty, pretty good money.

101

: 00:05:24

Um, at the end of the year, you

know, if you need extra money, and

102

: 00:05:28

then, of course, you want to keep

your side hustle 10 hours a week.

103

: 00:05:31

You don't want to necessarily have

another full time job, because

104

: 00:05:36

it's just even if you do it, and

we all know people who do it, um.

105

: 00:05:40

Eventually, you're going to burn out.

106

: 00:05:42

Eventually, you're gonna

have health issues.

107

: 00:05:43

Eventually, you know, things are

going to go bad in other ways.

108

: 00:05:46

Your relationships are going to suffer.

109

: 00:05:48

So we're not talking about that.

110

: 00:05:49

But the benefits of the side hustle as

it relates to being an executive, or as

111

: 00:05:54

it relates to being in corporate America,

because, you know, corporate America,

112

: 00:05:57

those jobs, a lot of them are heavy lifts.

113

: 00:05:59

Like, they are all encompassing.

114

: 00:06:01

And you do, um, have to give so much

of yourself to this job in a lot of of

115

: 00:06:06

ways, mentally, physically, you have

to definitely be there intellectually.

116

: 00:06:12

You have to be present.

117

: 00:06:13

So, when you are thinking about

transitioning out of that job, a side

118

: 00:06:18

hustle is a good kind of midpoint or

halfway point to entrepreneurship.

119

: 00:06:22

You know, A, it's going to allow

you to see what the market is.

120

: 00:06:26

B, it's going to give you an

opportunity to really, uh, try out

121

: 00:06:32

something new without going all in

and losing everything in the process.

122

: 00:06:37

Like some people are built for that

where they're just like, I'm out.

123

: 00:06:39

I'm going, I'm doing this.

124

: 00:06:42

We'll see what happens.

125

: 00:06:43

Most people are not built for that.

126

: 00:06:46

Most people are not built for that.

127

: 00:06:47

So, unless you are built for that,

um, you do want to kind of like

128

: 00:06:51

transitional phase on your journey to

entrepreneurship, um, you know, gives you

129

: 00:06:56

an opportunity to have a passion pursuit.

130

: 00:06:58

Maybe there's something that

you always wanted to do.

131

: 00:07:00

Um, that is, uh, related to or

tangential to what you're already doing.

132

: 00:07:05

So maybe it's owning your own company.

133

: 00:07:07

Maybe you work in travel, you want

to be a travel agent, you know?

134

: 00:07:10

So there's things that

you can do with that.

135

: 00:07:12

Then you can diversification

of income is always good.

136

: 00:07:14

You know, I always tell or told my

students, um, that you need to have

137

: 00:07:18

multiple streams of income because you

just never know what's going to happen.

138

: 00:07:21

You know, especially if you

don't own your business, you

139

: 00:07:24

are somebody else's business.

140

: 00:07:25

And if you don't have a plan

for your life, somebody else

141

: 00:07:27

has a plan for your life.

142

: 00:07:29

So, sometimes that plan does not

include you at the end of the day.

143

: 00:07:32

And so you want to have a diversification

of income or multiple income streams

144

: 00:07:37

for that reason, you know, because

of technology and connectivity, you

145

: 00:07:40

are able, even though it can be an

electronic leash in certain certain ways.

146

: 00:07:44

It can also be, um, Okay.

147

: 00:07:46

Create great opportunities for you

to build businesses and to be able

148

: 00:07:50

to manage that side hustle or that

side gig because the technology

149

: 00:07:55

is available for you to do that.

150

: 00:07:57

And then supplemental income.

151

: 00:07:59

There's nothing wrong

with supplemental income.

152

: 00:08:00

That's always a good thing.

153

: 00:08:01

It's hard to get approved for things with

supplemental income, but it doesn't negate

154

: 00:08:07

the fact that it's there and that it can

help you to achieve some of your other

155

: 00:08:11

financial goals and it can lessen stress.

156

: 00:08:13

Um, if finances, um, and economics

can be stressful for you, which they

157

: 00:08:17

are for a lot of people, uh, side

hustles also allow you to, um, develop

158

: 00:08:22

whatever skill set it is that you've

determined that you want to use, um,

159

: 00:08:26

in your entrepreneurial endeavors.

160

: 00:08:28

You know, maybe, you know, for me,

I'm a writer, editor, curator, I

161

: 00:08:32

do production, all these things,

but whenever I'm doing a side gig.

162

: 00:08:36

Or a freelance job.

163

: 00:08:37

I'm honing those skills.

164

: 00:08:39

I'm improving those skills.

165

: 00:08:41

I'm improving and increasing my network.

166

: 00:08:43

And ultimately, if you increase

your network, there's always the

167

: 00:08:46

potential to increase your net worth.

168

: 00:08:48

So you want to keep that in mind.

169

: 00:08:50

And then, of course, you get the

entrepreneurial experience, right?

170

: 00:08:53

You get to kind of see what it's

like to be in business for yourself.

171

: 00:08:57

But the requirements are like,

you know, I know people who were

172

: 00:09:00

like, I'm going to be entrepreneur.

173

: 00:09:01

And six months later, they

are working for a corporation

174

: 00:09:04

because they're like, I have to.

175

: 00:09:06

Pay for all those lunches.

176

: 00:09:07

Yes, you do.

177

: 00:09:08

I have to pay for all that travel.

178

: 00:09:09

Yes, you do.

179

: 00:09:11

I have to meet these deadlines.

180

: 00:09:12

And if I don't meet these

deadlines, I don't eat.

181

: 00:09:14

No, you don't things of that nature.

182

: 00:09:17

So, when you are doing your side hustle or

transitioning from your executive or your

183

: 00:09:22

corporate job into your entrepreneurial

space, if you are doing a side gig or

184

: 00:09:28

side hustle, that gives you an opportunity

to kind of see what it will take.

185

: 00:09:33

Uh, in order to be successful in

that endeavor, you know, your side

186

: 00:09:38

hustle or your early entrepreneurial

experience can function as a pilot.

187

: 00:09:43

If you will, you know, if you're in

television or film, how they do it to

188

: 00:09:46

pilot 1st, test it out, see if it's good.

189

: 00:09:48

And then they order the episodes, right?

190

: 00:09:50

Same idea here.

191

: 00:09:52

You pilot through your

entrepreneurial endeavors.

192

: 00:09:55

You pilot through your side hustle,

you'd spend the time doing the research.

193

: 00:10:00

You know, you always want to get a.

194

: 00:10:02

A business plan, um, you always

want to work on a business plan,

195

: 00:10:06

uh, lots of templates for those.

196

: 00:10:08

But then, you know, you try

it and you see how it works.

197

: 00:10:11

You see if you like it.

198

: 00:10:12

A lot of times we think we're going

to like, uh, a job of some sort or

199

: 00:10:16

some type of work or some type of,

um, endeavor and we don't, you know,

200

: 00:10:21

you're getting it and you find out

you're like, yeah, that's cool.

201

: 00:10:23

I can do it, but it's not for me.

202

: 00:10:26

So, you know, when you do a side

gig or a side hustle, particularly

203

: 00:10:30

if it's freelancing, particularly

if it's consulting, then you get an

204

: 00:10:34

opportunity to really see what it

takes to build that type of business.

205

: 00:10:39

And if you are actually

in fact built for it.

206

: 00:10:42

Um, one of the great things about being an

entrepreneur, um, that ultimately you want

207

: 00:10:49

to get to, uh, is that work life balance.

208

: 00:10:52

Now, when you're an entrepreneur, I

always tell people you won't work harder.

209

: 00:10:57

Anywhere than you will when you work

for yourself, that's just what it is.

210

: 00:11:03

So the whole idea is I'm going to work for

myself and I'm, it's going to be chill.

211

: 00:11:07

That's not it.

212

: 00:11:08

You're going to be unemployed.

213

: 00:11:09

You'll be on the street.

214

: 00:11:10

Like, that's not how it works.

215

: 00:11:11

You have to work hard.

216

: 00:11:12

You just get to choose the 60 hours,

the 80 hours that you get to work.

217

: 00:11:16

Um, you get to choose the 60

or the 80 hours that you work.

218

: 00:11:20

You get to, um.

219

: 00:11:23

You know, decide which days, uh, you

want to put in the 10 to 12 hours versus,

220

: 00:11:28

you know, someone else deciding that

for you, you make your own schedule.

221

: 00:11:31

You can work around your children's

schedule, your partner's schedule.

222

: 00:11:37

You can do all of that.

223

: 00:11:38

When, um.

224

: 00:11:39

You are in charge of your own destiny.

225

: 00:11:42

So I just wanted to bring that to you.

226

: 00:11:44

Um, because there's a

lot of talk about it.

227

: 00:11:47

You look on LinkedIn.

228

: 00:11:48

Everybody is talking about toxic

workplaces and, you know, how do you leave

229

: 00:11:53

or transition out of corporate America

and the gig economy and all those things.

230

: 00:11:57

And so in thinking about all

of those things together,

231

: 00:11:59

I just wanted to give you.

232

: 00:12:01

A little insight into what it would take

to transition out of corporate America,

233

: 00:12:07

like some very specific steps, right?

234

: 00:12:09

So do not quit unless you are in the

position to pay bills or have someone

235

: 00:12:12

else pay bills for you Don't do that.

236

: 00:12:15

Um, you need to plan and transition out

but one of the ways in which you can try

237

: 00:12:19

out Other careers, um, while you have

that extra income or bring in that extra

238

: 00:12:25

income, um, is through a side hustle.

239

: 00:12:28

And the reason that you want to do a

side hustle is because you get to see

240

: 00:12:32

what it would be like in order to.

241

: 00:12:36

Run that business if you endeavor or if

you decide to pursue entrepreneurship

242

: 00:12:42

full time So don't just go get any gig.

243

: 00:12:45

Don't just go get any side hustle.

244

: 00:12:46

Try to find something That is related to

what you do that will build on your skill

245

: 00:12:52

set and that will allow you to then build

on That skill set and build your network

246

: 00:12:58

so that you can be an entrepreneur and

be done with corporate America Um, if

247

: 00:13:03

that is in fact your desire, this is Dr..

248

: 00:13:07

Nissinga Burton with

your need to know moment.

249

: 00:13:10

I wish you a wonderful day.

250

: 00:13:15

BEP Narrator: A black

executive perspective.