Episode 068: Side Projects Can Increase Your Salary Says Andrea Canidio

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Andrea Canidio TeamUpStartUp

Andrea Canidio

Andrea Canidio, a professor of economics at the Central European University in Budapest, has completed a study showing that even if your business fails, it can still have a positive impact on your career when you return to the job market.

He became so inspired by entrepreneurs, he decided to become one himself by starting an online community to help entrepreneurs collaborate with each other called TeamUpStartUp.

He loves his position as an economics professor, but now realizes becoming a professor was another step in the natural progression of his career. Starting a side project was a conscious choice. It has also provided him with something concrete to work on as a break from the abstraction of his academic life.

Key UnStuckable Takeaway

Side business are valuable to your career even when they fail!

Andrea has conducted research showing entrepreneurial endeavors can be valuable even when they fail. The act of starting a business or a side business forces you to learn new skills and acquire new knowledge outside of your normal professional role. Many employers also value people who are self starters and demonstrate a willingness to solve problems.

Quick Action to Get Unstuck

Identify thoughts you have over and over again.

We all have “behavior loops” and need to reboot ourselves sometimes.  A behavior loop is a pattern of behavior you’ve done over and over again, but always brings you back to the same place.

We get stuck because we keep looking at a problem in the same way. If you aren’t getting any new results from doing the same old thing, isn’t it time to break the pattern of your behavior? Get started by:

1. Being honest with yourself and recognizing the “behavior loop” that is getting you stuck.

2. As an experiment, try the exact opposite action from your behavior loop.

3. Assess what happened as a result of your new behavior. Did the result change? Did you learn anything new?

UnStuckable Quotes From Andrea

“I started enjoying my day job way more since I started my side project.”

“Even if your business venture fails, you still gain a lot of knowledge and skills that can be applied to future job opportunities.”

“Failures are perversely attractive because they are something you can control.”

More Habits & Actions

  • Starting a side business helps motivate your to learn new skills you might not have otherwise acquired in your day job.
  • Almost any business information you need to start or build your business can now be found online, but meeting peers in person at conferences or meetups helps provide instant feedback on your ideas.
  • Andrea said his idea became real once he stopped talking about it and starting working on it.
  • When you launch your business for anyone in the world to see, you need to prepare yourself for a greater volume of criticism than you might have previously experienced in any of your jobs.
  • Andrea says once he defined what success or failure looked like for his business, much of his anxiety melted away.
  • Be aware of making decisions that sabotage your success by either procrastinating or rushing too much.

Alternative Perspectives

  • Research shows starting a business can boost your salary if you choose to return to the job market.
  • Even if you start a business and it fails, your perceived value by employers is higher than those who have never tried starting a business.
  • When you work as an employee you focus on specific takes.  As an entrepreneur you juggle many different types of takes, helping you acquire new skills.
  • Learning from entrepreneurs at your level of development can be just as useful as learning from entrepreneurs that have years of experience.



Andrea Canidio on LinkedIn

The Value of Entrepreneurial Failures by Andrea Canidio & Patrick Legros

Analysis of the Returns to Self-Employment by Barton Hamilton

Questions & Feedback

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