“The 10% Entrepreneur” by Patrick J. McGinnis is for working people like me. The premise is you continue to work at your career while building a business with 10% of your time, effort, or money.
I am a 10% Entrepreneur as I continue to work my career in the US Marine Corps. I am also building my business via my website and brand “Military Family Investing.”
The book also discusses many ways to become a 10% Entrepreneur. You don’t have to be the CEO of your own company to invest in a business. You can also be an Angel Investor or an Advisor.
This gives you three ways to build businesses and invest in your future: Angel, Advisor, CEO, and a combination of them. Using these three methods, you can involve yourself in more than one business on the side. Let’s review my five takeaways.
1) It’s risky to depend on your job as your sole source of income. By building a business on the side, you can leverage a company’s upside while mitigating the downside risk of leaving your job.
2) Being CEO of your company gives you the most control and takes the most time and money. You also take on the most risk. It’s good to start small, figure out what works, and hire people to perform specific duties.
3) Angel investing in pooling resources (mainly money) to fund a startup or young business. You will receive equity shares in the company. They may also ask you to assist in your subject matter expertise areas.
4) An Advisor may also receive shares, but in exchange for time. Advisors will take their expertise to new companies and access networks, information, and connections, without the considerable price tag of consultants and paid collaborators.
5) Angel investing has a high return on investment; however, it’s best to diversify into multiple companies and opportunities. Out of ten, one may make it big, and the others may have some form of success or fail altogether.
I didn’t consider the other forms of entrepreneurship outside of being a CEO. I now have a broader view of different options available to me while I continue my career.
You can also invest in young businesses around your area or from family. It is essential to perform due diligence on everything you invest in—even if you trust the owners.
By becoming a 10% Entrepreneur, you also become more valuable to your current employer. You bring the entrepreneurial spirit and knowledge to solving problems and managing resources. It’s a win-win.
As a 10% Entrepreneur myself, I can recommend this book to anyone looking to start a business on the side. The things you learn, habits you form, and contributions to the world will change your life.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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