I interviewed Patrick McGinnis, author of The 10% Entrepreneur
- Is one job enough in today’s workplace?
- How can I try something new with a zero “opportunity cost?”
- What is The Imposter Syndrome and how can I avoid it?
- Should everyone be an entrepreneur?
Summary:
In this episode, Dan Miller interviews Patrick McGinnis, author of The 10% Entrepreneur. One of the things that might be hindering people from testing the waters of entrepreneurship is their love of their full-time jobs. However, Patrick believes you don’t have to give up your career to become an entrepreneur. Listen as they discuss the concept of the 10% entrepreneur and the possibilities that are available to you if you’re willing to invest just a little bit of time and courage.
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FreshBooks is offering a 30 day, unrestricted free trial to my listeners. To claim it, just go to https://www.freshbooks.com/48days
Time Stamped Show Notes:
- 01:21 – Preview of Today’s Show on The 10% Entrepreneur…I interviewed Patrick McGinnis, author of The 10% Entrepreneur
- Is one job enough in today’s workplace?
- How can I try something new with a zero “opportunity cost?”
- What is The Imposter Syndrome and how can I avoid it?
- Should everyone be an entrepreneur?
- 02:40 – Dan knows all people have an idea that they’d like to pursue or develop
- 02:55 – A few months back, Dan talked about how you can make massive progress in a business at 15 hours per week
- 03:13 – 15 hours should be divided by 4 areas – reading/studying, creating content, working with clients, and marketing efforts
- 03:56 – The new 48 Days Eagles site caters to help people who need their first job or promotion
- 04:46 – Dan’s guest for today is Patrick McGinnis, author of The 10% Entrepreneur
- 05:14 – 40% of millennials have a side gig, but only less than 10% of those want to leave their jobs
- 05:47 – Patrick is extremely successful, but only wants to be a 10% entrepreneur
- 06:53 – FreshBooks is offering a 30 day, unrestricted free trial to my listeners. To claim it, just go to https://www.freshbooks.com/48days
- 08:49 – Dan plays the interview with Patrick
- 09:41 – Dan doesn’t believe in an entrepreneurship hierarchy
- 10:04 – Patrick wrote this book because he was working in his dream job until the financial crisis came in 2008
- 10:46 – “No matter what path you take, there is this volatility that you can’t see”
- 10:57 – People need to diversify
- 11:34 – Patrick’s book says people can do something on the side apart from their jobs
- 12:14 – Statistics show people who have a side business while in a job are 50% more likely to succeed in their ventures
- 13:43 – 10% entrepreneurs means to be part of something – either starting a business or investing in a business
- 14:00 – Place your strengths at the intersection of what you’re good at and what you love to do
- 14:45 – Combine what you love and what you’re good at to be successful
- 17:10 – Patrick asked friends and himself a set of questions to figure out what he wanted to do
- 17:55 – The list of questions can be found in the book, The 10% Entrepreneur
- 18:54 – The big paradigm shift Patrick is trying to make happen is in the idea of ownership
- 20:10 – A business should be able to make money without the entrepreneur
- 20:43 – Patrick tried freelancing and he liked the flexibility and autonomy
- 20:49 – The freelancing game is over when the freelancer is out
- 22:00 – Dan opens up about the “imposter syndrome”
- 23:07 – Patrick relays his experience with the imposter syndrome
- 23:27 – The 10% approach is very incremental and practical so even if you fail, you don’t lose much
- 24:25 – FOMO – Fear Of Missing Out
- 25:00 – The idea of people being overachieving
- 25:15 – FOBO – Fear Of Better Options
- 25:34 – Patrick wrote an article, McGinnis’ Two FOs
- 26:05 – Statistics show that 70% of millennials make major decisions in their lives because of FOMO
- 27:26 – You need to choose things that fit well in your life
- 27:52 – Patrick is very careful in bringing things into his life
- 29:02 – Patrick believes everybody should try doing the 10% concept
- 30:20 – 40% of millennials have side gigs, but less than 10% want to leave their jobs
- 31:35 – The underlying feeling in corporate America
- 32:02 – Vast majority of people are not interested in leaving full time jobs
- 33:32 – A lot of companies create a 10% entrepreneur for themselves
- 34:33 – Patrick shares how his 10% fits together with his lifestyle
- 36:28 – The paper value of all Patrick’s investments are now 20x
- 37:35 – Patrick loves constructive criticism
- 38:17 – “When you’re an entrepreneur, the easiest thing you need to do is to say why something won’t work“
- 39:08 – Check out Patrick’s book on his website
- 39:33 – Download the official 10% Workbook here
- 40:32 – You can download the book on Audible
- 42:04 – Innovate – May 11-12, 2017
- 42:59 – Coaching with Excellence – May 25-26, August 31-Sept 1, 2017
- 43:08 – Social Media Marketing World – March 22-24th in San Diego
- 43:13 – The new 48 Days Eagles site – This is the best place for moving your career forward
- 43:50 – Dan closes today’s podcast
3 Key Points:
- It is definitely possible to build a business on the side while holding on to that full-time career.
- Invest your energy where your passions and your strengths intersect.
- Bring a new venture into your life because you’re passionate about it and it fits—don’t do it for fear of missing out.
Resources Mentioned:
Credits:
- Show Notes provided by Mallard Creatives
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