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.
His advice came in response to a fan's query regarding his decision to retain his birth name despite pressure to change it when he entered the acting industry.
“Don't listen to these 'follow your passion people' who tell you to quit your job and jump off the deep end,” he advised in his daily newsletter, while reflecting on his own career.
How Schwarzenegger made his side hustle into his career
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. “But this is why I always say don't listen to these 'follow your passion people' who tell you to quit your job and jump off the deep end.”
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 by taking Schwarzenegger's advice, entrepreneurs may enhance their ability to put the long-term viability of their businesses ahead of keeping the lights on.
