The 10% Entrepreneur
By: Patrick McGinnis
This book is a gut-punch to those seeking entrepreneurship and those not seeking entrepreneurship. Quitting your job and using your life’s savings to plunge into an untested venture is risky; most of the time it just doesn’t work. However, people like to romanticize the idea of entrepreneurs. The book even points to the example of the garage Apple was founded in, causing the garage to become a pilgrimage site of sorts. Nobody likes to tell the stories of those entrepreneurs who failed and lost everything, but sadly they exist…. Likewise, what’s the point of going through life without ever taking a leap of faith? I know I don’t want to go through life without ever attempting to start my own business (well, in my case, a farm). The credit crisis also proved cushiony corporate jobs are not as safe as we once thought. Therefore, relying off of a single income isn’t a reliable financial plan either.
This book attempts to help you find a balance in the entrepreneurial yin and yang. The book’s basic premise: keep your day job, and allocate 10% of your life towards entrepreneurial endeavors. That means dedicate 10% of your time to financial and intellectual capital. I liked this book because it described so many ways to become a 10% entrepreneur. If you have more financial capital than time, become and angel investor. If you’ve got mad brainpower skills, apply those skills as an advisor to the board of a start up company in return for stock equity. Start a side gig with your friends using old fashioned sweat equity.
The second part of the book is dedicated to the specifics of developing your 10% network, raising funds, and getting started. I could get carried away repeating the details, so I will stop here and just encourage you to check this book out.