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Posted by BoldTV on Tuesday, October 10, 2017
Thinking about starting your own business? Going in head-first may not be the best idea. Not everyone has the time and money to drop their career to start a new business. Patrick McGinnis argues in his book “The 10% Entrepreneur” that you should spend 10 percent of your time working on that start-up.
McGinnis’ inspiration for the book was the 2008 financial crisis, seeing how quickly things can wrong. He saw that new opportunities were needed — in order to participate in the new economy, there was a real need for diversification. Entrepreneurship is a big business, to thrive in this sector of the economy you have to be able to get your foot in the door.
He breaks down the five main types of entrepreneurs: angel investor, advisor, founder, aficionado and the 110 percent entrepreneur. The angel investor provides capital, and an advisor provides time into the venture. The founder operates a business that they started on the side. Aficionados are driven by passion — their project isn’t directly driven by profits. The 110 percent entrepreneur is already an entrepreneur who is using their 10 percent to go into different projects.
McGinnis makes a case for diversifying your assets. Even though you may not be fully committed to a project you start at the moment, it doesn’t mean that it can’t grow into something bigger. The primary goal is to be able to take part in a wide range of opportunities. Not all of these opportunities will flourish, but the point is to be able to have several side projects that won’t affect your main gig and may have room for growth.
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Header image: Penguin Random House