On Wednesday 12th September, 2018, we premiered ‘’The Wednesday Series’’ and last night, Sola Solarin, author of the Startup Entrepreneur discussed the ‘’Side Hustle’’. The side hustle is typically a harbinger of confusion because the employer expects every team member put in 100% and not be distracted by personal business. On the other hand, even Warren Buffet advocates multiple income streams and employees want to self-actualise necessitating a side hustle.
Sola discussed how becoming an entrepreneur differed from what he had learnt in the classroom, experiences that led to writing his book. He talked about the ethical way to side-hustle.
Enjoy the conversation here:
Sola Solarin: A pharmacist with a career that started in marketing in a multinational pharma company. Has bought and founded about 5 companies in the last 20 years in pharma, financial services and consulting. I have an MBA from the LBS.
Sola Solarin: #UnocasaWednesday The book is about my experience setting up and running small businesses in Nigeria. It highlights the differences and alignments between precepts and reality. The challenges that are peculiar to emerging markets and real life examples of how to cope with them. A handbook for all startup entrepreneurs.
Sola Solarin: #UnocasaWednesday After my MBA at the LBS and attempting to apply textbook precepts, I noticed there are huge gaps when confronted with reality of starting and running a small business in Nigeria. I felt a compulsion to document my experience.
Sola Solarin: #UnocasaWednesday Multiple streams of income is a necessity for survival and success. It is true for businesses and individuals and countries. The greatest investor in the world Warren Buffet also recommends it. The world and life itself is full of shocks. Moreso in an emerging market that is beset with so many uncertainties. No job or business offer guarantees. Risks are always lurking at every corner. Another stream of income can help mitigate those risks.
Sola Solarin: #UnocasaWednesday The opportunities in the market, Your skill set, your passion and the resources at your disposal. All these can come together to provide you a profitable niche that you can exploit for a profitable income stream.
Sola Solarin: #UnocasaWednesday It is easier these days, information technology has lowered barriers to reaching customers, suppliers and transfering money. A side hustle delivered from the comfort of your bed or your garage or kitchen or study will reduce time spent away from home and family. It could also be delivered in the course of work, but it is important it doesn’t conflict with your employer’s interest.
Sola Solarin: #UnocasaWednesday When you have done your projections and you are convinced it will deliver enough to cover your financial needs. It is not a decision to be taken lightly. You need the buy in of your closest family members and confidantes. They may need to suffer with you if the project doesn’t pan out.
Sola Solarin: #UnocasaWednesday The front pages of newspapers and your immediate environment. The long line of trucks on the roads to apapa shows we need urgent logistics solutions. We are still discussing power, housing and access to finance. Mountain of refuse is opportunity for recycling and refuse processing services. Carry a notebook and jot down every service failures you experience in the course of your day. They are pointers to opportunities and unmet needs.
- Look for a niche that is severely under-served
- Better if you can be first mover
- Just do it once you have the conviction it will work.