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Tag: Skill Development

  • Don’t Listen to This Myth About Side Hustles | Entrepreneur

    Don’t Listen to This Myth About Side Hustles | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this breakneck-paced world, one in which multiple income sources are increasingly embraced, side ventures unrelated to one’s primary line of work have been the prevailing models. However, this trend has also led to a long line of entrepreneurial scams, as people try their hand at side hustles for which “no experience is required.”

    A recent and detailed-below personal experience, I hope, can be fuel for a new paradigm, one that has the potential to redefine the way both entrepreneurs and those seeking employment approach their professional journeys, and particularly how they start new businesses.

    NanoGlobals began as a humble endeavor in 2020. Locked inside, and with an abundance of time on my hands, like many, I chose to pursue a side business. While I was enormously grateful to have maintained my primary source of income, a moment like 2020 offered a chance to reflect, including on facing the crises of tomorrow with stability and confidence. Rather than follow the usual path of a part-time enterprise unrelated to my primary expertise (dropshipping was the flavor of the month at the time), I quickly recognized that such a side venture did not have to be disconnected from the core skills of outsourcing and remote work I’d built over the previous decade. Instead, it could be a powerful extension, amplifying my unique value proposition.

    Related: 10 Trending Side Hustles on TikTok. Are They Right For You?

    Fast-forward to 2023, and NanoGlobals has grown to over 60,000 visitors a month — a steady-revenue, strongly branded and authoritative B2B asset that has been cited in media outlets from Business Insider to The Yale Law Journal.

    Upon leaving my previous job, one question was weighing on my mind: whether or not to take this new venture on full-time, and I wound up pursuing it that way for a time. As is often the case, though, a job opportunity came up: a chance to join Formula.Monks, the tech pillar of Media.Monks — the digital-first operating brand of London-based S4Capital.

    It sounded great on paper: a new brand in my domain of professional tech services — one with the resources of a global conglomerate. But a nagging question persisted as I engaged in the hiring process: What would happen to NanoGlobals? Unexpectedly, those thoughts were dispelled during hiring conversations that wound up focusing on the value my side venture could bring to Formula.Monks, as well as my inherent skill set. I realized something other companies, job seekers and entrepreneurs might be well advised to take note of: I wasn’t being hired despite my side venture, but because of it.

    Related: She Quit Her ‘Toxic’ Job to Pursue a Freelancing Side Hustle. Now She Leads Her Team With Compassion, Makes 6 Figures and Even Bought a House.

    I’ve come to understand that embracing a side venture that aligns with one’s professional aspirations can usher in new realms of employability — that entrepreneurs no longer have to choose between pursuing passions and securing a dream job. This paradigm shift can help them redefine what success for their ventures looks like: It doesn’t have to be an IPO, it could be an acquihire. It’s possible to seamlessly merge the two, creating a harmonious symphony of skills that at once captivates employers and distinguishes applicants from their peers — demonstrating versatility, adaptability and entrepreneurial spirit.

    This approach can be a particularly powerful asset for individuals striving to excel in the ever-evolving digital landscape, in which simply having functional expertise is increasingly not enough. With AI disrupting several white-collar professions, the key to success is navigating and thriving in the worlds of both building and selling. If you produce a successful side hustle, it proves to future employers that you can do both.

    Related: 4 AI Trends That Have Helped the Creator Economy (and How to Take Advantage)

    So, my advice is simple: Don’t be afraid to intertwine a side venture with your primary line of work. Embrace the power of synergy, and your employability will soar. In an era defined by disruption and innovation, it’s time for entrepreneurs to rewrite the rules and unlock their full potential.

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    Patrick Ward

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  • The Value of Digital Credentials vs. Degree Programs

    The Value of Digital Credentials vs. Degree Programs

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    Opinions expressed by Entrepreneur contributors are their own.

    Pre-pandemic trends have shown S&P organizations losing standing to new disruptive market competitors, making it difficult to continue doing business the same way for long periods of time. Disruption is here to stay. For employees, the challenge becomes adapting to new processes and techniques faster than ever before to remain relevant. Lifelong learning is not just a quotable personal pursuit, but a requirement of the working world.

    In 2022, the median tenure for salaried employees is just 4.1 years. When combining employee tenure with the average S&P 500 company tenure on the list trending down to just 12 years, it’s clear that the same experts and expertise your business relies on today are unlikely to be there tomorrow.

    To stay at the top, great organizations will innovate to capture the market, while simultaneously acquiring new skills to execute in the next market. Designing and delivery of great training is a coveted core competency.

    Related: 5 Innovative Ways to Create Growth Opportunities for Your Employees

    Resisting change

    Becoming comfortable with the discomfort of change is a core competency managers and employees will also need to embrace. Our natural inclination is to not change, even when we know changing our behavior will have lasting positive effects. A few of the most common fears and anxieties associated with change include:

    • Losing control

    • Removal of safety and certainty

    • Peers no longer viewing you as the expert

    • Dreading the extra effort to learn something new

    Our experiences shape our beliefs. For managers in charge of change initiatives, there are two levels of beliefs to focus in on:

    1. Everyone is wary of change. Past changes have undoubtedly been painful for every employee, whether at work or in their personal lives. No matter what, there will be an existing level of resistance amongst your team.

    2. Success or failure in the first change initiative you manage will build important beliefs for the second change initiative. Successful teams will thrive during consecutive change initiatives, building the belief they can tackle any change together.

    Related: 3 Keys to Successful Change Management

    Driving business outcomes with digital credentials

    Digital credentials provide a verifiable means to honor individual skills acquisition and to measure both the organization’s and the market’s investment in change. In years past, an employee’s journey through prescribed training has been owned and kept secret in the employer’s learning management system. Ownership of acquired skills is valuable to both organizations and individuals. In vogue, skills have real market value. Things like statistical process control, Lean/Six Sigma, account-based marketing, value selling, scrum and servant leadership are not just owned by the organization — they’re owned by the employee as well.

    For business leaders, using digital credentials to track internal competency levels and/or market penetration of your brand skills training provides extraordinary value:

    • Certifying third-party technicians gives customers confidence in hiring service providers and broadens the marketing reach of a brand name.

    • Certifying contractors gives employers the flexibility to keep 1099 talent sticky to a brand, while also managing the ebbs and flows of business.

    • Certifying employees on future in-demand skills provides motivation for employee tenure as they master new skills. They become interested in recruiting new potential employees who also value professional development opportunities from employers.

    • Certifying employees on today’s in-demand skills motivates employees to increase their value at the organization and embrace change head-on.

    Related: What Business Leaders Can Offer to Keep and Develop Employees

    Digital credentials are an HR hiring manager’s best friend

    As organizations observe tenures of employees shrinking, it’s easy to believe that many stakeholders will still view training as a cost center. The alternative view is that training, no matter what organization has delivered it, is valuable. Using a digital credentialing strategy allows an organization to track not only course completion but skill trends internally and externally.

    Look no further than the immense value HR hiring managers gain from digital credentials. Unlike CVs of the past, with just a few clicks, stakeholders can see when, where and how an individual gained new skills. Using platforms, like Pearson’s Credly, gives hiring managers a searchable database of individuals with key skills. Earners who have added or shared their digital credentials on LinkedIn provide a transparent record of verifiable skills.

    Digital credentials, especially when tied to professional development or industry certification, can show an individual’s growth over shorter periods of time than a diploma. Moreover, when stacked together over time, they may well be indicating an individual has become comfortable with adapting to change in general. As businesses are faced with the need to innovate at a faster pace, why wouldn’t candidates who demonstrate a commitment to lifelong learning, comfort with change and willingness to invest in themselves provide the greatest organizational value?

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    Christopher Allen

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