Hybrid entrepreneur

Age and transformation to full-time entrepreneurship or The Two-Step Dance of Entrepreneurship: How Age Influences the Leap from Part-Time to Full-Time

In the world of entrepreneurship, the journey from idea to full-fledged business is often a two-step process. The first step, known as hybrid entrepreneurship, involves starting a venture while still holding down a day job. The second step is the leap to full-time entrepreneurship, leaving the safety net of a steady paycheck behind.

Thorgren et al. (2016) has shed light on how age influences these two critical decisions. Interestingly, the findings suggest that the effect of age on the first and second steps of entrepreneurship may be polar opposites.

When it comes to the initial decision to start a business, studies have shown that the likelihood of taking the plunge increases almost linearly with age for solo entrepreneurs. For those aspiring to hire employees, the relationship takes on an inverted U-shape, with younger and older individuals being the least likely to embark on the entrepreneurial path.

However, when it comes to the second step – transitioning from part-time to full-time entrepreneurship – the story is quite different. A new study reveals a U-shaped relationship between age and the intention to dive into entrepreneurship full-time. In other words, younger and older hybrid entrepreneurs are the most likely to leave their day jobs behind and commit to their ventures.

So, what drives this surprising U-shaped pattern in the second step of entrepreneurship? The answer may lie in identity theory. The decision to take the leap is not merely an economic calculation; it is also influenced by how strongly an individual identifies with the entrepreneurial role and values it in relation to other roles, such as being an employee.

For younger entrepreneurs, the allure of the startup lifestyle and the desire to make a name for themselves may fuel their willingness to take risks and go all-in on their ventures. On the other end of the spectrum, older entrepreneurs may feel a sense of urgency to pursue their passions and leave a legacy before time runs out.

In the middle, however, many hybrid entrepreneurs may find themselves torn between the stability of a steady job and the potential rewards of full-time entrepreneurship. They may have more to lose in terms of financial security and family responsibilities, making the leap feel like a gamble.

The findings of this study have important implications for aspiring entrepreneurs and those who support them. First, they highlight the need to distinguish between the first and second steps of entrepreneurship, as the factors influencing each decision may be quite different. Second, they suggest that age plays a significant role in shaping an individual's entrepreneurial journey, but in ways that may be counterintuitive.

Finally, the study underscores the importance of entrepreneurial identity in the decision to go full-time. Cultivating a strong sense of identification with the entrepreneurial role may be key to overcoming the fears and doubts that hold many hybrid entrepreneurs back.

As we navigate the ever-changing landscape of work and innovation, understanding the nuances of the entrepreneurial journey will be critical. The two-step dance of entrepreneurship is a complex one, influenced by a range of factors both economic and psychological. By shedding light on how age shapes this process, we can better support the bold visionaries who drive progress and shape our future.

Thorgren, S., Sirén, C., Nordström, C., & Wincent, J. (2016). Hybrid entrepreneurs' second-step choice: The nonlinear relationship between age and intention to enter full-time entrepreneurship. Journal of Business Venturing Insights, 5, 14–18. https://doi.org/10.1016/j.jbvi.2015.12.001

Hybrid entrepreur and innovative work behavior or: The Part-Time Entrepreneur: How Side Hustles Fuel Innovation in the Workplace

In today's fast-paced, ever-changing business landscape, innovation has become a key driver of organizational success. Companies are constantly seeking ways to foster creativity and encourage their employees to think outside the box. While many organizations invest heavily in training programs and innovation initiatives, they may be overlooking a powerful source of innovative potential: the part-time entrepreneur.

Marshall et al. (2019) has shed light on the unique role that part-time entrepreneurs – individuals who simultaneously engage in entrepreneurial ventures while maintaining traditional wage-employment – can play in driving innovation within their primary workplaces. By straddling the worlds of entrepreneurship and employee roles, these individuals are uniquely positioned to acquire valuable knowledge, skills, and abilities that can be transferred to their primary jobs, ultimately leading to increased innovative behavior.

The concept of entrepreneurial learning lies at the heart of this phenomenon. Engaging in entrepreneurial activities provides individuals with hands-on experience in recognizing and acting upon opportunities for innovation. Through the process of creating and managing their own ventures, part-time entrepreneurs develop a mindset that is more attuned to identifying areas for improvement and implementing creative solutions.

This entrepreneurial learning is not confined to the realm of the side hustle; rather, it spills over into the employee's primary work role. Part-time entrepreneurs are more likely to exhibit both exploratory and exploitative innovative behaviors in the workplace. They are more adept at introducing new ideas, solutions, and products, as well as making incremental improvements to existing processes and finding synergies among resources.

However, the relationship between part-time entrepreneurship and innovative behavior is not automatic. Individual motivation and work-unit climate play critical roles in determining the extent to which entrepreneurial learning is transferred to the employee context. Individuals with a strong learning orientation – those who view ability as something that can be improved through practice and experimentation – are more likely to apply their entrepreneurial knowledge to their primary work roles. Similarly, a work-unit climate that encourages and rewards innovative behavior provides fertile ground for part-time entrepreneurs to put their skills into action.

The implications of this research are significant for both employees and organizational leaders. For individuals, engaging in part-time entrepreneurship can serve as a powerful tool for personal and professional development, allowing them to acquire valuable skills and knowledge that can enhance their performance in their primary work roles. For organizations, supporting and encouraging employees' entrepreneurial pursuits outside of work may yield significant benefits in terms of increased innovation and creativity within the company.

Of course, there are potential risks and challenges associated with this approach. Some employees may eventually transition to full-time entrepreneurship, leaving their primary jobs behind. However, research suggests that many part-time entrepreneurs remain in a state of "career hybridity," continuing to balance their entrepreneurial ventures with their wage-employment roles. By embracing this reality and fostering a culture that values and supports entrepreneurial learning, organizations can tap into a rich source of innovative potential.

As we navigate an increasingly complex and uncertain business environment, the part-time entrepreneur emerges as an unlikely hero in the quest for innovation. By recognizing and leveraging the unique skills and knowledge that these individuals bring to the table, organizations can unlock new avenues for growth and success. The time has come to rethink our assumptions about the relationship between entrepreneurship and wage-employment, and to embrace the part-time entrepreneur as a valuable asset in driving innovation in the workplace.

Marshall, Davis, W. D., Dibrell, C., & Ammeter, A. P. (2019). Learning off the Job: Examining Part-time Entrepreneurs as Innovative Employees. Journal of Management (J.O.M), 45(8), 3091–3113. https://doi.org/10.1177/0149206318779127

Drivers to engage in hybrid entrepreneurship or The Rise of the Hybrid Entrepreneur: Balancing Passion and Practicality in the Modern Workforce

In an era marked by economic uncertainty and a rapidly evolving job market, a new breed of entrepreneur is emerging: the hybrid entrepreneur. These individuals, who simultaneously juggle wage employment and self-employment, are redefining the traditional notion of what it means to be an entrepreneur.

The concept of hybrid entrepreneurship is not entirely new. In fact, some of the most iconic figures in the business world, such as Steve Wozniak of Apple and Pierre Omidyar of eBay, began their entrepreneurial journeys while still employed by other companies. However, in recent years, the phenomenon has gained significant traction, with more and more individuals opting to straddle the line between employee and entrepreneur.

So, what drives individuals to pursue hybrid entrepreneurship? Jayathilaka and Sachitra (2020) suggests that the motivations are diverse and complex. For some, the primary goal is to secure additional income while testing the viability of their business ideas. In developing countries, where income levels may be lower and economic instability more prevalent, engaging in side businesses can be a crucial means of making ends meet and improving one's quality of life.

Others, however, are drawn to hybrid entrepreneurship by a deep-seated passion for their chosen field. These individuals may find their day jobs unfulfilling or limiting, and view entrepreneurship as a way to pursue their true calling without sacrificing the stability of a steady paycheck. In fact, studies have shown that passion is one of the main factors driving individuals to engage in hybrid entrepreneurship, particularly in developed countries.

Interestingly, not all hybrid entrepreneurs aspire to become full-time business owners. Some, particularly those with high-paying jobs and a high level of autonomy in their current roles, may be content to maintain their dual status indefinitely. For these individuals, hybrid entrepreneurship offers the best of both worlds: the freedom to pursue their passions and the security of a stable income.

The rise of hybrid entrepreneurship has significant implications for both individuals and organizations. For employees, engaging in side businesses can provide valuable opportunities for skill development, network building, and personal growth. Moreover, the innovative mindset and problem-solving abilities honed through entrepreneurial pursuits can be invaluable assets in the workplace, leading to increased job performance and career advancement.

For organizations, the presence of hybrid entrepreneurs in the workforce can be a double-edged sword. On one hand, these individuals bring a wealth of experience, creativity, and drive to their roles, and can be powerful agents of innovation and change. On the other hand, there is always the risk that a successful side business may eventually lure an employee away from their primary job.

To navigate this complex landscape, organizations must adopt a proactive and supportive approach to hybrid entrepreneurship. By fostering a culture that values innovation, autonomy, and personal growth, companies can create an environment in which hybrid entrepreneurs can thrive. This may involve offering flexible work arrangements, providing resources and mentorship for entrepreneurial pursuits, and recognizing the unique contributions that these individuals bring to the table.

As the business world continues to evolve at a breakneck pace, the rise of the hybrid entrepreneur is a trend that shows no signs of slowing down. By embracing this new reality and supporting the passions and aspirations of their employees, organizations can tap into a powerful source of innovation and growth. At the same time, individuals who choose to pursue hybrid entrepreneurship must be prepared to navigate the challenges and opportunities that come with balancing multiple roles and responsibilities.

In the end, the success of the hybrid entrepreneur will depend on a delicate balance of passion and practicality, of risk and stability. But for those who are willing to take the leap, the rewards – both personal and professional – can be immeasurable.

Jayathilaka, G., & Sachitra, V. (2020). Examine the Drivers to Engage in Hybrid Entrepreneurship in Sri Lanka. Sri Lankan Journal of Entrepreneurship, 02(1).

hybrid entrepreneurs not to be looked down upon or The Rise of the Hybrid Entrepreneur: Redefining Success in the Modern Economy

In a world where the lines between work and life are increasingly blurred, a new breed of entrepreneur is emerging: the hybrid entrepreneur. These individuals, who simultaneously juggle a traditional job and a side business, are challenging conventional notions of what it means to be a successful entrepreneur.

For decades, the prevailing narrative in the business world has been that true entrepreneurship requires a singular focus and an all-consuming commitment to one's venture. The image of the intrepid founder, toiling away in a garage, sacrificing everything for the sake of their dream, has become a romanticized archetype. However, this narrow conception of entrepreneurship fails to capture the reality of how most businesses are actually started and run.

In fact, the vast majority of entrepreneurs are not full-time founders, but rather hybrid entrepreneurs who balance their business pursuits with a stable day job. This phenomenon, while often overlooked by researchers and the media, represents a profound shift in the nature of entrepreneurship and has significant implications for our understanding of what drives people to start businesses.

Traditionally, hybrid entrepreneurship has been viewed through one of two lenses. On one hand, it has been seen as a low-risk stepping stone to full-time entrepreneurship, allowing individuals to test the waters and gain experience before taking the plunge. On the other hand, it has been portrayed as a marginal and constrained form of entrepreneurship, pursued by those who lack the resources or commitment to go all-in on their ventures.

However, emerging research suggests that these characterizations are incomplete and fail to capture the complex motivations and experiences of hybrid entrepreneurs. Rather than being driven solely by financial considerations or a desire to transition to full-time entrepreneurship, many hybrid entrepreneurs are pursuing their ventures as a means of achieving non-monetary satisfactions that their day jobs do not provide.

Cestino (2019) stresses that for these individuals, the hybrid form is not a temporary phase or a compromise, but rather a deliberate and sustained strategy for crafting a fulfilling and meaningful work life. By shielding themselves from the relentless pressures of the market and the need to prioritize profits above all else, hybrid entrepreneurs are able to pursue their passions and values in a way that full-time entrepreneurs often cannot.

This is not to say that hybrid entrepreneurship is without its challenges and trade-offs. Balancing the demands of a job and a business can be a constant juggling act, requiring careful management of time, energy, and resources. Moreover, the very factors that make hybrid entrepreneurship appealing - the ability to prioritize non-monetary goals and avoid financial risk - can also limit the growth potential and impact of these ventures.

Nevertheless, the rise of hybrid entrepreneurship represents a fundamental shift in how we think about the nature and purpose of entrepreneurial activity. Rather than being solely a means to an end - a path to wealth, status, or full-time self-employment - entrepreneurship is increasingly being embraced as an end in itself, a way of crafting a fulfilling and meaningful life on one's own terms.

This has profound implications not only for individual entrepreneurs, but also for the broader economy and society. As more and more people pursue hybrid entrepreneurship as a long-term strategy, we may see a proliferation of smaller, more diverse, and more values-driven businesses that prioritize social and environmental impact alongside financial returns. This, in turn, could lead to a more resilient and equitable economy, one that is less vulnerable to the boom-and-bust cycles of traditional capitalism.

Of course, realizing this potential will require a fundamental rethinking of how we support and encourage entrepreneurship. Rather than focusing solely on high-growth startups and full-time founders, we need to recognize and valorize the contributions of hybrid entrepreneurs and create policies and programs that enable them to thrive.

Ultimately, the rise of hybrid entrepreneurship is a testament to the enduring human desire for autonomy, creativity, and purpose in our work lives. As we navigate the challenges and opportunities of the 21st century economy, embracing and supporting this new breed of entrepreneur may be the key to unlocking a more fulfilling and sustainable future for us all.

Cestino. (2019). Hybrid Entrepreneurship as the Pursuit of Valued Forms of Work. Academy of Management Annual Meeting Proceedings, 2019(1), 17449. https://doi.org/10.5465/AMBPP.2019.252

Title: Navigating the Crossroads of Employment and Entrepreneurship: The Rise of the Hybrid Entrepreneur

In the ever-evolving landscape of work, the line between traditional employment and entrepreneurship is becoming increasingly blurred. A growing number of individuals are embracing a new path: hybrid entrepreneurship, where they simultaneously juggle a day job and a side business. This trend is reshaping the way we think about career trajectories and challenging long-held assumptions about what it means to be an entrepreneur.

Hybrid entrepreneurship has been touted as a low-risk way to dip one's toes into the world of entrepreneurship. By maintaining a stable income from a day job, aspiring entrepreneurs can experiment with new business ideas, learn valuable skills, and build a foundation for eventual full-time self-employment. Indeed, research has shown that hybrid entrepreneurs often enjoy greater success and longevity compared to those who take the plunge into entrepreneurship without a safety net.

However, a closer examination of the nascent phase of hybrid entrepreneurship reveals a more complex picture. While the security of a day job can provide a sense of comfort and stability, it can also create competing demands on an entrepreneur's time, energy, and focus. Juggling the responsibilities of both employment and entrepreneurship is no easy feat, and the constant pull between the two worlds can lead to burnout, stagnation, or even abandonment of the entrepreneurial dream.

Moreover, the very presence of a fallback option in the form of a day job can undermine an entrepreneur's commitment to their venture. When the going gets tough, as it inevitably does in the early stages of a startup, the temptation to retreat to the safety of a steady paycheck can be overwhelming. This is particularly true for those who are simultaneously searching for new employment opportunities while trying to get their business off the ground – a phenomenon known as "parallel search."

Recent research by (Klyver et al. 2020) has shed light on the detrimental impact of parallel search on entrepreneurial outcomes. A study by Kim Klyver, Paul Steffens, and Carina Lomberg found that nascent entrepreneurs who engage in parallel search are 2.5 times less likely to successfully start their business compared to those who focus solely on their venture. The constant weighing of alternative career options can erode an entrepreneur's resolve and lead to a premature abandonment of the startup journey.

The study also revealed the complex role that prior experience plays in shaping an individual's path to entrepreneurship. While entrepreneurial experience is unsurprisingly beneficial for startup success, managerial experience can be a double-edged sword. On one hand, the skills and knowledge gained from managing teams and projects can be invaluable in the entrepreneurial context. On the other hand, individuals with extensive managerial experience are more likely to engage in parallel search, as the allure of lucrative employment opportunities proves difficult to resist.

These findings have important implications for aspiring entrepreneurs and those who support them. First and foremost, they highlight the need for a clear and unwavering commitment to the entrepreneurial path. While the security of a day job can be comforting, it can also serve as a crutch that prevents entrepreneurs from fully immersing themselves in the challenges and opportunities of their venture. Aspiring entrepreneurs must be prepared to make tough choices and sacrifices along the way, even if it means forgoing the stability of traditional employment.

At the same time, the research underscores the importance of targeted support and resources for hybrid entrepreneurs. Rather than viewing hybrid entrepreneurship as a one-size-fits-all solution, we must recognize the unique challenges and needs of those who straddle the line between employment and entrepreneurship. This may involve providing mentorship and guidance to help hybrid entrepreneurs navigate the competing demands on their time and energy, as well as connecting them with networks and resources that can help them grow their ventures.

Ultimately, the rise of hybrid entrepreneurship represents both an opportunity and a challenge. While it has opened up new pathways to entrepreneurship and lowered the barriers to entry, it has also created new complexities and pitfalls that must be navigated with care. As we seek to foster a more dynamic and inclusive entrepreneurial ecosystem, we must embrace the diversity of paths that individuals take to pursue their dreams, while also providing the support and guidance needed to help them succeed.

The road to entrepreneurship is rarely a straight line, and the journey is often marked by detours, crossroads, and unexpected turns. By understanding the unique challenges and opportunities of hybrid entrepreneurship, we can help aspiring entrepreneurs chart a course that balances their passions and their practicalities, and ultimately leads to a more vibrant and resilient economy for all.

Klyver, K., Steffens, P., & Lomberg, C. (2020). Having your cake and eating it too? a two-stage model of the impact of employment and parallel job search on hybrid nascent entrepreneurship. Journal of Business Venturing, 35(5), 106042. https://doi.org/10.1016/j.jbusvent.2020.106042