In this episode of CEO Chronicles, we take a deep dive into the blurred lines between a hustle and a business. We grapple with the challenges of expanding our income streams, sharing personal experiences and candid insights. The conversation revolves around the critical decision-making process, exploring when a venture evolves from a mere hustle to a fully-fledged business.

Discussing the importance of strategic investments, we emphasize the need for experts' guidance and how hiring specialists can elevate a side hustle into a thriving enterprise. We reflect on our own approaches, Karamel's risk-taking attitude and Michele's cautious, calculated decisions. We explore the dynamics of juggling multiple ventures and the significance of diversification.

Throughout our conversation, we touch on the essence of effective time management, highlighting the need for a reliable support system. We share our aspirations for the future, focusing on leveraging our existing successes to pave the way for new opportunities!

Join us as we navigate the intricate balance between passion, risk, and strategic growth in the entrepreneurial world. If you enjoy our discussion this week, please feel free to reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

 

Time Stamps

[0:31] - Karamel and Michele are talking today about side hustles vs. businesses.

[2:54] - A side hustle is defined as a flexible endeavor pursued at one's discretion.

[3:16] - Side hustles often operate on minimal resources.

[4:59] - Michele invests based on results, not just hearsay or potential.

[5:17] - Karamel takes calculated risks after thorough research.

[7:28] - Michele points to the importance of word-of-mouth in the insurance business.

[8:29] - Michele discusses risk tolerance.

[9:50] - Efficient ventures require expertise.

[10:44] - Karamel shares having hesitated at a large loan and questioned her understanding of numbers.

[12:40] - Michele argues that it's crucial to be a good steward of your money.

[14:17] - Karamel attends diverse meetings to gain insights for the future.

[17:57] - Michele emphasizes that her business is very dynamic by nature.

[18:46] - Karamel advises investing in experts for a second income stream.

[19:36] - A hustle will stay a hustle until you take a reinvestment.

[22:35] - Michele argues that success relies on focused energy on a struggling business.

[24:30] - We are encouraged to stay resilient and adapt to challenges.

[27:58] - Michele admits that she needs to invest in an assistant.

 

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website