Hacker Bits, April 2016
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Get HACKER BITS delivered to your inbox every month! For more, visit http://hackerbits.com.
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job. Think very carefully before<br />
jumping in full-time and living<br />
off your savings to start a venture<br />
because that puts tremendous<br />
pressure on you and can<br />
make the whole enterprise far<br />
less sustainable.<br />
For folks already building<br />
a startup, how can the 10%<br />
mindset help?<br />
It’s a terrific way to bring on advisors<br />
and talent (like designers,<br />
marketing experts and lawyers)<br />
on a part-time basis since you<br />
can pay then with equity rather<br />
We all know that despite the<br />
best laid plans, things can go<br />
wrong and startups fail. What<br />
is your advice to someone who<br />
has gone down the startup<br />
road and turned up empty?<br />
I also recommend that fulltime<br />
entrepreneurs think like<br />
10% entrepreneurs. I call these<br />
people 110% Entrepreneurs.<br />
When you’re running a startup,<br />
you’re placing a huge bet – a bet<br />
that will determine your future<br />
wealth and success on a high<br />
risk venture. Why not create<br />
some diversification by using all<br />
hard. But for each of the people<br />
in the book, the venture they<br />
chose to pursue mapped closely<br />
with their skills, interests, and<br />
definition of success. Because<br />
of that they enjoyed the journey<br />
and were willing to stick it out<br />
through the natural ups and<br />
downs of entrepreneurship.<br />
Where can people find out<br />
more about you? And where<br />
can they pick up a copy of<br />
your book?<br />
You can order from<br />
patrickmcginnis.com or at<br />
You can apply this approach to<br />
lessen your risks while you build<br />
your company.<br />
than with cash (which may be in<br />
short supply for an early-stage<br />
venture. You can also look for<br />
angel investors who are 10% entrepreneurs<br />
and who have specific<br />
skills to bring to the table.<br />
Finally, if you still have your day<br />
job and are starting a company,<br />
you can apply this approach to<br />
lessen your risks while you build<br />
your company.<br />
Recently, news about venture<br />
capital funding drying up has<br />
been worrying to a lot of entrepreneurs.<br />
What is your take<br />
on this?<br />
Great startups will always find<br />
funding. Mediocre to poor startups<br />
will not.<br />
of the skills you’re developing as<br />
a full-time entrepreneur to also<br />
engage with other startups as an<br />
advisor or even an angel?<br />
In your book you profile<br />
real-life entrepreneurs who<br />
have cracked the secret to<br />
making it big. What would you<br />
say is the common quality<br />
these folks share that helped<br />
them succeed?<br />
I think that each of these people<br />
defined success for themselves.<br />
Being a part-time entrepreneur<br />
is a more pragmatic approach<br />
to building a business. Some<br />
people will question why you<br />
don’t jump in 100%. Others will<br />
question why you’re working so<br />
any major bookseller. You can<br />
also find more information<br />
on my website and on Twitter<br />
@pjmcginnis. •<br />
Interview was edited for brevity and clarity.<br />
hacker bits<br />
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