The 10% Approach - opening up the possibilities!
Audiobook review - The 10% Entrepreneur - Patrick C McGinnis - Publisher - Portfolio / Audiobook - Storytel
On New Years Day this year I had to spend six hours in the passenger seat driving from Stockholm to Malmö with a slightly sore head from the champagne-filled celebrations and frosty roads to contend with.
Instead of wallowing, I thought to get absorbed into an audiobook - something with a bit of pep for the first day of 2017 and start my year just right.
I was in between jobs but also had my own start-up ideas buzzing about in my head, so when The 10% Entrepreuneur by Patrick C McGinnis popped up on my Storytel, I thought this might be perfect
I was intrigued with Patrick’s no-nonsence approach and real-life case studies from his breadth of experience. Case studies and real-life experiences give a more holistic view I think.
The book made me think about my own goals with more clarity and it also made me look at entrepreneurship as a possibility, not the daunting undertaking that I always thought it was.
“Learn How to Live Your Startup Dream without Quitting your Day Job” His tagline sets the tone - the book offers insight into how to start that start-up in the beginning of the journey, or perhaps become an investor, advisor or aficionado or other interesting ‘enters’ into the world, without quitting your day job and the risks that can bring in those early stages.
This kind of operating can eventually bring you in to full time entrepreneurship if that is how it grows, but makes it feel less daunting somehow. I
In his eyes, the ‘day job’ is never 100% foolproof (Patrick's career was shattered by the Global Financial Crisis and he needed to reboot his life and career) and that it’s great to diversify your experience and portfolio when on a career path and try a variety of things to move you forward.
Sometimes baby-steps can lead to the full throttle - or one can even offer expertise, like marketing or business advice, for a small percentage of equity (using ‘sweat equity’ as he calls it!) in a business, all the while growing experiences in different areas. Or, one can even indulge in their own passions on the side of a full time job, and he offers tricks on how to do this.
There are 5 types of entrepreneurs identified in the book:
Angel - A person who invests capital in entrepreneurial ventures in exhcange for equity
Advisor - A person who provides expertise, in the form of advice, connections or specific skills, to entrepreneurial ventures in exchange for remuneration int he form of equity
Founder - A 10% Entrepreneur who start and manages their own company - and may move into 100% if it becomes the right move.
Aficionado - A 10% Entrepreneur who integrates entrepreneurship into their lif in order to pursue a passion or an interest
Emprendedor 110% A full-time entrepreneur who acts as a 10% Entrepreneur at the same time.
Some good take-outs...
The term ‘sweat equity’ gave me a phrase I can apply to all that time I ‘sweat’ into my business without an immediate return, but with the idea that it may return in years to come in other forms in the future.
It gave me the motivation to really define my personal business goals and ideas and crystalise the noise through listening to all of the case studies and journeys within the book
An excellent pep! I also love audio books as I feel more absorbed by them and can consume for a larger amount of time. It’s not for everone, but I do love the fact I can miluti-task when listening to audiobooks.
Find out more about Storytel - an awesome audio book application with roots at Ideon Innovation.