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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.
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.
Patrick McGinnis’ Book:
The 10% Entrepreneur
Harvard Business School
The Social Network (film)
MIT Sloan School of Management
American International Group (AIG)
Too Big to Fail (film)
The Founder’s Dilemma by Noam Wasserman
Funny or Die
People mentioned in this episode:
Maurice “Hank” Greenberg