Education Leadership

The importance of side hustle – during the downturn

Editors

5-minute read

Practice Entrepreneurship While at University: The Importance of Thinking Small and Big in a Tech Start-Up During an Economic Downturn

In today’s uncertain economic climate, it’s essential for university students to consider the benefits of thinking small and big when it comes to starting a side hustle or tech start-up. Here are some key points to consider:

Thinking Small: The Power of Side Hustles

  1. Earning Money: Side hustles provide an opportunity for students to generate extra income during their studies, helping to cover living expenses or even contribute to their education[2].
  2. Real-World Learning Experience: Side hustles can offer valuable experience in various fields, such as photography, writing, or web development, which can boost students’ resumes and make them more attractive to future employers[2].
  3. Developing Skills: Engaging in a side hustle allows students to develop essential skills such as time management, communication, and problem-solving, which can be applied to their studies and future careers[6].
  4. Creativity and Self-Expression: Side hustles can provide an outlet for students to express their creativity and work on projects that align with their passions, helping them stay motivated and engaged during their studies[2].

Thinking Big: The Importance of Entrepreneurship Education

  1. Preparing for an Uncertain Future: Entrepreneurship education equips students with skills that prepare them for an uncertain future, such as problem-solving, teamwork, empathy, and resilience[5].
  2. Innovation and Collaboration: Entrepreneurship courses encourage students to collaborate and work in teams, fostering innovative thinking and helping them identify problems and find solutions that create value[9].
  3. Developing Grit: Entrepreneurship education helps students develop grit, a quality that is essential for success in both personal and professional life[9].

Navigating the Economic Downturn

During an economic downturn, it’s crucial for students to be agile and adaptable in their approach to starting a side hustle or tech start-up. Here are some tips to help them survive and thrive during this period:

  1. Focus on Local Clients: Prioritize finding clients within your university community, as this can provide a steady stream of income and help you build a strong reputation[2].
  2. Leverage Your Creativity: Use your unique skills and talents to stand out in the competitive market, such as offering specialized services or creating innovative products[1].
  3. Budgeting and Financial Management: Develop strong budgeting and financial management skills to ensure that your side hustle is financially sustainable and can weather economic downturns[6].
  4. Stay Agile: Be prepared to adapt your business model, services, or products to changing market conditions and customer needs. This flexibility can help you stay competitive and relevant during challenging times[4].

In conclusion, university students should practice entrepreneurship by thinking small and big in a tech start-up during an economic downturn. By engaging in side hustles, students can develop essential skills, gain real-world experience, and foster a mindset of innovation and resilience. At the same time, focusing on local clients and adapting to changing market conditions can help them navigate the challenges of an economic downturn and achieve success in their entrepreneurial ventures.


[13] [PDF] The Need for Entrepreneurial Education at University – ERIC https://files.eric.ed.gov/fulltext/EJ1218172.pdf
[14] Every College Student Should Have a Side Hustle | Your Work, Your Way https://yourwork-yourway.com/2023/09/05/every-college-student-should-have-a-side-hustle/
[15] Why Only Thinking Big Is A Mistake For Startups – Forbes https://www.forbes.com/sites/forbesbusinesscouncil/2023/01/12/why-only-thinking-big-is-a-mistake-for-startups/?sh=2666748e3889
[16] Market history says a recession could produce the next Airbnb or Slack https://www.cnbc.com/2023/01/12/market-history-says-a-recession-could-produce-the-next-airbnb-or-slack.html
[17] How Does the Entrepreneurship Education Influence the Students’ Innovation? Testing on the Multiple Mediation Model – Frontiers https://www.frontiersin.org/articles/10.3389/fpsyg.2019.01557
[18] Weighing the Pros and Cons of Working While in College – U.S. News & World Report https://www.usnews.com/education/best-colleges/paying-for-college/articles/weighing-the-pros-and-cons-of-working-while-in-college
[19] Thinking Big Is the Completely Wrong Way to Achieve Success. Here’s Why | Inc.com https://www.inc.com/wanda-thibodeaux/successful-people-think-small-not-big-heres-why.html
[20] The Importance of Entrepreneurship Education – Drexel University https://drexel.edu/close/news/announcements/2022/May/The%20Importance%20of%20Entrepreneurship%20Education/
[21] Future Starr: The Pros and Cons of Starting a Side Hustle Online – LinkedIn https://www.linkedin.com/pulse/future-starr-pros-cons-starting-side-hustle-online-eddie-starr
[22] The Benefits of Entrepreneurship Education to Students – NEXT Studios https://nextstudios.org/the-benefits-of-entrepreneurship-education-to-students/


[23] Answers to: tabulate the benefits and drawbacks of a side hustle as a student. – Class Ace https://www.classace.io/answers/tabulate-the-benefits-and-drawbacks-of-a-side-hustle-as-a-student


[24] [PDF] Entrepreneurship in education: What, why, when, how. OECD. https://www.oecd.org/cfe/leed/BGP_Entrepreneurship-in-Education.pdf


[25] Should You Start a Side Hustle? 5 Tips for College Students – The Selling Factory https://thesellingfactory.com/should-you-start-a-side-hustle-5-tips-for-college-students/