Patrick J McGinnis is a venture capitalist and private equity investor who has invested in leading companies in the United States, Latin America, and Europe. He is also the author of the international bestseller The 10% Entrepreneur, a guide to becoming an entrepreneur without quitting your day job, (Penguin Portfolio 2016). He is credited by Boston Magazine with coining the term “FOMO” or “fear of missing out.”
Show Notes:
“Before you quit your job and jump in full time try it on the side first and see what you think. People who start a business on the side are going to be about statistically 50% more likely to succeed.”
As I spoke to the 10% Entrepreneur author, Patrick J McGinnis, it became translucently clear that the regular run of the mill business advise that you generally hear, to make that 100% dive into your business, was never going to hold much weight during our conversation on this recent episode of The Entrepreneurial You podcast.
Patrick encourages those with ideas to become a 10% entrepreneur. He says “a 10% entrepreneur is someone who invests at least 10% of their time and if possible 10% of their money in entrepreneurial ventures while keeping their day job.”
He shares 5 reasons not to be become a full-time entrepreneur:
- You never know when you are going to get paid
- It can ruin your finances, it is difficult to generate cash flow in the early days
- You’re abandoning status and affirmation
- You may not have the right idea yet
- Failure sucks, it is hard to deal with
And we couldn’t have this conversation and not address Patrick’s word FOMO: “The Fear of Mission Out” – a term associated with social media. More than half the people who use social media have FOMO.
Listen to The Entrepreneurial you podcast to learn more about FOMO and the 10% entrepreneur.
RESOURCE TO PEAK YOUR PERFORMANCE
