Patrick J. McGinnis tweets things like “You don’t need to ditch your daytime job to become an entrepreneur.” and “If you’re dreaming about startup life but afraid of diving in, 10% entrepreneurship is for you.”
He believes so much in those words that he wrote an entire book to prove his point.
In “The 10% Entrepreneur: Live Your Startup Dream Without Quitting Your Day Job,” McGinnis, a former Wall Streeter-turned-venture capitalist after the 2008 financial crisis, makes the case for investing just 10 percent of your time and money into a project while keeping the perks of your current job.
Here are McGinnis’ five reasons why you should embrace 10%-ing:
- You can “do entrepreneurship” in your own way
There isn’t a single recipe to become a 10% Entrepreneur. There are five types of 10% Entrepreneurs. Knowing which type of 10% Entrepreneur suits you will guarantee that the time you spend working on your side ventures will be well used. Go to my website and take the quiz to find out which type you are.
- You get to keep the perks of your lifestyle
Despite the many stories of successful entrepreneurs we hear about, the lifestyle to get there is pretty lousy: working long hours, maxing out your savings, lots of uncertainty about the future.
As a 10% Entrepreneur, you don’t have to upend your lifestyle. You decide how much time you’ll dedicate to it. So if you want to 10% on weeknights or on Sundays, it’s up to you.
Fun fact: McGinnis coined the expression “FOMO” (“fear of missing out”), which was added to the Oxford Dictionary in 2013.
- You’ll play to your strengths
Through your life, you’ve amassed an array of knowledge and interests that come in handy to start a venture. Your 10% Entrepreneurship idea is in the intersection between the things you like and the ones you’re good at.
- A setback won’t be the end of the world
Hitting roadblocks in your entrepreneurial journey is normal. But as a 10% Entrepreneur, these bumps won’t upend your finances. With a steady job, you can make any adjustments in your venture or move on to something else.
- You’ll have a more fulfilling life experience
10% Entrepreneurship will not only help your finances and resume grow, but it will also sharpen your soft skills and your network. You’ll meet like-minded people, learning from their own experiences and giving back as well. You’ll get the confidence that comes from building something of your own.
Snack On This:
Are you ready to start 10%-ing? Here’s an actionable guide so you can take the first steps.
McGinnis gave a pretty convincing talk at Google: