7 Key Qualities To Be An Effective Entrepreneur

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7 Key Qualities To Be An Effective Entrepreneur

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Dushyant Jani
Founder & CEO, Mobclixs Technologies
4 min read
Opinions expressed by Entrepreneur contributors are their own.

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The fast-expanding and evolving physical and, safe to say today, the digital world has left one little time to contemplate. Ideas are brainstormed upon overnight and plans are put into place in a matter of only a few minutes. In such a dynamic and fast-paced setting, the entrepreneurial world today also demands leaders who can think on their feet, act wisely and more importantly, deliver results while trying to play a dozen balls in their court at the same time. With an ever-evolving market, where the expected number of mobile Internet users in 2020 is 740mn, there is a lot of scope for growth for various players offering a plethora of services.

Having to thus keep up with fast-paced innovations and inventions, entrepreneurs and leaders must practise methods to be effective in order to sustain in a competitive environment. Even though the entrepreneurial industry has seen a dramatic change, key qualities of being an effective entrepreneur and leader will still never fade away:

Passion & Determination

Without passion, grit and determination there is no finding your destination. The right attitude and an optimistic state of mind will help one overcome the millions of hurdles that one faces. Passion is the sole trait that helps in the achievement of long-term entrepreneurial goals. Leaders today, no matter at what hierarchy level, are found to be more enterprising if they have a vision and the passion to build it. This also instils confidence among other peers and team members.

Risk Taker

No entrepreneur or leader is known to have succeeded without a pinch of risk-taking abilities. One needs to constantly experiment and devise new methods of functioning to arrive at optimum results. ‘Leaders’ are also ‘learners’ on the job and the more risks one takes, the more will one learn.  This could be as simple as suggesting a new process at work or suggesting a new mandate at a more serious, board room meeting set-up. So, what if an idea fails? At least you now know the best way to expedite the task in question.

Decision Making Capabilities

A fast-changing world today definitely demands leaders who can act proactively. Gone are the days when one had to liaise with ten others to arrive at a solution. Today, from entrepreneurs to project heads, all leaders are assigned sole responsibility for an entire task and are expected to come up with efficient and effective action plans. While there is room for mistakes, there isn’t room for an individual who needs to run every little detail of his/her decisions by a counterpart. Companies are also now scouting for problem solvers.

Good Communicator

The secret to being a successful leader lies solely in one’s communication skills. This does not only involve oratory expertise but also requires know-how of understanding a brief or an idea and then further explaining it to peers. Nobody wants leaders who are not well equipped to comprehend situations and create confusion. You can be great at what you do, but if you can’t communicate effectively with your stakeholders you will not sustain in the industry.

Delegation and Empowerment

In order to maximise outputs, an effective leader will always delegate tasks based on priority. This empowers other subordinates as they are entrusted with greater responsibility and at the same time lowers the pressure on the leader; making him/her efficient. With an effective delegation of work, time is also saved which is significant for entrepreneurs and leaders today.

Creativity and Innovation

To survive in the dynamic world, effective leaders need to possess entrepreneurial qualities of creativity and innovation. There will always be new technologies invented, new products created, and new processes introduced. To keep abreast with these constant changes, leaders themselves need to re-create and re-invent themselves. Lack of proficiency in adapting to changes leads to poor career progression.

Empathy and Social Skills

Successful leaders are those that ensure that the workplace is fun and favourable. Without empathy, an entrepreneur cannot reach the hearts of employees nor the success he desires. Social skills like relationship building activities, team strategy formation and creation of a great team force ensure great outputs. Hence, in order for the organisation to truly flourish, this quality becomes essential.

Lastly, leaders are not created in a day. After days of hard work, mistakes and most importantly, learning – leaders are born. To be an effective leader, one must always have the zeal of learning and the energy to take on responsibilities.

Unselfish People Are Higher Earners, So Start Being More Generous Now

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According to the Journal of Personality and Psychology, it’s actually fiscally viable to be altruistic.Researchers at the University of Stockholm, The University of South Carolina and The Institute for Future Studies recently observed 6,000 Europeans and Americans in an attempt to better understand prosociality and its effect on income.

Prosociality is defined as behavior that is positive, helpful and intended to promote social acceptance and friendship (things like volunteering, sharing and donating for example).

The team has previously established a positive correlation between prosociality and psychological well-being but they had yet to explore the potential economic benefits.

Unselfish people are higher earners

Despite conventional wisdom, the five studies conducted by the three organizations repeatedly disclosed “selfish people” as the lower earners when compared to altruistic ones.  More specifically they found that people that we’re “moderately prosocial” but not completely giving or selfish earned the most, in four out of the five studies.

“The result is clear in both the American and the European data. The most unselfish people receive the highest salaries. And we also find this result over time – the people who are most generous at one point in time have the largest salary increases when researchers revisit them later in time,” summates Kimmo Eriksson, a researcher at the Centre for Cultural Evolution at Stockholm University.

The reasoning can only be guessed at, though some experts have attempted. The authors of the study for one, believe the selflessness, wealth correlation is due to overall social health. Those that are giving also tend to excel in other areas important to establishing bonds which, in turn, has been independently proven to promote wealth.

Adam Grant, the author of Give and Take, corroborates with the warning that we let our altruism be attended by prudence: “Being Generous without sacrificing yourself.”

Grant also makes the important distinction that having a stake in the well being of others isn’t strictly defined by monetary terms. Giving good advice, providing mentorship, and imparting knowledge” are all valid and integral parts of prosociality.

7 Ways To Get Paid For Your Knowledge

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Create extra streams of revenue by sharing your knowledge.

I spent most of my career working as a psychotherapist. I saw patients in my office five days per week. And while it was good income, I felt stuck on a hamster wheel. I only earned money for the hours that I worked.

Fortunately, in 2013, I realized I could start earning even more money by sharing my knowledge in other ways. And soon, I was able to earn money in my sleep. I created several different revenue streams by sharing the same advice I was giving to clients in my therapy office in new ways.

You don’t have to be a therapist to get paid to share your knowledge. Whether you’re a plumber, accountant or entrepreneur, you have knowledge and expertise that other people want.

You might start by creating a small side hustle that allows you to earn extra income. After a while, however, you might find you can earn more money with these extra income sources than in your day job (I certainly did).

Here are seven ways to earn a living from the knowledge you already have:

1) Provide coaching/consultation.

Coaching doesn’t always have to be about your exact area of expertise. For example, if you’re an author who writes about happiness, you might not coach people how to be happy.

Instead, you might coach other authors about how to write, launch, and sell books. Or, if you’ve launched a successful home-based side hustle, you might find there are plenty of other people out there who want to learn how to do the same.

Think about what questions people ask you. That will help you see what information people are eager to learn and you can begin to provide coaching services.

2) Write articles.

While some bloggers earn a decent income, most never do. Blogging is a good way to drive traffic to your other products, but you’re not likely to earn much from sponsors or ad revenue.

You can, however, earn money writing articles for magazines and high-end websites. Some pay by the page view while others offer a flat fee.

3) Create courses.

Online courses are a lucrative source of passive income. You can create a course that you host on your own website or put it up on a website, like Udemy.

If your content appeals to organizations or private companies, you may be able to get big licensing deals. While it’s a fair amount of work upfront to create a course, you can earn money in your sleep for years.

4) Give talks.

Whether you offer full-day workshops or 60-minute keynotes, professional speakers earn money by teaching and motivating audiences. It can be a tough industry to break into, but once you begin speaking regularly—and you do a good job—you can earn a living through speaking alone.

5) Write a book.

While some people insist a self-published book is the way to go, others say traditional publishing is more profitable. But, publishing isn’t a one-size-fits-all. It depends on your topic.

If you have (a) small niche market, you may need to self-publish. Then, it’s up to you to decide whether to create a $50 manual or a $l.99 eBook.

If your book is likely to appeal to the masses, a traditionally published book might help you best reach your audience. You’ll earn an advance and you might earn royalties. Your publisher will be in charge of paying for editing, design and printing fees. You’ll also have professional publicists and a sales team working to sell your book.

6) Create a live event.

From intimate retreats at luxury resorts to a giant conference at a hotel, host your own event. The event might feature your content only or it could include several other speakers.

Just make sure you don’t try to do anything too crazy. No one wants their event to end up like the Fyre Festival debacle.

7) Develop a mastermind group.

Professionals want a place to network and ask questions. So why not bring people together for a fee?

Charge a monthly or annual membership fee to become part of a mastermind group. You might offer regular webinars or exclusive content as well as an opportunity for members to connect with one another regularly.

How to Get Started

If you’re thinking about adding some new streams of revenue to your income, start testing your ideas. Put content into the world and see which of your ideas sparks interest.

The simplest way to do that is through social media. If people appreciate your content, they’ll like, share, or comment.

You can also start a blog, vlog or podcast to gauge interest. Once you establish you have an audience who wants to learn more, begin creating content that will help you earn money from your knowledge.

Amy Morin is a psychotherapist and the author of 13 Things Mentally Strong Women Don’t Do.

The 6 Financial Habits of Successful People

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The image of a successful person conjures up visions of Richard Branson relaxing on his private island or a garage full of shiny luxury cars.

But most wealthy and successful people didn’t get to that stage overnight. It’s the culmination of good personal finance habits and smart spending and saving patterns to create wealth over time.

Glen James, financial adviser and host of the My Millennial Money podcast, put together the top personal finance habits of successful people after interviewing wealthy people and observing the habits of people he’s worked with to improve their money habits.

He shared his six tips with Your Money Live.

1. They keep away from consumer debt

“It’s interesting that now there’s advertising out there almost slapping us across the face every day with borrowing for holidays, borrowing for lounges,” James said.

Wealthy people steer clear of easy credit and ‘buy now pay later’ services like ZipPay and Afterpay. “That’s a trap,” he said.

2. They automatically invest money

James calls this “low hanging fruit”, an easy habit that anyone can start today. Set aside a small amount of money each month and siphon it to a savings account out of reach, a superannuation account or investment.

“If I can remove myself from the process and set up the habit of the (payment) automatically occurring, the year goes by and at the end of the year you’ve got money there that would’ve otherwise been spent,” he said.

James gives an example of his clients who are teachers and “over a period of years they’ve invested into a managed fund, investment account or ETF [exchange-traded fund] and they’re very wealthy relative to where they live and the people around them.”

3. They automate their spending accounts

Most successful people have a solid budget and personal spending plan.

They calculate a weekly budget and automatically divert their cash into various accounts like spending, bills and savings.

“It sounds really basic but the effects on someone’s life can be huge,” James says.

Removing the human nature element and automating your accounts is not only a good habit to get into, but allows you to cap daily spending and removes the temptation to splash the cash on a whim.

4. They keep themselves educated and focused

Successful people are always learning and working on their personal development.

James suggests getting in the habit of listening to podcasts, audiobooks or reading to satiate your curiosity on topics you’re interested in.

“What can you read to inspire you? Whether it’s a financial book, or Your Money website articles, just to keep up to speed and encouraged in your own personal life.

“The best golfer in the world needs a coach. The best tennis player in the world has a coach. All it is, is third-party accountability. I believe none of us are above that.”

5. They are goal-driven

James says successful and wealthy people are strongly motivated, and it’s not always money they are driven by.

The key to being motivated is to pick a goal, and it doesn’t need to be a financial one, he suggests.

“What can you do to give yourself a purpose in life?” James said.

6. They are always thinking long-term

Successful people think about the future and develop the habit of delayed gratification.

“There’s a study that said if they offered people on the street ‘Hey, would you like $100 today or $200 at the end of the year,’ most people would take the $100 today.”

Successful people delay short-term gratification for the benefit of gaining something long term.

People Who Value Time More Than Money Are Happier and More Productive

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Money is deeply rooted in how we’ve evolved. It continues to produce powerful effects on our behavior.We spend a great deal of time thinking about money.

We talk about it, worry over it, stress over it, and wonder if we have enough to meet our immediate needs now and in the future.


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Most of us never seem to have enough, and we’re spending a good chunk of it earning money.

An additional $5,000 a year could make a huge difference in your life.

But, according to research, people who value time more than money are happier and more productive in life.

Prioritizing time is associated with greater happiness.

The scientists ran several studies, both online and in-person.

Over 4,000 people were asked the same question:

You guessed right.

Most people were practical: Around 64 percent surveyed answered “more money.”

But the people who said they’d prefer more time were generally happier.

But the research goes beyond that.

“What matters is the value people place on each resource,” the authors said.

“Beyond the amount of these resources people have, happiness is linked to the resource people want.”

The study further revealed something else about the participants. Brian Resnick of Vox writes:

People who tended to choose more time also tended to be:

  • Older, which suggests perhaps as we age we get more satisfaction from valuing our time over money
  • Parents, which suggests children can change our values on the time-money question
  • Married
  • Wealthier (but when the analysis controlled for this, the correlation between choosing time and happiness remained)

The study suggests that if you want to become a happier person — and you already make enough money to provide the essentials — you should start placing more value on time.

It’s also important to note that for some people, prioritizing money over time is a necessity, not a choice because they otherwise could not afford the essentials, even if they might prefer to prioritize time if they had a choice.

Plan your future time, today

Wealth is the ability to fully experience life. — Henry David Thoreau

The findings suggest your mentally towards TIME and MONEY has a lot to do with your happiness and level of productivity in life.

It doesn’t really matter which of the two a person has more of — instead, it’s all about a person’s mentality toward the two.

Even though money — or the lack thereof — is often cited as one of the most stress-inducing aspects of life, people who value their time more than their money are more likely be happier despite the amount of money they have.

Think about it: Money can come and go, but time only goes and doesn’t come back. Once lost, it’s gone.

“No matter what the outcome of our efforts, we all feel increasingly strapped for time, and often the things that we think will make us happy — the accomplishments we work so hard for — don’t. They most certainly do not give us back moments with our families and friends or more hours to ourselves,” writes Ashley Whillans on HBR.

How much is your time is worth?

What price would you put on an experience that broadens the mind, or brings you inner peace?

There are two kinds of people: those with time-first mindset and those with money-first mindset.

Many people fall in the second category.

When faced with a time-or-money decision, most people will choose money?

It’s more difficult to shift to a time-first mindset if you have valued money more than time for a very long time.

Shifting to a time-first mindset is really hard, especially when everything in your life depends on that income you make every month.

If you don’t know much your time is worth, it won’t even cross your mind to value time more than money.

How you use your time might be slightly more in your control than how much money you earn.

With more time, you can plan to use it better. How you value time is absolutely in your control.

Assuming basic needs are met, more money will give you just that — more money.

Research shows that once people make more than enough to meet their basic needs, additional money does not reliably promote greater happiness.

Yet over and over, our choices do not reflect this reality.

More time, on the other hand, could lead to all kinds of amazing experiences and shifts that might mean more to you than money ever could.

A focus on time builds more-rewarding careers.

People who value their time are more likely to pursue careers that they love.

And when people love what they do, they are less negatively affected by the stress of work, and are more likely to be more productive, creative and effective.

They also are less likely to quit.

Key takeaway

Time, not money, is your greatest investment.

Money helps you strive to live your life, but it’s time itself that gives you the greatest benefit.

Budget time carefully — as carefully as you would money.

Make choices that give you more time.

The next time you’re making a tough choice between having more time or more money, think of your happiness, stress-free life, if you can, not just your wallet.

This article first appeared on Medium

How To Get A Job Without Prior Experience

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Here’s the challenge everyone who starts their career faces: You can’t get a job because you don’t have experience, but you can’t get experience without getting a job.It’s called the experience paradox or Catch-22 of getting a job. It’s a real challenge. And if you can’t overcome it, you can easily set your career 3 to 5 years back.


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Worse, I’ve seen young folks and people who switch careers destroy their potential by making the wrong decisions early on.

I don’t want to scare you. You can still overcome the Catch-22; but not with conventional career advice. Because what’s the standard advice for people who want to build a career?

“Create a resume, browse job boards, and respond to job applications.” Sorry to disappoint you. If you take that route, you will end up like most people: Frustrated and underpaid.

Don’t worry, there’s a different way. With the right strategy, you can break into any industry and earn what you’re worth.

But I have to warn you. It takes at least twice as much work. However, that shouldn’t be a surprise to you. If you want to have a better career than most folks, guess what; you have to BE better than most folks.

When you do the following 2 things, you will become better—that will significantly increase your odds of getting a job without prior experience.

1. Be The Person You Would Hire

Why is it that companies prefer to hire experienced people for a role? When I started my career, I didn’t understand it.

The reality is that there’s a massive difference between someone who doesn’t have experience at a particular job and someone who has two years under their belt.

Even though two years might not sound like a lot of time, it’s actually a lot of time to learn the ins and outs of a job. And especially when you recently got out of college; because your first two to three years are all about learning to be a professional.

Some people never become serious about their careers. They wake up at a time so they can come to the office just in time. They prefer to sleep in. And they are the first to leave at 5 pm. They don’t ask questions, don’t seek out mentors, LOVE their lunch break, and chit-chat with their co-workers every chance they get.

Imagine you would be the CEO of a company. Would you want a person like that on your team? Of course not.

I must be honest; I used to be like that too. But I realized that attitude will not bring you far. If you want career success, you need to take it seriously. You only get rewarded for results. And what brings results? Skills.

Now, the good news is that increasingly more companies are putting emphasis on the skills of the people they want to hire—not their experience.

In his book, The Virgin Way, I read that Richard Branson, the famous founder of Virgin (that employs approximately 71,000 people), hires for character and skills. He prefers to actually get to know applicants instead of asking them a bunch of boring questions.

If you seek out companies who hire for experience and skills, you have a good chance of getting hired—even if you don’t have experience.

There’s only one condition: You must be a person YOU would hire. Someone who’s not only a professional but also has the skills to do a good job. If you feel like your skills are not that good yet, spend more time on your craft.

So how do you find a company that hires for skills and character? You ask.

Look, getting a job is NOT easy. It requires a lot of manual labor. Sometimes you need to reach out to hundreds of people to even get an interview. So that’s what you do. Be ready to do whatever it takes.

You reach out to people in HR of companies you’d like to work for. And you ask them about their interview process. How does the application process work? What are the characteristics you’re looking for in candidates?

You can use that information to apply for jobs you’re interested in. But unlike people who blindly apply, you know what they are looking for.

2. Do Free Work

Often, being good at your job and having information about the application process won’t cut it.

I’m a big fan of demonstrating your skills instead of talking about it. During the interview, we only talk. But when you offer to do free work for a company, you actually demonstrate your skills in a real-life setting.

So how can you do free work? Larry Stybel, a clinical psychologist, wrote an article for HBR about his experience launching his career. He shares 3 great tips:

  1. Look for a company you’d love to work for and then be specific about what value you will provide—What will you exactly do for the company? No need to overpromise. It’s better to be honest about what you can. Identify a person you want to work for, and reach out to them directly. Also send your resume along (watch my video on how to create a graphic resume with Canva for tips).
  2. Be specific about what value you will receive—Start with the end in mind. What do you want to get out of it? A reference? A potential job? Experience?
  3. Be specific about the time frame—You don’t want to keep working for free forever. In Stybel’s example, he said: “I promised to work two days a week for two months.” Often, you can’t even work full-time for free. Nor is it something I recommend. Use your time to keep searching for a job.

One of the key lessons for everyone launching their career is to consider yourself as a learning machine. When you feel too proud to learn or work for free, you will be stuck sooner than later.

But when you keep improving yourself and reaching out to people in the industry you want to work in, it will ultimately lead to a real job.

This article first appeared on Darius Foroux

7 Lucrative Side Hustles

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7 Lucrative Side Hustles

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Opinions expressed by Entrepreneur contributors are their own.

Whether you need a little extra cash to make rent or you simply want to explore your passions outside of work and get paid for it, a side hustle can be a lucrative way to bring in more income — without waiting for your boss to hand out a raise.

The side hustle economy is booming. In fact, according to a study from BankRate, nearly 37 percent of Americans have a side job, and they’re making an average of more than $8,000 every single year.

Your side hustle is exactly what it sounds like: A gig that you juggle alongside your day job. Balancing your side hustle against everything else isn’t easy, but it can be lucrative, not to mention fulfilling.

Related: The Best Employees Have Side Hustles — Here’s Why

If you’ve got a passion that pays, you probably already have a good side hustle going. But if you’re in the market for a little extra dough and you’re not sure where to start, this list of the seven best hustles should help.

Start up your sole proprietorship and see which of these options might work best for you:

1. Instagram influencer.

Influencers are so effective as marketers because they are seen as authentic and trusted — to their followers, they are friends, not advertisers. Therefore, you might find incredible traction within your field (and beyond) if you’re able to monetize your social media activity, particularly on Instagram.

Take, for example, the growing community of teachers as Instagram influencers. They inspire fellow education with their color-coding, organizing, decorations and curriculum planning, and some of them get paid more — much more — for their IG work than their “full-time” job. This is a long-term play, however. You need to be well-established in your niche before brands think about approaching you for paid work.

2. Real estate agent.

If you live in a competitive real estate market, you probably know someone in this business. The real estate business is enormous and can be lucrative, based on how much time and energy you have to devote to it. Real estate is a great venture to start part-time as you build a client base and learn the intricacies of the business.

To become an agent, you’ll need to take a course and pass a test to obtain your local real estate license. You may also want to work under a brokerage that offers you protection and leads on clients, so there is a bit of an upfront, as well as ongoing, cost.

Showing houses and apartments, however, typically happens during unusual or non-work hours, like nights and weekends — which means it could fit right into your schedule.

Related: The Top 10 Side Gigs for 2019

3. Accountant.

Helping small businesses or other sole proprietors with their taxes sounds like a tough side gig, especially with the rise of easy-to-use tax software. But about 70 percent of small businesses outsource their tax preparation duties, meaning there’s a market for being willing to roll up your sleeves and learn how to prepare taxes for others.

Doing remote monthly bookkeeping for small businesses on retainer, writing and producing a web seminar or e-book on how to file, or helping businesses craft a business plan they can use when applying for a loan are all small, but focused, ways to put some accounting knowledge to good use.

4. Photographer or videographer.

Taking photos or videos is an excellent example of a popular hobby that can become a lucrative side hustle if you’re willing to invest in the tools and in building up your client base.

Good freelance photographers and videographers are often hired by individuals, businesses and organizations to document events, take headshots and work at parties like weddings or engagements. You can set your own rates depending on the quality of your equipment, your time in business, your particular style and whatever other variables go into the difficulty of taking the pictures/videos and editing them on the side.

5. SEO/content writer.

A great way to break into freelance writing is to offer businesses your services as a content writer, with an emphasis on helping with search engine optimization. If you’ve always been a skilled creative writer and want to start making money from the craft, a few free courses or blog posts can teach you the basics of writing with an eye towards SEO-friendly content that businesses need to rank higher in search.

Small businesses are increasingly using blogs and social media content to attract new customers and drive traffic to their website. Create a website, craft an introductory email, and start pitching businesses on the idea of you writing content for them on topics related to their industry.

6. Coaching or consulting.

Have you become an expert in your chosen field and want to pass your knowledge and skills on to those trying to make a name for themselves? Are you the friend everyone turns to for advice, because you’re not just a good listener but preternaturally wise? If so, professional or life coaching could be a fun avenue to explore.

Good coaches are typically credentialed by an organization like the ICF in order to assure clients of their background, but there is no law that says you need one. You could start coaching on an informal basis before making the leap to more professional coaching. Coaches typically have a niche in leadership or executive coaching, life coaching, relationship coaching or career coaching.

Consulting in your field is also a strong possibility if you’re experienced enough to justify the role. Selecting a niche and setting up a website or platform to begin marketing yourself is the first step. Networking to find and develop clients is the next.cra

7. Crafting.

This one is worth mentioning because of its popularity. It’s one of the biggest side hustles out there that is arguably available to everyone — unlike a slightly more specialized hustle like construction/repair work. If crafting is your hobby and you feel confident that you can sell your wares to people outside of your friend group, it’s easier than ever to set up an Etsy or Shopify page to promote and sell whatever it is you make to the masses.

Be careful not to turn a hobby you love into an ecommerce job you hate: Stay true to what drew you to the craft in the first place and don’t overextend yourself.

A side hustle isn’t just about the money. According to The Hustle, a larger percentage of survey respondents say they “love” their side gig more than their actual job –and since side hustlers make an average of just $686 a month, it likely has to be a labor of love. If you can find a hustle that helps you save for a vacation or afford a nicer apartment, however, you’ll love it even more.