Gen Z CEOs list the businesses they started and failed before becoming successful

In a society that glorifies being your own boss, starting a business or starting a side hustle can seem enviably glamorous. After all, it’s easy to get caught up in the whimsical tales of overnight entrepreneurial success, especially since more than half of American workers experience burnout. His 42 percent of employed workers report feeling afraid to return to work after the holidays.

It’s no wonder so many people want to escape the rat race and live their professional lives on their own terms. Those who want to be in charge of a startup may dream of a life where they don’t have to answer to a boss or hand in notice when they want to take time off. They may imagine themselves making a million sales in just a few months. Perhaps you could even trade your current home for a luxury condo in Beverly Hills or Monaco.

Sadly, it’s not always that easy. An entrepreneur wants people to know that while success is possible, it doesn’t necessarily mean a steep upward trajectory. Valeria Yusupova “failed” in eight businesses before finding joy and success with her ninth jewelry line, Val Jewelry.

“Over the past three years, I have experienced many failures, but at the same time I have learned a lot,” Yusupova said. newsweek.

“Every time I succeed at something, I often get comments like, ‘That was easy,'” she added. “That’s why it’s important to me to show failure and the process.”

Yusupova grew up in Geneva but is now based in Madrid. She was studying a course in public relations, advertising and communication at Missouri Southern State University in the US, but when she graduated in 2020, she became the latest victim of the pandemic-induced job drought.

“My life changed completely when the COVID-19 pandemic broke out. Although I finished my studies, I could not find a job in the PR field. At this time, I decided to follow my dreams. ” said the owner.

But before doing so, she tried eight other business ideas, all of which either failed, weren’t profitable, or were quickly abandoned.

Yusupova’s efforts ranged from making and selling bath bombs for three months and making $0 in profit, to launching a vintage online store that earned her $2,000 but lasting only four months. It was.

Over the course of two years, she sold digital planners, sold handmade home decor, and upcycled watches, all with varying degrees of success.she said newsweek Her digital planner e-commerce project generated exactly zero dollars over its entire run.

Over the next few months, Yusupova made soap from scratch, made Soja candles, and crocheted bags, but the latter was never sold.

In 2022, she dives headfirst into her latest ambition: Val Jewellery. Val Jewelry is a hypoallergenic jewelry line that is mostly assembled in its native Switzerland. This business continues to this day with amazing developments, but Yusupova has not forgotten the many setbacks and failures that she encountered on her path to becoming an entrepreneur.

“It’s important to show the real side of entrepreneurship,” Yusupova said.

“We often see books and videos about how to get rich or how to build a business in a month, but very few talk about the real struggle behind building a business.

“I’ve always had big dreams and goals in life, and I’ve always been passionate about many things. I’m the type of person who never stops trying, even on difficult days,” she added.

How many people have side jobs?

Survey results show that in 2024, 69.6% of Americans will have a side hustle, and 12% will report earning more than $1,000 a month from their side hustle.

Still, 68% of people who have a side hustle can make a significant profit from their free time efforts. However, he reports that he earns less than $500 per month from side jobs and efforts. Approximately 115.9 million Americans ages 16 and older report working a side job in their spare time.

In the UK, 43% of Brits have a side job that can also be used as an additional source of income. The average income from a business venture in the UK is £900 per month, which equates to $1,122.80.

Young people are increasingly taking up side hustles and finding them beneficial to their daily lives.

Around 68% of Gen Z in the UK earn money from one or more side jobs, while the same can be said for just 7% of the Silent Generation (those born between 1928 and 1946). Why.

Of course, most people between the ages of 12 and 26 have more time, energy, and opportunity to lead a side hustle, a part-time job outside of school hours, than people in their 70s, 80s, and 90s. We have and we will have. . But with such a large generational gap, we also have different economic needs, priorities, and ways of seeing the world.

Simply put, today’s young people may need the financial safety net that a strong side hustle can provide. On top of that, rates of burnout and job dissatisfaction are on the rise, while younger generations have a world of digital tools at their fingertips that can help them launch business projects and achieve success more easily. became.

Vipin Porwal is the founder and CEO of shopping app Smarty.

“Today’s consumers are between a rock and a hard place,” said Polwal, who has more than 20 years of entrepreneurial experience. newsweek.

“They now have to think about how to navigate this new world financially, as wages have stagnated and spending has increased.

“The cost of living, which 82 per cent of consumers say is currently too high, impacts many areas of respondents’ lives, so we want to move that forward. One area is mental health. and 52 percent feel anxious about the future.”

The entrepreneur said most consumers believe rising costs are out of control, with 59% now worried that “stagflation” (the idea that inflation will continue) will become the new normal. It is said that there is.

Ernie Goss is a professor and regional economist at Creighton University in Nebraska. He agrees that more people are feeling disillusioned and the cost of living is rising.

“From the beginning of the pandemic to now, rents have expanded at a compound annual growth rate of 5.2%, or a total of 22.5%,” Goss said. newsweek.

“Both house prices and rents have softened in recent months, but they continue to trend upwards, but at a lower rate than the consumer price index,” he added.

share her story online

Yusupova said. newsweek She says founder content on social media often glorifies what it’s like to start and run a business, and people who pursue side hustles without considering its difficulties and challenges. He said he was concerned about the increasing number of people.

In January, she shared a video on TikTok (@valjourney) chronicling eight businesses that failed before the surviving jewelry line she currently manages. This one-minute clip of her has been viewed over 13.4 million times and resonated with people around the world.

“I must say that in that video I only showed a small part of what I experienced, I could not show everything,” Yusupova said.

“But by trying so many different business ideas, I’ve learned a lot, especially about patience and discipline. I’m a strong believer that anyone can succeed by building a strong mindset.” Everything from being a hobby to a hustle wasn’t successful, but you know, my jewelry business was. ”

“To be successful, you have to fail a lot, but I believe that you have to be open to it. Every idea can potentially become a source of income. Try, fail, Continuation is the only way, there are no shortcuts,” she added.

Yusupova advises up-and-coming executives to never be afraid to take on challenges.

“Many businesses started with a seemingly stupid idea and a small investment. In my case, some people may criticize me or say it’s a waste of time, but for me it’s a new “As long as you’re learning a skill and enjoying the process, it’s a win,” she said.

Those who want to start their own business should also ask themselves these questions.

If you have a personal dilemma, let us know at life@newsweek.com. You can ask experts for advice on relationships, family, friends, money and work, and your story could be featured. Newsweek’s “What should I do?” section.