The 10% Entrepreneur

1. Embrace the 10% Entrepreneur Mindset: Diversify Your Career

You can remain completely committed to your job while acquiring new skills that will make you even more effective at the office.

Redefine career success. The traditional notion of climbing the corporate ladder is outdated. Instead, dedicate at least 10% of your time and resources to entrepreneurial ventures while maintaining your day job. This approach provides:

• Downside protection against job loss or industry changes
• Opportunity for additional income streams
• Development of new skills and networks
• Fulfillment of personal passions and interests

By becoming a 10% Entrepreneur, you create a more resilient and dynamic career path that combines stability with the potential for significant upside.

2. Leverage Your Existing Skills and Passions

Playing to your strengths can make an impact that goes well beyond yourself.

Identify your unique value proposition. Conduct a thorough self-assessment to understand your:

• Professional strengths and experiences
• Personal interests and passions
• Network and connections

Use this knowledge to select entrepreneurial ventures that align with your expertise and interests. This approach allows you to:

• Contribute meaningfully to projects from the start
• Enjoy the process of building your 10%
• Increase your chances of success by operating in familiar territory

Remember, your 10% should be an extension of who you are, not a completely separate entity from your day job.

3. Develop a Robust Investment Process

Having a clear methodology, known as an investment process, will allow you to apply the step-by-step process that selective and experienced venture capitalists follow when they make investments.

Implement a structured approach. Develop a systematic process for evaluating opportunities:

1. Sourcing: Generate a pipeline of potential ventures
2. Screening: Quickly eliminate opportunities that don't fit your criteria
3. Due Diligence: Thoroughly investigate promising opportunities
4. Final Decision: Make an informed choice based on your analysis
5. Documentation: Formalize your involvement through proper legal agreements

This process helps you:

• Make rational decisions based on facts rather than emotions
• Avoid common pitfalls of inexperienced investors
• Build a diverse portfolio of ventures over time

Consistently applying this methodology will improve your decision-making skills and increase your chances of success as a 10% Entrepreneur.

4. Build a Powerful Network and Team

Your power comes from your expertise, but it also comes from your network.

Cultivate meaningful relationships. Your network is crucial for:

• Sourcing new opportunities
• Conducting due diligence
• Accessing specialized knowledge and skills
• Finding potential partners and team members

To build an effective network:

• Craft a clear and compelling elevator pitch
• Attend industry events and join relevant groups
• Leverage social media and professional platforms
• Follow up consistently and provide value to your contacts

Remember, networking is a two-way street. Look for ways to help others in your network, and they'll be more likely to reciprocate when you need assistance.

5. Balance Risk and Reward in Your Ventures

Your 10% is a tool for diversification, but it's also an opportunity to talk about risk with the other people who are stakeholders in your life.

Manage risk strategically. While entrepreneurship inherently involves risk, as a 10% Entrepreneur, you can:

• Limit financial exposure by investing only what you can afford to lose
• Diversify across multiple ventures to spread risk
• Start with lower-risk projects and gradually increase your risk tolerance
• Use your day job as a safety net while exploring entrepreneurial opportunities

Communicate openly with your family and significant others about your 10% activities and the associated risks. Their support is crucial for long-term success and maintaining work-life balance.

6. Overcome Obstacles and Learn from Failure

Entrepreneurship is about experimentation, so finding out what doesn't work is often the only way to determine what does work.

Develop resilience. Setbacks and failures are inevitable in entrepreneurship. To overcome them:

• Maintain a growth mindset and view challenges as learning opportunities
• Analyze failures to extract valuable lessons
• Stay committed to your long-term vision
• Seek support from your network during difficult times
• Celebrate small wins to maintain motivation

Remember that even successful entrepreneurs face numerous obstacles. Your ability to persevere and adapt will ultimately determine your success as a 10% Entrepreneur.

7. Maintain Integrity and Ethics in Your Pursuits

You cannot build your 10% at the expense of your full-time job.

Prioritize ethical behavior. As a 10% Entrepreneur, it's crucial to:

• Always put your day job first and avoid conflicts of interest
• Be transparent with your employer about your side ventures
• Use personal resources (time, equipment, contacts) for your 10% activities
• Respect confidentiality and intellectual property rights
• Maintain clear boundaries between your day job and entrepreneurial pursuits

Ethical behavior not only protects your primary source of income but also builds trust with partners, investors, and potential collaborators in your entrepreneurial ventures.

8. Continuously Educate Yourself and Stay Adaptable

When you leave your comfort zone, you will encounter new concepts and unfamiliar jargon.

Embrace lifelong learning. To thrive as a 10% Entrepreneur:

• Stay current with industry trends and emerging technologies
• Develop new skills relevant to your ventures
• Read widely and engage with diverse perspectives
• Attend workshops, conferences, and networking events
• Seek mentorship from experienced entrepreneurs

Consider creating a personal learning plan that aligns with your entrepreneurial goals. This ongoing education will help you:

• Identify new opportunities
• Make better-informed decisions
• Adapt to changing market conditions
• Increase your value as a partner or investor

9. Create Long-Term Value and Sustainability

If you think in terms of decades and not months or years, your 10% can come to represent a meaningful part of your professional and personal life.

Build for the long haul. Approach your 10% activities with a long-term perspective:

• Focus on creating sustainable value rather than quick wins
• Cultivate lasting relationships with partners and collaborators
• Reinvest profits to grow your entrepreneurial portfolio
• Align your ventures with your evolving interests and skills
• Regularly reassess and adjust your 10% strategy

By taking a long-term view, you can:

• Build a substantial portfolio of ventures over time
• Develop a reputation as a reliable and successful entrepreneur
• Create multiple income streams that provide financial security
• Find fulfillment in pursuing your passions throughout your career

Remember, your 10% is not just about making money—it's about creating a more rewarding and dynamic professional life that evolves with you over time.

Last updated: August 9, 2024