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In todays evolving workforce, a growing number of individuals are embracing a new identity: the sidepreneur. These are people who, in addition to their traditional jobs, are launching entrepreneurial ventures on the side. Theyre not just taking on additional worktheyre creating new opportunities to pursue passions, build wealth, and gain control over their financial futures. From moonlighting chefs to weekend photographers, tech consultants by day, and digital creators by night, sidepreneurs are the embodiment of resilience, adaptability, and entrepreneurial spirit. The rise of sidepreneurs isnt just a reaction to economic pressures; its a reflection of how modern workers are redefining what it means to have a career. This movement is a natural response to a shifting economic landscapeone where workers are increasingly turning their skills and passions into new revenue streams. For many, this dual-pronged approach offers not only financial security but also a sense of fulfillment and independence. Who are the sideprepreners? Kivas 2024 U.S. Impact Performance Report revealed that 43% of Kiva borrowers who are U.S. small business owners indicate that their business is a second job or venture. And recent findings from Deputy’s 2024 State of Hourly Work Report reveal that 27% of U.S. hourly workers now hold two or more jobs, with Gen X leading at 33%, followed by millennials, Gen Z, and boomers. Looking at this from both angles it is clear: The sidepreneur movement is real. This movement reflects a broader, structural change. As financial pressures and the desire for flexibility grow, workers of all ages are embracing a multi-job lifestyle, redefining work norms, and creating a diverse labor landscape. The growth of the sidepreneur movement is supported by the ever-growing gig economy, advances in technology, and an overall shift toward improved mental health and wellbeing. A side business often allows people to blend their passions with professional pursuits, but to succeed they need support. To succeed, sidepreneurs need access to capital With unpredictable income and mounting responsibilities, many sidepreneurs struggle to access capital, especially when financial systems remain geared toward traditional credit metrics. Approximately 26 million adults in the U.S. (nearly 10%) are considered credit invisible, lacking the credit history to secure traditional financing. Maria Cortes, founder of Tucson-based, Latina and woman-owned brand Di Luna Candles, is an example of that. In 2020, she turned a hobby into a business, all while she was as an essential worker at a bank. From the start, my mother taught me to be independent, responsible, and to always have a growth mindset, she told Kiva. In order to pursue her dreams, Maria needed capital, which is usually challenging to come by for small startups. This is where Kiva steps in. Kivas microlending platform provides vital financial access to sidepreneurs, who often lack traditional banking resources. Maria received a $5,000 zero-percent interest, zero-fee Kiva loan in July 2022. “Being able to get that capital [from Kiva] was the start of it all,” Maria shared. “My first year, I made about $15,000. My second year, after getting the Kiva loan, I grew that total by about 400%. The third year, I grew it about another 190%.” Marias story isnt just a testament to growth; its an illustration of how accessible financing can unlock new pathways to economic opportunity and to power sidepreneurs to succeed. Her story illustrates what Kiva has seen from thousands of borrowers: 83% report improved business success since receiving their loans, and 62% believe Kiva has enhanced their chances of achieving their primary business goals. Additionally, 80% have improved their confidence in managing finances, and 65% report increased revenues. Maria has since opened a Di Luna Candles + Goods storefront in Tucson and is running her thriving business full-time. Navigate the challenges of sidepreneurship While sidepreneurship offers financial opportunities and creative outlets, its not without challenges. Modern-day realities of high costs of living, stagnant wages, and limitations such as access to healthcare often create an environment where innovators must turn to sidepreneurship, in lieu of pursuing their business goals full-time. According to Deputy’s research, nearly 41% of hourly workers live paycheck-to-paycheck, making the balancing act of multiple jobs even more taxing. Sidepreneurs are reshaping the workforce, and businesses need to get ready for this generational shift. Businesses that offer flexibility, supportive work environments, and training will do much better in attracting this emerging sidepreneur workforce. Embrace the sidepreneur workforce The rise of sidepreneurs signals a profound shift in the workforceone that forward-thinking leaders cannot afford to ignore. These part-time innovators embody resilience, adaptability, and untapped potential, offering businesses a unique opportunity to engage a motivated, entrepreneurial talent pool. By investing in tools, resources, and policies that empower sidepreneurswhether through flexible work arrangements, financial access, or professional developmentbusinesses can fuel this growing movement and reap the rewards of a more diverse and dynamic workforce. Businesses can foster an economy where part-time entrepreneurs can grow into full-time business owners. Supporting sidepreneurs isnt just good for workers; its a strategic advantage for businesses looking to thrive in the future economy. Vishal Ghotge is CEO of Kiva. Silvija Martincevic is CEO of Deputy and board member of Kiva.
Category:
E-Commerce
When the news first broke, I was appalled three times after hearing about the death of UnitedHealthcare CEO Brian Thompson. First, that this man was gunned down in the streets and his killer was at large. Second, when I learned that UnitedHealthcare rejects 33% of its claims, over five times that of competitors like Kaiser Permanente, which has a 6% claims rejection rate. Lastly, what shocked me most was seeing some people in a comedy Facebook group Im in celebrating his death. One post featured a meme saying, I hope he dies, in response to news that he was shot. I get it, late-stage capitalism is brutal and unfeeling. The instinct to not care about those who seem to care so little for us is understandable. But heres where the irony hits me: The people dancing on Thompsons grave are vilifying someone for doing the very job our system incentivized him to do. CEOs of public companies are hired to maximize profits, not to act as moral arbiters. Would I like to see more ethically-driven leadership? Absolutely. But Id wager that some of those grave dancers would reject just as many claims if it meant trading bank accounts with Thompson. Thats the laziness of this so-called revolution. The same people electing the same congresspeople who do nothing to fix our broken healthcare system are directing their rage at a single individual for being a disappointing product of the systems we voted for. A rigged system, or a reflection of us? Day after day, I hear complaints about the rigged system of the stock market. And let me be clear: I dont disagree. The deck is often stacked against retail investors. But the complaints often miss a critical point: Finance is the highest-stakes game in the world. Do we complain about the inequalities of flying coach while others enjoy first class? Why, then, do we lament trades transported in different routing classes? Heres whats more frustrating: Many of these same critics entrust their money to brokers who openly prioritize hedge fundstheir real customersover retail traders. Remember the trading halts during the meme stock frenzy? Thats the price of free trades. For the past 14 years, Ive dedicated myself to creating tools that level the playing field for retail investors. Tools that are transparent, data-driven, and free. These tools rely on live options markets to work. You know what undermines this transparency? The push for 24-hour trading. While it may sound futuristic, it primarily benefits institutional players, whose algorithms thrive in low-liquidity environments. These systems dont sleep, theyre robots designed to manipulate prices during hours when theres less liquidity, making price discovery harder for everyone else. At the end of the day, this push isnt about empowering retail investors, its about maximizing control for those already at the top. Pick up your shovel I taught myself accounting as a teenager to land my first hedge fund job. Ive spent years building a platform designed to empower everyday people. At times, Ive had no money in my bank account and had to move back in with my parents. If you want change, real change, it starts with effort, not excuses. Voting in leaders who care about healthcare reform is a start. Refusing to give your dollars and attention to companies that exploit you is another. But lets stop pretending that cynicism and complaining are substitutes for action. The death of Brian Thompson is not a revolution, even if you think his sons deserve to lose their father. And perhaps even if more billionaires deserve to die, that is not going to solve the systemic problems that will just replace those billionaires with other billionaires. Real change requires picking up your shovel and holding your elected officials accountablenot dancing on graves. A final thought If we truly want to revolutionize our systems, it starts with usour choices, our votes, and our willingness to confront uncomfortable truths and come up with ideas that actually fix them. Until then, the lazy revolution will remain just that: lazy. George Kailas is CEO at Prospero.Ai.
Category:
E-Commerce
The Consumer Financial Protection Bureau (CFPB) is in the Trump administrations crosshairs. Employees at the CFPB, an agency designed to protect consumers from unfair financial practices, were ordered to stop all activities in recent days by new acting director Russell Vought, who is also serving as the director of the Office of Management and Budget, a position he was confirmed to by the Senate along party lines last week. Vought reportedly closed the CFPBs headquarters and told employees to stop working, according to the Wall Street Journal, as the administration ramps up efforts to shut it downor at least declaw it to some degree. The CFPB, which Congress created in the wake of the 2008 foreclosure crisis and the Great Recession, has long been a political target of Republicans, and with full control of the federal government, the Trump administration is evidently going after it in an attempt to deregulate the financial system. While Trump himself cant unilaterally get rid of the CFPBonly Congress can do that, as Congress was the body that created itits unclear what happens next. Experts say that while the CFPBs work is on pause, the rules and regulations that the CFPB has put into place are still on the books. Its not vanishing into thin air, says Kimberly Monty Holzel, a partner at Goodwin’s financial services, consumer financial services, and fintech practices, who previously worked at the CFPB for four years. We have orders with active orders from the CFPB, she says. Those orders dont terminate. She adds that the firms regulated by the CFPBwhich include banks, debt collectors, financial payment platforms, and morestill need to act in good faith cooperation with the government, and that though whats happening may be surprising or alarming, consumers should remember that there are still numerous other regulating bodies that are still active. The CFPB is not the only regulatorconsumers can still go to the FDIC, the OCC, the Fed, she says. And states still regulate banks, too. There isnt a vacuum of regulation. However, the Trump team has reportedly floated the idea of dismantling some other regulators, like the FDIC, too. Mixed signals Other experts say that whats happening at the CFPB is a prime example of the mixed signals coming out of the Trump administration. They told people to go home and not work at the office. At the same time, theyre saying to other government employees no more remote work, says Jeff Sovern, a Michael Millemann professor of consumer law at the University of Marylands Francis King Carey School of Law. They have said that theyre trying to eliminate waste, so theyre gutting an agency that generates huge returns to consumers, $21 billion annually, and yet costs less than $1 billion per year to operate. Itll generate more waste, he adds. So what exactly is the administration doing then? The whole thing makes no sense unless you see it as an attempt to eliminate or curtail agencies that they dont like, Sovern says. As noted, many Republicans have long been miffed about the CFPB, which has, over the years, done things like cut overdraft fees, change mortgage lending rules, compensate fraud victims, establish a database for consumer complaints, and much more, typically to the benefit of consumers. The agency polls very strongly across both parties, with support from three-quarters of Republicans in recent years. Even so, many Republican lawmakers have made it a target, even though its been wonderful for their constituents, says Sovern. Sovern also has a warning for voters: The CFPB was born out of a financial crisis, and if its stymied, the consequences could be dire. The bureau was created in 2010 because we had the Great Recession, and one of the things that led to the Great Recession was predatory lending, he says. Congress recognized that we needed an agency to protect consumers, he says, because the agencies tasked with doing so werent getting the job done. If we get rid of the CFPB, we run the risk of another Great Recession. Less safe from financial traps and scams While a sequel to the Great Recession may not occur immediately, one thing is clear in the short term: Putting the CFPBs work on pause does mean that consumers are in a more perilous position than they were before. Across the country, people in my family and your family are less safe from financial traps, scams, and mistakes than they were a few weeks ago, says Chris Peterson, a law professor at the University of Utah. The CFPBs work is the way that we ensure that companies are complying with the law, he says, and the people who do that job are now cooling their heels instead of protecting the public. Peterson echoes Sovern in that he thinks the public should be more outraged by whats happening, particularly because the CFPB was created as an act of lawand taxpayers have paid for it to do its work. Its a government service that we all paid for, and that is required by federal law to be provided to us all. And now thats been suspended without a law that authorizes it. Its not consistent with the constitution, he says. We dont have an experience quite like this in the history of the country,” Peterson adds. “Its ambiguous as to what happens next.” Holzel says that she thinks the CFPB will resume some activities at some point, and that whats currently happening may be a sort of payback by the Trump administration on behalf of players in the financial industry who felt that the Biden administrations CFPB had gone too far, and acted too aggressively in recent years. The past four years had very aggressive leadership, and very liberal views on their authority to touch certain areas, which are disputed, she says. People are not happy about the past four years because they felt like it may have been good for consumers, but chaotic for banksbanks that were trying to follow the rules in good faith. As for whether those in the industry are happy with whats happening? Im hearing different things as to whether or not its a good thing, Holzel says.
Category:
E-Commerce
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