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.

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Follow Your Instincts to Find Passion

Guest Post by: Christy Steele (C’06)

What was your favorite activity as a child? What was easy for you? These might sound like frivolous questions, but consider for a moment what truly brought you joy. Was it finding frogs in the pond? Drawing with colored pencils? Banging on the drums in music class? Solving math problems? The answers to these questions can reveal valuable information that will help you build a meaningful and fulfilling career.

As an artist and producer in the media industry, I have taken many left turns and woven multiple interests and skills into my work. I pursued my love of photography after college and found a job working as a photographic coordinator at National Geographic Magazine. I worked with world-renowned photographers, learned from experienced photo editors, and discovered that I have a passion for visual storytelling. Since leaving National Geographic, I have directed photo shoots for Science Magazine, worked on documentaries and television series for Smithsonian Channel, Animal Planet and Travel Channel, created videos and websites for individuals and small businesses, completed a post-baccalaureate pre-medical program, and acted on stage and in films.

Each time I make a decision about leaving a job or working with a new company, I try to determine whether I will feel fulfilled and engaged if I take the opportunity. Here are four guiding principles that I use when making decisions.

Ask what brings you alive.

If you can’t remember what excited you as a child, simply list activities that you love doing. This can include caring for a pet, organizing dinner parties, traveling, baking, or watching movies. As you consider all of the activities that bring you joy and satisfaction, you will begin to see common threads. Steven Spielberg once said “the hardest thing to listen to, your instincts, your human personal intuition, always whispers, it never shouts. Every day of your life you have to be ready to hear what whispers in your ear.” When you start incorporating the activities into your life that bring you joy, your soul will begin “whisper” to you.

Have a mission!

When you choose to follow your instincts and pursue the things you love, it may not lead you down a straight path. When you encounter uncharted territory, your personal mission statement will become your guiding compass. As Tony Robbins suggests, “If you have a big enough why, you can figure out how to do anything.” If you have a strong enough reason for wanting to get a new job, move to a new country, or start your own company, it will be harder for obstacles and setbacks to stop you.

Ask lots of questions.

Talk to as many people as possible who share your passions. Also talk to people who are passionate about their work even if their work does not align with your interests. Passion is contagious, and these conversations will inspire you and give you ideas. People love to talk about what brings them alive, so let them! These conversations will help you put your own interests, skills, experiences and passions into a greater context. They will also help you make meaningful connections. Through my documentary film series, Uncovering Passion, I put this practice into action by talking to dozens of people who love their work. I created short documentary films with some of these people and published them at uncoveringpassion.com.

Create space for great insights!

In order to identify what brings you alive and hear the “whispers,” you must cultivate a sense of peace and quiet in your body and mind. The best way to start doing this is to simply focus on your breath for a few moments every day. There are simple and powerful energy and breathing techniques like Emotional Freedom Techniques (also called “tapping”) and Presence Process that can help you reduce stress in your body and deal with negative emotions. But any activity like taking a walk, doing yoga, or putting your bare feet on the earth is a great start.

Follow your instincts and trust yourself. While your passions may not instantly translate into a successful job or career, following these principles will open doors and make life more fulfilling.

From Surviving to Thriving

Guest Post by: Linda Hardenstein

“I don’t know what I’m supposed to be doing, but I do know this isn’t it.”

It’s frustrating to be unsure about your career path, or to be unhappy at work. Especially when you have talent, knowledge, skills, and abilities to contribute.

“Making it Work” Doesn’t Work

Being miserable in your career causes stress and burn out. It can have a profound, negative effect on your health, your relationships, and your wellbeing.  I found that out the hard way when exhausted, overworked, and burned out, I fell down a flight of stairs on the way to a business meeting. I heard my neck crack and wondered if I’d ever walk again. The emergency room brought a stark reality into focus – I was miserable. I had no life. It was time to stop tolerating unhappiness and start living!

How did I go from just surviving to thriving in my career? Here’s 5 steps I took, and you can too:

  1. Decide. There is great power in letting go of what is no longer benefitting you. Deciding to release what’s in your way opens the door for what’s next to show up.

“Everyone has been called for some particular work and the desire for that work has been put in his or her heart.” – Rumi

  1. Find Your Purpose. Each of us is born with a distinct set of talents and gifts with a special role to play and a unique contribution to make. Knowing your purpose shows where you fit. It helps you understand where you don’t. One of the quickest and easiest ways to discover your purpose is with the unbiased guidance and support of a career coach.
  2. Align With What You Were Born to Do. You can’t help but live out your unique design. The problem arises when you’re doing what you are designed to do in a job, or a place, that doesn’t resonate with who you are. If you’re at odds with something — a boss, a co-worker, your company’s mission, work that takes away from living the life you really want, or a lack of recognition for what you contribute — you’re out of alignment with who you are. Doing work that is in alignment with who you are, brings ease, joy, a sense of meaning and accomplishment.
  3. Be Open. Giving up what you think you “should do,” or going against what a well-meaning parent or teacher told you to do, isn’t easy. For fulfillment, meaning, and motivation, let go of who you thought you should be. Be who you are.
  4. Take Action. Once you’re clear that it’s time to find the right job, synergies and opportunities will line up to support your intention to fulfill your purpose. Inspired action will lead you to the next step and the next one. Before you know it, you’ll be thriving in your job and life because you’re doing what you were born to do.

Linda Hardenstein, MPA, PCC, coaches professionals to find their purpose and authentic careers to have more meaningful lives. Contact her at linda@lindahardenstein.com.

© Linda Hardenstein, 2018

Make Your New Year’s Career Resolutions

New Year’s resolutions aren’t just about eating healthy and working out. Consider making some work resolutions too to maximize your career. Apparently you are much more likely to achieve a goal if you take the time to put pen to paper (or keyboard to screen as is the case here). In the spirit of the New Year and in the hopes that posting these will make us that much more accountable, below are our staff resolutions. We hope they inspire you!Bridget Holmes, Senior Director, Career Initiatives
Be more organized.
I used to be able to remember my to-do list, birthdays, and my grocery list without even writing it down.  Now, with working full time and having two little ones at home, my memory is just not what it used to be!  Here are some tips:

1. Maximize your calendar.  Utilize your calendar system to keep track of all dates and deadlines that are important to you – even birthdays.  If you utilize Google calendar in particular, it makes it easy to share dates, deadlines, and meetings with colleagues.
2.  Maximize your email.  Color code your emails by category, file them to make it easier to find.  It’s the little things that can make a big impact. Use the task list in either your email or calendar to keep a running list.
3. File things.  Electronically.  While paper may never go away, having a scanned copy of some of those important documents can save you from a panic attack later.
4.  Take notes.   Meeting after meeting means you may not remember the action items from your 9am at 3pm.  Keep a notebook, take notes on your IPad, whatever works for you – just be consistent and keep it all together. Follow up meetings with typed notes to those in attendance to keep everyone on the same page.
5. Keep lists. To do lists, project lists, grocery lists, etc.  I never met a list I didn’t like.Sarah Hay, Assistant Director, Alumni Career Services
Time Blocking
Having both internal and external clients and stakeholders in addition to the interdependent nature of many of our projects makes it easy to get derailed from your daily to-do list. 2014 is going to be all about time blocking for me. Over and over again in the Webinar Program, we hear presenters discuss the importance of only checking email at set intervals, and not treating every request as urgent.  Some strategies for achieving this goal:

1) Update your to-do list. Often.
2) Prioritize. Check in with your manager to to understand prioritization of projects and deadlines
3) Respond to emails in order of importance/urgency, not time
4) Recognize first, respond later. If  you are coming close to the end of the day but need to respond to emails, send brief responses letting the person know you saw their note and will be responding soon.  If there is one urgent item in their email, respond to that and tell them you will send a more thorough response later.
5) Make more internal phone calls.  Sometimes a task can be crossed off quickly if you can speak with a colleague as opposed to communicating via email.  It only takes a few seconds to try someone’s extension!
6) Step back from the inbox. Close out of email while working on projects and on phone calls.  It is too easy to respond to things that pop up in your inbox!
7) Less meetings.  Do not schedule meetings for the sake of meetings.  See our blog post on the topic!
photo source: prythm.com