Speaking on the latest What’s Making Headlines podcast, hosted via Facebook Live on 7 May 2020, Tom Panos and Phillip Tarrant said the pandemic, and other economic crises, have added weight to the value of people maintaining a side hustle in something they’re gifted in.
“As I was walking around the Bay Run today, I thought to myself, we’re going to look back in a few years’ time and some smart people that had a side hustle, that had trust with their community of friends and colleagues, went off and created businesses and solved problems that were newly emerged, and they’re going to look at that as their starting point. I think that we’re going to go back in a few years’ time and people are going to say, ‘Yeah, what I did is I set up this product back in 2020 in April’,” Mr Panos said.
“Look at the pick-up and delivery businesses. Anything that gets rid of touch points — because of social distancing — any business that allows stuff to get to people without too much friction, I reckon they’re going to take off. Anyone that can actually run their business without seeing someone physically.”
Mr Tarrant concurred, adding: “I think you’re going to see the next industrial revolution right now, and I’m sure some smart people have already coined the term.
“If you think about where the world was heading and where we are headed now, there was this pent-up demand. And there was technology, available for humans to change the way in which they connected and they communicated, and now we’re being thrust into that.
Mr Panos noted the opportunity becomes increasingly evident in situations such as those spurred by the pandemic, where people are feeling anxious, confused or fearful.
“Trust all of a sudden matters more than ever. Whenever there’s fear and anxiety, what people want is they want to resort to certainty,” he said.
“Trust comes with certainty, and that’s why I believe the side hustle might actually be the beginning of something special for some people. Because with a side hustle, you’ve already got a group of people that trust you, whether it’s a colleague, an acquaintance or a friend. And if that thing that you’re doing is highly valued, you’ve got an early adopter that picks it up, right? And it’s exciting.”
Going forward, Mr Panos advised listeners to write down three ideas every day.
“I listened to a podcast some time ago and [the host] said one of the most useful things that you can do is to become an idea machine. Get into the habit of just coming up with new ideas. Most are going to be shit. Most won’t get off the ground. But the process of thinking is going to allow you to actually manifest something,” he said.
“Anything you see in life, think about it. An elevator [for example]. Before it existed, it didn’t exist. Someone came up with this concept, right? All these concepts and ideas. And I think some of them are going to come out in 2020, 2021.”
Source: Realestatebusiness.com.au 12 May 2020