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Patrick McGinnis - The 10% Entrepreneur


Patrick McGinnis is a venture capitalist, private equity investor, and author of The 10% Entrepreneur. In his book Patrick shows how, by investing just 10% of your time and resources, you can become an entrepreneur without losing a steady paycheck. After a decade on Wall Street he founded Dirigo Advisors to provide strategic advice to investors, entrepreneurs, and fast growing businesses. In this capacity, he has worked in a range of settings, from building startups from the ground up in Silicon Valley to acting as an expert consultant to the World Bank in Latin America, Africa, and the Middle East. As a 10% Entrepreneur, he has built a diverse portfolio of investments outside of his day job. This portfolio encompasses fast growing new ventures in the United States, Latin America, Europe, and Asia, including ipsy, the world’s largest online beauty community; Bluesmart, the inventor of the world’s first smart, connected carry-on suitcase; and Afiniti, a big data company that is reinventing the call center industry. He has also been a partner in several real estate investments and is a seed investor in the upcoming London stage adaptation of The Last King of Scotland. Patrick is a graduate of Harvard Business School and Georgetown University and also writes for Fortune, Business Insider, Huffington Post, Boston Magazine, and Forbes.


00:00 | Trailer
01:39 Brian’s thoughts on the episode
04:42 Brian’s Introduction
05:16 Brexit challenge to attracting global talent for start-ups
08:30 What has made becoming entrepreneurial much more accessible
10:21 How the FoMO acronym came about and went viral
14:48 What FoMO means for the ordinary person
16:03 Has Patrick learnt anything from FoMO, FoBO and FoDA
16:44 How FoMO makes Tim Ferris anxious
17:07 FoMO is the Wildebeest of Venture Capital
17:59 The value in going to Harvard Business School
21:13 Financial crash of 2008
24:43 The massive collapse of AIG totally destroyed his illusion
27:01 Patrick’s dilemma of what to do next
29:12 Brian’s financial crash story
30:32 Patrick’s journey from being in limbo, to the 10% concept
36:51 Angel advisors
38:05 How the 10% can equate to half a day advising start-up companies
39:20 Can anyone become a 10% entrepreneur
40:37 How the 10% offer works in practice
43:44 The five different types of entrepreneurs
43:58 The role of an angel
45:33 The advisor
46:52 The founder
47:09 The aficionado
48:18 The 110% entrepreneur
49:07 Is it all just about the money
53:10 What job satisfaction statistics illustrate
55:09 Where entrepreneurs go wrong over giving equity
58:33 Working out the percentage value of advice you offer or of being on the board
1:00:48 The story of Zipcar
1:03:49 Facebook illustration of how partnerships can go wrong
1:05:35 Glamorisation and de-emphasis of the reality of entrepreneurship
1:08:34 Learn about the business first before fully committing finance
1:11:30 Ipsy investment
1:14:22 Patrick’s emotional moments with Ipsy
1:17:51 Bluesmart investment
1:19:07 Crowdfunding advice
1:20:33 What Patrick learned from an advisory role which went wrong
1:22:21 Reputation risk
1:23:57 How should people get started in 10% investing
1:29:48 Screwing up and redeeming himself in a presentation to a book publisher
1:36:14 What Patrick has learned from having a published book
1:39:07 Success secrets
1:39:55 Brian’s personal support for Patrick’s 10% entrepreneur idea
1:41:38 Phone call to the 20 year old Patrick
1:42:21 Best advice ever received
1:43:38 Advice to the 20 year old who wants to be like Patrick
1:45:15 Brian’s summing up.


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