Interview with Dirigo Advisors Founder Patrick McGinnis

Full Name & Georgetown School and Year

Patrick J. McGinnis, SFS ‘98

Professional Title & Organization

Author, The 10% Entrepreneur and Founder, Dirigo Advisors

Career

What has been the most rewarding moment of your career?

Combining all of the experiences and lessons learned from investing in fast growing companies on five continents into a book that encourages everyone to be an entrepreneur without quitting their day job. My goal was to reach a global audience and that’s been truly rewarding. The book has been translated into a bunch of languages and I’ve spoken on the topic of 10% Entrepreneurship in a diverse set of places, such as Argentina, Uganda, Saudi Arabia, Jordan, and Mongolia.

What do you wish you had done earlier in your career?

I wish I had been more open to working on side projects as a way to explore interests, learn, and generate opportunities for upside. I was heads down and all-in on finance, which didn’t work out so well during the 2008 financial crisis.

What trends do you see in your profession or industry?

Entrepreneurship is going global due to the falling cost of innovating and the now indisputable fact that talent is borderless. As a result, you don’t need to be in Silicon Valley or New York or London to succeed. You can be almost anywhere.

What is the hardest thing you have ever done professionally? 

I’m credited with coining the term FOMO while I was a student at Harvard Business School. Staying focused, even when it’s not fun or profitable to do so, never gets easier.

What is the best career advice you have ever received? 

Find something you want to be known for it, write about it, establish your authority on the topic.

Hilltop Memories

How has Georgetown shaped you?

I like to joke that I have the most SFS career I could have imagined. Without question, the intellectual foundation and language skills that I got at Georgetown are fundamental to everything I do. I all have been heavily influenced by the values of cura personalis and social justice that I discovered on the hilltop.

What was your favorite professor or class at Georgetown?

“International Political Economy” with Prof. George Shambaugh and “Problem of God” with Julia Lamm

What is your favorite Georgetown memory?

Winning a ticket to see Bill Clinton speak at Gaston Hall my freshman year. I loved that Georgetown gave tickets out so democratically. It is still the greatest speech I have ever seen in person.

Your Inspirations

Who is a source of inspiration and strength to you in your life and why?

If you pay attention, you can find inspiration all around you, even in the little things. I try to pay attention and stay grateful for the little things.

What is on your desk right now?

A Oaxacan black clay skull from a great store called Tienda MAP in Mexico City. It’s a good reminder to make the most of each day.

Who is your favorite author? 

F. Scott Fitzgerald

What is one part of your daily routine you couldn’t live without?

I hate monotony, so I rebel against routine, but no matter where I am or what I’m doing, I will always start my day with a cup of very good coffee.

Final Word

What are your words to live by?

Always make sure to have more than one string to your bow.

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Building Your Reputation. Stand Out to Get In.

Guest Post by: Jen Dalton for Brand Mirror

What is a personal brand, and why does it even matter? Put simply, your brand is your reputation. It’s the words that people think of to define you. It’s how relevant you are, and what conversations you are a part of. It’s how you stand out from others. If you don’t define your personal brand, others will define it for you, and this is why being in charge of your brand matters.

Brands create an emotional connection. When people think of Volvo, they often don’t just think car, they think safety. Apple is no longer just a fruit, but an innovative technology company. And you can’t think about Nike without thinking sports or speed. What emotional connection do people have when they think about you? There are actionable ways to control that, so let’s go over a few.

Understand Where You Are Today

First, we need to do some foundation building. To define your personal brand, we need to look at the Three D’s: Discover, Design, and Differentiate. Start with doing some self-reflection.

  • Ask yourself questions like: What do I want to do? What is the impact I want to have? What are my skills, strengths, and values? Where am I? Where am I going?
  • Think about 5 words that you think describe you, then go and ask your friends, family, even clients what their words for you would be. Compare the two, and think about how you might align them better.
  • Take a Digital Inventory. Google yourself and see what shows up. Ask a friend to search for yourself on LinkedIn by name, and then by role, and see where you show up. How hard is it for someone to find you?

It’s important to understand where others think you’re at because others’ perception of you is the reality of your personal brand.

What Do You Want People To Say About You When You Are Not in the Room?

Now, onto Design. Here we can look at some actionable steps to take towards designing your own brand. After you’ve figured out how people define you now, think about the ways you WANT people to define you. These are the words that will make up your Brand DNA. Think about how you want to show up, and start to design that brand. Be consistent. Does your work space, the way you dress, how you show up in meetings, and how you interact with others align with your Brand DNA? George Bernard Shaw said, “Life is not about finding yourself. Life is about creating yourself.” Look at your LinkedIn page – is it telling a story about your brand, or is it just a copy of your resume?

If you’re having a hard time designing your Brand DNA, make your signature storyboard. Go through your history and find pictures that mean a lot to you emotionally, where you really liked the person you were at that moment. If you’re not visual, think of words or phrases where you really deliver in a powerful way. This can make up your storyboard, and this will help you define your brand promise. A brand is, essentially, a promise, so take time to create your Leadership Promise Statement. What can people expect when they work with you? How can you present this to people in, say, networking scenarios? When you introduce yourself, what do you say? Take this Promise of Value and make sure it’s consistent online. Show evidence of it everywhere. Prove it to everyone who looks.

Own What Makes You Unique and Different

Next, you need to Differentiate yourself from everyone else. What is your position? Look back over your storyboard and your Brand DNA and figure out what you have offered in the past that nobody else could’ve done. Figure out who your audience is. What companies do you want to be a part of that inspire you? What boards do you want to be on in your community? Taylor your brand to be approachable to your audience. Who are your competitors and who do you look up to and why? Spend some time researching them, how they got where they are, what exactly they’re doing. Figure out what their brand is.

Now you can start creating value and opportunities for yourself. Think about what you should be talking about. Should it be company related? Or perhaps about your passions, or your particular set of skills? Does what you have to say matter, and will people care? Is it relevant? Are the right people seeing you? How can you get them to care AND share what you talk about? Who are the leaders and influencers writing in the same space? These are the key elements that make up your Digital Brand. You can also create opportunities for yourself offline. You can join a board or volunteer in an organization. You can interview people in your same space and blog about it. You can network with others, and look for places to share your insights. You can look for speaking opportunities and webinars.

Plan Your Work, and Work Your Plan

Remember, timing is everything. Create an editorial or visibility calendar for your brand – where to be, when to write posts and blogs. You want to stay visible. In many cases, out of sight is out of mind. Make sure that your content is easy to share and re-purpose. Write about other people, companies, and organizations. Be sure to tag them when you post your content. This creates opportunities for others to share and help make you more visible. Write about others and help them be visible. Share helpful articles. Give shout outs on Twitter, LinkedIn, Facebook, and Instagram. Write recommendations on LinkedIn for people and on Google+, and Facebook for businesses. Send thank you notes, and provide recognition. Be genuine. Don’t expect things in return. Contribute to your brand by giving to others. Above all, be authentic. Authenticity contributes greatly to your personal brand. It’s easy to tell when someone is being disingenuous, and that puts a big hit on their brand or the way we think about them. Although you may plan a lot of your communications, be spur of the moment too and share things real time.

Lastly, monitor yourself, and listen to what others are saying about you. Continue to search yourself on Google and LinkedIn. Ask people to describe your brand periodically to check up on yourself. Do your own self-reflection when you can. Keep control of your brand, the emotional connection people make to you, by monitoring yourself using the steps above. Remember, although you are not a product, you do have a reputation and people will decide to work with you and help you based on your brand.

“People may not remember exactly what you did, or what you said, but they will always remember you how made them feel.” Maya Angelou

Be a noisebreaker, not a noisemaker.

Jen

The Number One Thing You Need to Get Started on Becoming Part-Time Entrepreneur

Guest Post by: Patrick J. McGinnis, a venture capitalist and private equity investor who founded Dirigo Advisors, after a decade on Wall Street, to provide strategic advice to investors, entrepreneurs, and fast-growing businesses. He is the author of the new book THE 10% ENTREPRENEUR: Live Your Startup Dream Without Quitting Your Day Job.

In less than a generation, two clear and unrelenting trends have transformed the workplace.

First, traditional careers have lost a lot of their luster. Corporate roles are notoriously less reliable and less lucrative than they were in the past. Even once highly prestigious paths like law, finance, and medicine, have lost their appeal thanks to falling pay, layoffs, and an unwillingness by many companies and industries to change with the times.

Second, even as many traditional careers and companies remain stuck in the past, transformational change is afoot when it comes to how we work and live. In less than a generation, our society has been transformed by technology – it is now deeply woven into the fabric of our personal and professional lives. As such, it is ubiquitous, it is cheap, and it is only getting cheaper.

When you’re carrying around a smartphone, it’s almost too easy to forget the considerable investment you needed to make to run your own business just ten years ago. Building a website represented a considerable investment and telecommunications were expensive. Now, thanks to companies like Squarespace, Skype, and Google, you can basically put yourself in business with an investment of a few hours and a few dollars. The basic infrastructure you to get going, from email to storage in the cloud, is basically free. Once you’re up and running, you can then promote a business with a very minimal investment thanks to social media.

The falling price of technology, coupled with widespread connectivity is a game changer for anyone who has dreamed of doing something entrepreneurial. It’s never been cheaper and easier to start and manage a business, technology focused or otherwise. You need little more than a laptop, an Internet connection, and a smartphone to run the day-to-day operations of a small business. You also probably need very little money or to hire full-time employees to get started. Most importantly you don’t need to punch a clock from 9 to 5. You can make the rules, working when you’re like and from wherever you’d like.

You Can Become an Entrepreneur on Your Own Terms

The decline in the price of starting businesses, coupled with the falling appeal of traditional careers means that a growing number of professionals are opting to become part-time entrepreneurs. Rather than shouldering the considerable risks of leaving their jobs to launch new ventures, they enjoy the best of both worlds. They can try new ideas and perhaps even fail, but they do so without jeopardizing all of the rewards that have come with years of success and hard work in their careers. By spending at least 10% of their time, and if possible their money, working on new ventures, either as an investor, an advisor, or a founder, they can build lasting value – and diversification – for themselves. They are 10% Entrepreneurs.

It comes down to a change in mindset. Full-time entrepreneurship is a terrific path for some, but it’s not obligatory. If you’re looking to pick up skills that will help you at your day job or even put you on a path to the next step in your career, there’s another option. Why not take a more sustainable path by integrating entrepreneurial opportunities into your current career? It’s a simple, yet somewhat radical idea: you don’t have to be an entrepreneur, but you can be entrepreneurial.

 

This new mind-set is based on a completely new set of rules: just because you work at an established company and receive a steady pay check doesn’t mean that you cannot join the ranks of the innovators and the disruptors. As a 10% Entrepreneur, you will search out and engage with projects, drawing on all of the skills and relationships you have built over the course of your educational and professional lives. By leveraging your base of experience and your network, you will develop new skills. Plus, you will be the owner of everything you create, no matter what happens in your day job.

10% Entrepreneurship is All About Mindset

If you’ve never really viewed yourself as an entrepreneur – even a part-time entrepreneur – changing your mindset can take time. When I meet people who are looking for more in the careers, whether in the form of diversification, upside, or satisfaction, I’m often surprised at how quickly they discard the idea of integrating part-time ventures into their lives. Their reasons are remarkably uniform: “I’m too busy,” or “I don’t have any good ideas,” or even “I’m afraid.”

One of the hardest things about exploring new ventures is the temptation to feel outgunned. You might ask yourself why should you, of all people, think that you can start something new if you’ve never done it before. Sure, you’ve got experience and relationships, but it’s natural to feel a little (or a lot) intimidated. when you’re putting yourself out there rather than representing a corporate brand on a business card. As a 10% Entrepreneur, you will need to put yourself out there. You will constantly be pitching to people, telling them what you can bring to the table, seeking to establish credibility based on your past experiences, your relationships, and your vision. It can be intimidating or even downright scary.

I get it. When I took part in my first few projects as a 10% Entrepreneur, I felt like I was walking around in a dark room in search of a light switch. Now 5 years and 20 projects later, I have built a valuable portfolio of investments in startups, real estate, and even a theater production in London. Each endeavor brings new experiences and challenges that assure me that I’m on the right path.

As little as a decade ago, there were plenty of other barriers to worry about if you wanted to start a new venture, but in their absence, mindset is now, in a fundamental sense, the new constraint to entrepreneurship. The challenge today is to to have the courage build something that is sustainable and that will create value, both financial and personal, over the course of your career. So if you’re convinced that part-time entrepreneurship is for you, remember that it’s mindset that will take you you from daydream to action. Also, remember that you really have very little to lose – when you are investing just 10% of your time and capital, what’s the worst that can happen? Even if you fail, you’ll have learned something. And when you succeed, you’ll see the world from a new and far more entrepreneurial perspective.

What We Are Reading

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Bridget Holmes, Senior Director, Career Initiatives:
A Year Without Pants: WordPress & The Future of Work
I’m just diving in to this newly released book and am already intrigued. Who can even fathom work without email? It may become a thing of the past, according to author Scott Belkum.  This book offers a behind-the-scenes look at the firm behind WordPress.com and the unique work culture that contributes to its success.  Stay tuned for my reactions!

Whitney Pezza, Associate Director, Alumni Career Services:
To Sell Is Human
Jason Levin (MBA’06) recommended Daniel Pink’s book, To Sell Is Human, after a branding workshop we did with him.  It’s a fascinating book in which Pink offers a glimpse into the new science of sales (long gone are the days of door-to-door selling) and offers the new best practices for moving others.  Pink explains that everyone works in sales; he even commissioned a study that shows that people spend about 40 percent of their work time persuading people.  No matter your industry, it’s a fantastic and very useful read!  

Sarah Hay, Assistant Director of Alumni Career Services:
Quiet: The Power of Introverts In A World That Can’t Stop Talking
I am in the middle of reading Susan Cain’s New York Times bestseller, Quiet: The Power of Introverts in a World That Can’t Stop Talking, and find it fascinating.  As an extrovert, I thought it would be wise for me to read this book and gain a perspective on how “the other half lives.” So far it’s been eye opening to not only hear Cain compare the decision-making styles and behaviors  between the two traits, but show how the United States transformed in to a country that promotes extroversion in every facet of society – especially the workplace!  I’m excited to continue reading Cain’s analysis on how adopting introverted traits may not be the worst thing for our current and future leaders.

We want to know: what books are on your reading list?