How many people are able to quit their day jobs and jump right into a successful entrepreneurial career? Hardly anyone that I know has been so lucky. No matter how passionate you are about your work, it takes time to build a business.
Patrick McGinnis is an entrepreneur with a background on Wall Street, venture capital, private equity, and the author of “The 10% Entrepreneur”. We’re digging into what it means to be an entrepreneur with a day job.
Patrick’s explaining what makes someone a 10% Entrepreneur, and how continuing in your current job can profit everyone. We’re getting into the benefits of hands-on experience, diversifying your skill set, and developing entrepreneurial muscle, in just 10% of your time. Patrick knows what it is to work for your money, and how important it is to insulate your income.
This is an amazing episode for those of you working multiple jobs, and everyone interested in getting started on something new this year.
Bravery and Business Quote
“I decided I was no longer going to do things where I put all of my trust into somebody else.” Patrick McGinnis
(click to tweet)
The Cliff Notes
- Don’t quit your day job! Start something new and get involved with entrepreneurship with 10% of your time.
- Diversify your skills by trying different kinds of ventures and business ideas. The more you do, the more you learn.
- A 10% entrepreneur wants to create a diverse portfolio of living, breathing businesses that function on their own.
- Developing more skills and entrepreneurial muscle will benefit you in and the company you work for during the day.
- You don’t have to have money to be a successful entrepreneur. Start small and grow as your business demands.
- No job is really 100% safe. Things happen, so diversify your skills set and income so you’ll always have something to fall back on.
- Don’t fall for entrepreneur FOMO! Starting a business is not as glamorous or exciting as it seems. It’s a lot of hard work with slow payoff.
- Be empowered, not overwhelmed, to take the first step. Spend 10% of your time developing your concept, or getting involved with another new business.
- You can only learn so much by reading and taking courses. Get out there and start trying things.
- Working on the side will give you proof of concept for your business before you go all in or try to get investors.
“Most entrepreneurs don’t jump right into things. They develop on the side until they get proof of concept.” - Patrick McGinnis
(click to tweet)
Resources
About Patrick McGinnis
Patrick's book The 10% Entrepreneur: Live Your Startup Dream Without Quitting Your Day Job
Patrick's SPEECH at Google