Weekly Business Insights from Top Ten Business Magazines | Week 300 | Entrepreneurship Section | 1

Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 300 | June 9-15, 2023.

Arnold Schwarzenegger reveals how he turned his side hustle into his career—and offers his advice to entrepreneurs looking to do the same

By Orianna Rosa Royle | Fortune Magazine | June 14, 2023

Listen to the Extractive Summary of the Article

Arnold Schwarzenegger has weighed in on the age-old dilemma faced by aspiring entrepreneurs: Leave your stable full-time job or chuck it all in pursuit of your dreams? The question of whether one can dedicate the necessary attention to a side hustle while juggling other commitments weighs heavily on the minds of many. However, the Hollywood legend believes that taking such a risk may not be justifiable.

In the challenging world of entrepreneurship, where most startups fail within their first three years, committing fully to a venture requires a leap of faith. Schwarzenegger, a seasoned entrepreneur and a multimillionaire, recently emerged as an unlikely but insightful source of wisdom for individuals seeking to embark on their entrepreneurial journeys. 

Having juggled a career in bodybuilding while trying to break into acting, Schwarzenegger has mastered the art of turning your passion project into your career.  “I didn’t have a Plan B,” he wrote about making the jump into Hollywood. But he didn’t exactly go full steam ahead into his dream job either.   Instead of having a backup plan to fall back on, Schwarzenegger explained how he soft-launched his career switch with the backing of his “other businesses.”  “I was making money from real estate, and that gave me the power to wait for the roles I wanted,” he said. 

By 1982, Schwarzenegger says he got his big break with Conan the Barbarian and no longer needed to worry about financially sustaining his new career.  But only by having a steady revenue stream beforehand was he able to make the right career choices that have landed him the long-term success he’s still enjoying today.

“You need money, and if you quit your job, you’re going to have to make decisions you wouldn’t make otherwise in order to make money,” he advises. “I could say no, but only because I had my bricklaying business and then my real estate business, so I wasn’t desperate.”  Desperation often forces you to make compromises that you wouldn’t otherwise consider, like taking on clients that don’t align with your vision.  So entrepreneurs may enhance their ability to put the long-term viability of their businesses ahead of keeping the lights on. 

3 key takeaways from the article

1. Arnold Schwarzenegger has weighed in on the age-old dilemma faced by aspiring entrepreneurs: Leave your stable full-time job or chuck it all in pursuit of your dreams? 
2. The question of whether one can dedicate the necessary attention to a side hustle while juggling other commitments weighs heavily on the minds of many. However, the Hollywood legend believes that taking such a risk may not be justifiable.
3. “You need money, and if you quit your job, you’re going to have to make decisions you wouldn’t make otherwise in order to make money,” he advises. “I could say no, but only because I had my side hustels, so I wasn’t desperate.”  Desperation often forces you to make compromises that you wouldn’t otherwise consider.

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Topics:  Entrepreneurship, Persistence, Decision-making