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Do Entrepreneurs Need A Second Job To Get By?
A recent article in The New York Times offers what the author admits is “an unscientific survey of five business owners” to find out how they’re faring in these tough times.
What struck me in the Times article was that two of the five business owners relied on extra income streams outside of their primary business. I’m no math major, but even I can figure out that’s 40% – a pretty high number.
One business owner, an exterminator who says he made $84,000 last year from that business, supplemented his income with $178,000 he earned by shorting stocks. He checks the stock market from his truck in between visits to pest-infested homes.
Another business owner, a contractor, boosts his income through two rental properties. He’s also working on a side business coaching judo.
On one hand, entrepreneurs tend to see business opportunities everywhere they look, and it’s great to capitalize on them when they arise. That’s an entrepreneur’s specialty, no doubt. But how many small-business owners these days are forced to rely on a second – or third – income to live comfortably? Can you build your business when you’re distracted by other projects?
Photo by Hilda67.
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Curt on February 5th, 2009 8:29 am
Yes – or several streams of income to suppor their business.
BAD Business Advice on February 5th, 2009 8:53 am
it’s considered wise to have more than 1 income source.
Health Care Solutions on February 5th, 2009 12:56 pm
The only time entrepreneurs need a second income to support themselves is if there business is not producing to their level of expectation. I believe that when your attention and efforts are divided among different projects, you lose focus on how to grow your business to the next level. A person only has so much energy that they can give in one day and if your only giving a small percentage to your main business, then it can be easy to see why you would need a second source of income. It’s because you’re distracted. When people are focused and determined, they are able to make extraordinary things happen and they don’t need outside sources to support them.
tom on February 6th, 2009 8:32 am
If you are focusing on other sources of income, then you are most likely loosing focus and effort on your primary income source.
therefore, is that really a good idea?
Jaclyn on February 6th, 2009 8:34 am
When the economy is so bad, it’s no wonder that even business owners need to supplement their business income, but even if the economy was doing good…i still don’t see anything wrong with having more then one business…i mean…if you want to put in the work and time of three business’ then good for you!
cassy on February 6th, 2009 6:50 pm
why not? in this kind of economy that we have now,we have to be practical even entrepreneurs want to have extra income aside from their business,coz they know how difficult to earn money,so why now work if given a chance to work for more extra income! “to work is to earn,to earn is to work”
NISCHAL on March 14th, 2010 10:04 am
Accepting all your comments. I have a note to make at this point. Out of the Little experience i have in the market, I feel that its not only the vertical growth of a business but Horizontal expansion into other Horizons do make sense. The main reason for the statement being most of the business are effected by one or other factors and hence will turn seasonal(Real Estate, Infra Structure etc.,). In that case when the market is down for one business and when we know our 200% effort will give <70% productivity ..why can't we choose a counter business which compensates our main stream business.
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