Patrick J. McGinnis is 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. 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. He is the author of “The 10% Entrepreneur,” published by Penguin Portfolio Books.

In this episode, Patrick and Stacy discuss getting into entrepreneurship the right way, which doesn’t always mean going in all the way from the very beginning.

Some highlights include:

“I lost my faith in the idea of working for big, safe companies.” At minute 1:00, Patrick talks about the event that made him decide to go into business for himself.

Diversify your career. At minute 3:00, Patrick talks about his book “The 10% Entrepreneur” and why he believes you should run a business part time alongside your day job.

No one wants to tell you about the entrepreneur who went in debt and then failed. At minute 8:00, Patrick talks about who living out of your savings — or even worse — living off of credit cards — is a terrible idea.

Work-life balance is flexibility. At minute 16:00, Patrick talks about why, even though as an entrepreneur you’ll never accomplish everything, having a balance is key.

“I’m used to doing grunt work.” At minute 20:00, Patrick talks about learning to delegate.

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