Are side projects good or bad when you already own a business?

Question

Some would say that sides are a good way not to put all your eggs in the same basket ; and other that it's represent a risk to defocus...

What do you say guys? 🤔

I'm puzzled, but I would say that it's good for creativity and to discover new markets/products/tech/topics/people...

Clément Jacquelin · Accepted Answer

I believe that side project are always good. You learn something new, you have more revenues, you meet new people and solve new problems. It's always a good experience to take. You just need to find the right balance with your main project/product.

Donny Wals · Answer

Side projects are a way to study and learn. If some of these projects generate revenue, great. If not, it's a learning investment. I'd say side projects are _especially_ good when you own a business because you can carve out time in your regular schedule to work on the project (and study which you probably should do regularly anyway)

Jenny Nicholson · Answer

I don't own my own business, but as an employee side projects keep me sane and current on my skills. I tend to work on them at times when my day-to-day work isn't giving me as much creative momentum as I'd like, so a good side project gives me something to get excited about.

Stephane Ibos · Answer

Focus is key. But so is having a scalable business that doesn't require you to work 23h/day after a while.

I am all for side projects - be it for founders or team members. But it's always a matter of having your priorities straight and in order. Get your main thing on track solidly first, then if done properly you will have again the luxury of time (some of it at least ;-p) and you can engage in other projects.

At any time, my key is always to focus on what matters the most, and take care as a priority about what is essential.

Madeleine Kirchof · Answer

Agreed^^ Regularly evaluate it to make sure it's an addition to your happiness, wealth, learning journey, or skill box -- make sure it doesn't become a drain to any of the above. Be sure you have the confidence to know when to nix it if you need to!

Hugo · Answer

@missjenny Yes, totally agree! It seems to be a good comprise between, security and "adventure" in a way ;)

Max Kamyshev · Answer

@jacquelinclem you're right mate, but when you spend 110% of your time to grow your project then another focus can kill your young project. But you always have to be opened for new ideas and be in the loop what's going on in your market and other industries!

Grace Park · Answer

At Disney, side projects helped me expand my perspectives and skills. It built out my experiences, created awesome relationships and so much more. It made me realize how important community is for movement forward in anything you work on. Side projects at Nuleep turned into real programs. One project became a focal program that supported career discovery and skills growth for 1000+ underrepresented students in 6 months. Also, it is a looot of work to do a side projects so being able to timebox and project manage efficiently is important.

Kelvin Katungu · Answer

They are good

Hugo · Answer

@grace_nuleep Wow, great experience here... How did you managed to organize your time?

Hugo · Answer

@madeleine_kirchof That's helpful 😊I'll try this right away! Thanks

Sune B. Thorsen · Answer

Side projects can be great, but, what do you do if both businesses suddenly experience great growth and you don't have time for both? That's a very real issue you may run into. So prepare for it beforehand as well as you can :)

Also, don't trick yourself into thinking that side-projects aren't "work". That's a fast-track for stress in my experience. You do need some time away from both your main business and your side projects to just relax and do nothing.

Max Kamyshev · Answer

It depends on how your business works.
If you spend 100 hours per week to grow your company, any side project can kill your business. 
On the other side. If your business processes flow smooth and revenue grows - this is great time to build new business and get more experience that will help you to make existing project more competitive! @hugo_pochet1

Andrey · Answer

From a business perspective, there are pros and cons. If you have engaging side projects with new technologies, it is always useful to learn something new. An amusing tricky side project can prevent your team from burning out as well. On the other hand, you should be careful and make sure none of the side projects delay your main projects from key clients.

Hunter Peress · Answer

If you ever feel stale or like you are in a rut, side projects are so important. They don't have to be in the same space as your business. If your business is digital, doing an analogue side-project can be very therapeutic. I recently found an interesting rusted piece of metal on the ground and spent a few days grinding and polishing it.

Are side projects good or bad when you already own a business?

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