We may earn commissions if you use the recommended services on this site.  

Lessons from a 25-Year-Old Entrepreneur: How Trying 23 Side Hustles Led to a $354,000 Monthly Income and His Top Advice

Latest Business News

Lessons from a 25-Year-Old Entrepreneur: Building a Sustainable Business

Steven Schwartz, a young entrepreneur, embarked on a journey of 23 side hustles before finding success. Alongside his friend Cameron Zoub, Schwartz experienced fleeting moments of financial triumph but struggled to create something sustainable. However, in March 2021, Schwartz, Zoub, and co-founder Jack Sharkey launched Whop, a tech marketplace that now generates an estimated $354,000 per month.

The Importance of Solving Real Problems

Schwartz attributes Whop's success to a fundamental principle: solving real problems. He emphasizes the significance of identifying genuine needs and developing solutions that people will actually use. Many individuals in the tech world, including billionaire Mark Cuban, echo this sentiment, encouraging entrepreneurs to focus on problem-solving rather than solely starting a business.

Learning from Successes and Failures

Schwartz's journey was shaped by both successes and failures. From building sneaker bots during high school to establishing an IT agency, he encountered varying degrees of financial gain. However, it was with Whop that he found fulfillment on multiple levels. Whop not only addressed safety concerns in the software marketplace but also provided a platform for Schwartz to continuously create and sell new software products.

Finding Fulfillment and Creativity

While Schwartz's previous ventures solved problems and generated revenue, they lacked personal fulfillment. Whop, on the other hand, allowed Schwartz to combine his passion for software development with a reliable marketplace. This fusion of purpose and creativity became a driving force behind the success of Whop. In conclusion, Steven Schwartz's entrepreneurial journey exemplifies the importance of solving real problems and finding personal fulfillment in business ventures. By learning from successes and failures, entrepreneurs can identify opportunities to create sustainable and meaningful ventures. Embracing the philosophy of problem-solving and leveraging reliable platforms can pave the way for success in the ever-evolving business landscape.

Implications for New Businesses

Steven Schwartz's entrepreneurial journey provides invaluable lessons for new businesses. His experience underscores the importance of focusing on real problems that need solutions, a principle that new businesses must embrace to ensure their offerings are relevant and valuable to their target market.

Learning from Successes and Failures

Schwartz's path to success was not linear; it was marked by both victories and setbacks. This highlights the importance of resilience and adaptability for new businesses. Success is rarely achieved overnight, and it's crucial for entrepreneurs to learn from their failures and use these lessons to refine their strategies.
Combining Passion and Business
Perhaps one of the most significant takeaways from Schwartz's story is the importance of finding personal fulfillment in your business. Whop allowed Schwartz to merge his passion for software development with a sustainable business model. This fusion of personal interest and business can be a potent motivator, driving entrepreneurs to persist even in the face of challenges. In conclusion, Steven Schwartz's experiences offer valuable insights for new businesses. By focusing on solving real problems, learning from successes and failures, and finding personal fulfillment in their ventures, entrepreneurs can increase their chances of building successful and sustainable businesses.
Story First Published at: https://www.cnbc.com/2023/08/28/advice-from-gen-z-side-hustle-expert-find-a-real-problem-to-solve.html
Brought to you by BusinessFormation.io
Know Your State's Registered Agent Requirements: What is a Registered Agent
Learn How To Create An LLC: What Is An LLC and How To Start an LLC Online

LLC Filing & Registered Agent Services

Compare Online LLC Filing Services Today

We work with the market leaders in business formation and registered agent services.

Getting started is simple and inexpensive. Form your business today & secure your brand name before someone beats you to it! Click below to view the Top 3 Best LLC and registered agent service providers.
View Top 3 Providers Now

Filing An LLC Can Be Complicated

Streamline Your LLC Filing Online for $39

Northwest Registered Agent is the best-rated service for first time filers.

Get professional LLC formation & registered agent services for only $39 + state filing fee. This offers includes your full LLC setup, plus a private business address, lifetime support, and more.

Trusted by Millions. Save 82% Today.