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Need To Know with Dr. Nsenga Burton-Great Resignation Side Hustle
Episode 151 • 4th July 2024 • TonyTidbit: A Black Executive Perspective • TonyTidbit ™
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Episode Audio Link: https://podcast.ablackexec.com/episode/Need To Know from Dr. Nsenga Burton-Great Resignation Side Hustle

In this episode of 'Need to Know,' Dr. Nsenga Burton discusses the Great Resignation and how the COVID-19 pandemic led many to leave their corporate jobs due to harsh working conditions and other discontent. She outlines the significant benefits of having a side hustle as a strategic transition towards full-time entrepreneurship. Dr. Burton emphasizes the importance of planning, leveraging existing skills, and understanding the demands of self-employment. She advises listeners to use side hustles to supplement income and gauge their readiness for entrepreneurship while benefiting from their current jobs' security.

▶︎ In This Episode

  1. 00:00: Introduction and Welcome
  2. 00:09: Understanding the Great Resignation
  3. 01:15: Transitioning from Corporate to Entrepreneurship
  4. 02:20: The Importance of a Side Hustle
  5. 03:14: Statistics and Benefits of Side Hustles
  6. 05:18: Challenges and Considerations
  7. 09:04: Steps to Transition Successfully
  8. 11:28: Conclusion and Final Advice

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Transcripts

BEP Narrator:

A Black Executive Perspective now presents Need to Know

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with the award winning hyphenated Dr..

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Nsenga Burton.

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Dr..

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Burton.

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What do we need to know?

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Dr. Nsenga Burton: Good afternoon

And welcome to need to know with Dr..

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Nsenga Burton.

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I am happy to be here.

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I hope that you are as well Today I want

to talk about something that is related

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to what was called The Great Resignation

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

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But uh at a time there were lots

of people who were Leaving work who

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said they were not gonna Be part

of the workplace anymore, corporate

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culture, or any other culture.

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Of course, this was during the

covert pandemic and people were just

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really tired of being made to work

in conditions that were just really

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difficult and dangerous, quite frankly.

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But people were expected to continue right

to behave as if nothing was happening.

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And so you had what was

called The Great Resignation.

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Other reasons for The Great Resignation

included burnout, any culture wasn't

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what they wanted it to be, um, low

pay, lack of advancement, opportunity,

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feeling disrespected, right?

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You know, yeah, I'm sorry you

have COVID, you have three days

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to get in here, your job is gone.

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Um, and lack of flexibility and

of course, crazy hours, right?

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This, um, electronic leech

that we're all on and still on

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and we're on prior to COVID.

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So, uh, one of the things that I wanted

to discuss is how to transition from

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a corporate job or a job as a black

executive or any type of executive,

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in fact, and becoming an entrepreneur.

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Unless you are fortunate enough to be

able to live off of investments, you

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have been able to save a ton of money.

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Uh, You know, despite some of the

challenges that we've had based on coming

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out of the pandemic, based on the cost

of living, things of that nature, unless

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you have that, you can't just leave.

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

smart to just leave corporate America and

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

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Uh, you know, to be an entrepreneur,

it's not for the faint of heart.

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Um, as an entrepreneur, as someone

who's been the head of a national

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entrepreneurship initiative and a regional

entrepreneurship initiative, 1 of the

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things that we have to coach people

about is, you know, just biding your

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time and leaving your corporate job with

your benefits and your retirement and

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all of those things at the right time.

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So, what I wanted to talk about today is.

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Something that you can do to help

you transition into entrepreneurship.

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And that is what we, um, call

in slang, uh, the hustle.

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All right.

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The side hustle and having a side

hustle and what that looks like and how

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that can kind of help you transition

into entrepreneurship side hustles

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are basically anything that you do

outside of work that do not provide,

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uh, the bulk of your financial security.

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Right?

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So you might have a freelance job.

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You might be a consultant.

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You might do some type of coaching.

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You might have a 2nd, part time

job that does not have benefits.

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But side hustles are types of

jobs that you can do usually,

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you know, 5 to 10 hours a week.

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That will give you additional

income to help you cover bills.

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Now, when you think about

side hustles, you know.

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And people talk about side

hustles as it relates to the gig

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economy and things of that nature.

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But when you think about side

hustles, some of the key statistics

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about side hustles include 45% of

working Americans currently have a

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side hustle, you know, salaries are

not matching the cost of living.

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That's just.

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Facts, so people have to go out and

get extra money to meet the need, meet

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their needs and some people, they just

want to be able to do extra things.

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Right?

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They may want to be able

to take vacation each year.

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They may want to have their children in

private school, things of that nature.

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So they pick up these extra jobs

to help make ends meet in that way.

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30% of those with the side hustle say they

need extra money to cover basic costs.

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Now that's scary.

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Um, because if you are going to work

every day and you're working 8 to 10

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hours a day, like most people are, and

you're on call, like most people are

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because of this electronic leash, and

you don't make enough money to meet

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your needs, like your basic, you know,

food, shelter, clothing, utilities, and

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in most places, car note, you know, and

even if not, Transportation, uh, public

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transportation is very expensive now.

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

can talk about that on another podcast.

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Um, so you really want to, um, think

about the type of job that you're in and

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when you're doing your side hustle, um,

you want to think about which you can

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feasibly do how you can leverage what you

already have skills that you already have.

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Um, so that is not another

heavy lift for you.

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Um, ultimately, you'll have to.

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You know, deal with something else.

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Maybe it's additional stress, um,

you know, or things of that nature.

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Maybe there's a large learning

curve things of that nature.

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So we have that.

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So then we have 19.

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1 percent of side hustlers report that

they make more than $1,000 a month.

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So that's pretty good.

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Right?

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That's $12,000 a year.

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That's before taxes.

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Of course, you got to take out your.

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

because you just never know what's coming.

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

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

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Um, at the end of the year, you

know, if you need extra money, and

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then, of course, you want to keep

your side hustle 10 hours a week.

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You don't want to necessarily have

another full time job, because

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it's just even if you do it, and

we all know people who do it, um.

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Eventually, you're going to burn out.

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Eventually, you're gonna

have health issues.

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Eventually, you know, things are

going to go bad in other ways.

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Your relationships are going to suffer.

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So we're not talking about that.

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But the benefits of the side hustle as

it relates to being an executive, or as

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it relates to being in corporate America,

because, you know, corporate America,

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those jobs, a lot of them are heavy lifts.

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Like, they are all encompassing.

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And you do, um, have to give so much

of yourself to this job in a lot of of

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ways, mentally, physically, you have

to definitely be there intellectually.

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You have to be present.

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So, when you are thinking about

transitioning out of that job, a side

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hustle is a good kind of midpoint or

halfway point to entrepreneurship.

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You know, A, it's going to allow

you to see what the market is.

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B, it's going to give you an

opportunity to really, uh, try out

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something new without going all in

and losing everything in the process.

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Like some people are built for that

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

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I'm going, I'm doing this.

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We'll see what happens.

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Most people are not built for that.

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Most people are not built for that.

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So, unless you are built for that,

um, you do want to kind of like

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transitional phase on your journey to

entrepreneurship, um, you know, gives you

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an opportunity to have a passion pursuit.

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Maybe there's something that

you always wanted to do.

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Um, that is, uh, related to or

tangential to what you're already doing.

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So maybe it's owning your own company.

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Maybe you work in travel, you want

to be a travel agent, you know?

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So there's things that

you can do with that.

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Then you can diversification

of income is always good.

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You know, I always tell or told my

students, um, that you need to have

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multiple streams of income because you

just never know what's going to happen.

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You know, especially if you

don't own your business, you

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are somebody else's business.

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And if you don't have a plan

for your life, somebody else

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has a plan for your life.

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So, sometimes that plan does not

include you at the end of the day.

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And so you want to have a diversification

of income or multiple income streams

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for that reason, you know, because

of technology and connectivity, you

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are able, even though it can be an

electronic leash in certain certain ways.

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It can also be, um, Okay.

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Create great opportunities for you

to build businesses and to be able

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to manage that side hustle or that

side gig because the technology

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is available for you to do that.

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And then supplemental income.

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There's nothing wrong

with supplemental income.

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That's always a good thing.

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It's hard to get approved for things with

supplemental income, but it doesn't negate

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the fact that it's there and that it can

help you to achieve some of your other

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financial goals and it can lessen stress.

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Um, if finances, um, and economics

can be stressful for you, which they

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are for a lot of people, uh, side

hustles also allow you to, um, develop

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whatever skill set it is that you've

determined that you want to use, um,

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in your entrepreneurial endeavors.

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You know, maybe, you know, for me,

I'm a writer, editor, curator, I

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do production, all these things,

but whenever I'm doing a side gig.

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Or a freelance job.

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I'm honing those skills.

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I'm improving those skills.

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I'm improving and increasing my network.

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And ultimately, if you increase

your network, there's always the

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potential to increase your net worth.

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So you want to keep that in mind.

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And then, of course, you get the

entrepreneurial experience, right?

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You get to kind of see what it's

like to be in business for yourself.

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But the requirements are like,

you know, I know people who were

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like, I'm going to be entrepreneur.

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And six months later, they

are working for a corporation

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because they're like, I have to.

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Pay for all those lunches.

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Yes, you do.

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I have to pay for all that travel.

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Yes, you do.

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I have to meet these deadlines.

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And if I don't meet these

deadlines, I don't eat.

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No, you don't things of that nature.

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So, when you are doing your side hustle or

transitioning from your executive or your

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corporate job into your entrepreneurial

space, if you are doing a side gig or

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side hustle, that gives you an opportunity

to kind of see what it will take.

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Uh, in order to be successful in

that endeavor, you know, your side

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hustle or your early entrepreneurial

experience can function as a pilot.

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

television or film, how they do it to

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

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And then they order the episodes, right?

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Same idea here.

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You pilot through your

entrepreneurial endeavors.

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You pilot through your side hustle,

you'd spend the time doing the research.

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You know, you always want to get a.

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A business plan, um, you always

want to work on a business plan,

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uh, lots of templates for those.

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But then, you know, you try

it and you see how it works.

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You see if you like it.

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A lot of times we think we're going

to like, uh, a job of some sort or

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some type of work or some type of,

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

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you're getting it and you find out

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

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

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So, you know, when you do a side

gig or a side hustle, particularly

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if it's freelancing, particularly

if it's consulting, then you get an

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opportunity to really see what it

takes to build that type of business.

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And if you are actually

in fact built for it.

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Um, one of the great things about being an

entrepreneur, um, that ultimately you want

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

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Now, when you're an entrepreneur, I

always tell people you won't work harder.

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Anywhere than you will when you work

for yourself, that's just what it is.

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

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

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That's not it.

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You're going to be unemployed.

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You'll be on the street.

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Like, that's not how it works.

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You have to work hard.

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You just get to choose the 60 hours,

the 80 hours that you get to work.

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Um, you get to choose the 60

or the 80 hours that you work.

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You get to, um.

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You know, decide which days, uh, you

want to put in the 10 to 12 hours versus,

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you know, someone else deciding that

for you, you make your own schedule.

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You can work around your children's

schedule, your partner's schedule.

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You can do all of that.

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When, um.

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You are in charge of your own destiny.

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So I just wanted to bring that to you.

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Um, because there's a

lot of talk about it.

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You look on LinkedIn.

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Everybody is talking about toxic

workplaces and, you know, how do you leave

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or transition out of corporate America

and the gig economy and all those things.

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And so in thinking about all

of those things together,

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I just wanted to give you.

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A little insight into what it would take

to transition out of corporate America,

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like some very specific steps, right?

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So do not quit unless you are in the

position to pay bills or have someone

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else pay bills for you Don't do that.

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Um, you need to plan and transition out

but one of the ways in which you can try

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out Other careers, um, while you have

that extra income or bring in that extra

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income, um, is through a side hustle.

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And the reason that you want to do a

side hustle is because you get to see

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what it would be like in order to.

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Run that business if you endeavor or if

you decide to pursue entrepreneurship

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

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Don't just go get any side hustle.

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Try to find something That is related to

what you do that will build on your skill

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set and that will allow you to then build

on That skill set and build your network

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so that you can be an entrepreneur and

be done with corporate America Um, if

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

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Nissinga Burton with

your need to know moment.

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I wish you a wonderful day.

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BEP Narrator: A black

executive perspective.

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