BI 348: How To Be A Part Time Entrepreneur Without Quitting Your Job

Episode Highlights

[4:29] — Patrick talks about how he started in entrepreneurship

Patrick first started his career in Wall Street, following the usual finance and MBA route.
He left after many team eliminations, with the 2008 financial crisis being the last straw.
During this time, he transitioned to Silicon Valley because it continued to boom despite the financial crisis.
He used to be afraid of full-time entrepreneurship because he didn't have an idea yet, and he was very risk-averse.
With 10% of your time, you can invest in a side venture and build it into something valuable.

[8:58] — The importance of creating different streams of income

There are many strategies regarding passive income, but the main point is being a shareholder for as many ventures as possible.
Side-hustles and freelancing are okay for paying the bills but not for generating wealth.
Taking ownership and growing your business should be the end goal.

[11:19] — Investing in companies and gaining equity

Providing labor through having an advisory role can be an excellent method of sweat equity.
Patrick recalls a time where he did consulting work in exchange for a percentage of the company.
Seeing the trajectory of your equity's value raise over time is critical, but don't forget that the end goal is to monetize your share.
Ultimately, your stock certificates won't be able to feed you. Create an exit plan.

[13:23] — How to become an entrepreneur by starting part-time

Part-time entrepreneurship can be the gateway to full-time entrepreneurship.
Patrick's friend was able to simultaneously work at a bank and launch a successful seafood business.
Entrepreneurs who start part-time are less likely to fail because of the chance to experiment.

[15:22] — The pros and cons of part-time entrepreneurship

Being a part-time entrepreneur means that you are diversified.
Full-time entrepreneurship is stressful. You can still develop entrepreneurial skills without going through the traditional pressure.
Sometimes full-time entrepreneurs already have the luxury of starting capital either from family inheritances or other existing businesses.
The media often glamorize entrepreneurship, but they don't show the failures and sad endings behind it.

[19:06] — Obstacles to getting started with entrepreneurship

Not having money and time can be solved by assessing priorities, budgeting, and allocating what you can, even if it's small.
Identify what you're good at and what you want to do by thinking thoroughly and carefully looking at what you do in your day job, such as Excel and PowerPoint.
It's essential to know how to deal with the office policies in your work regarding entrepreneurship.
Confident business leaders who provide flexibility to their employees can be a retention tool that will make them value their job more.

[22:21] — Patrick's advice to his younger self on how to become an entrepreneur

It takes a lot of time and patience. Entrepreneurship is a lifestyle and commitment.
Finding the first business investment is the hardest part of learning how to become an entrepreneur. It gets less complicated once you get the hang of it.
Take more calculated risks to make the initial process easier.

[24:34] — Initial concrete steps to start your entrepreneurial journey

Pre-pandemic, Patrick would advise aspirants to go to as many conferences as possible to network with many people.
Now, they can simply go online and make connections there.
LinkedIn is a powerful tool to expand your network, gain knowledge, and get recognized.
Figure out your topic of expertise and unique selling proposition.
Ensure that you also overlap the things you love to do, as having a passion will give you the drive to go for it.