FOMO, FOBO and How To Make Great Decisions with Patrick McGinnis

10% Entrepreneur

The concept of the 10% Entrepreneur offers a pragmatic approach to entrepreneurship, allowing individuals to explore business ideas without fully committing to them initially. Patrick McGinnis explains that this model involves dedicating 10% of one's time, money, and energy to high-risk ventures while maintaining a stable income from other sources. This approach not only provides a safety net but also increases the likelihood of success, as evidenced by a University of Wisconsin study indicating that those who start part-time are 50% more likely to succeed than those who dive in full-time 1.

Many businesses that we all know were started as 10%, Apple was started as a 10%, Jobs and Wozniak were working at HP and they started it in their cubicle.

--- Patrick McGinnis

This method allows for experimentation and gradual scaling, making it a sensible choice for aspiring entrepreneurs 1.

   

Career Transition

Navigating career transitions, especially during phenomena like the Great Resignation, requires careful planning and introspection. Patrick McGinnis highlights the importance of understanding one's motivations and the potential risks involved in leaving a job. He shares personal experiences of financial stress despite having savings, emphasizing the need for a structured plan before making such a significant change 2.

I was so happy. I was like, I feel so free. And those feelings, they last for a while, actually. They're shockingly powerful, but then eventually, over time, they fade.

--- Patrick McGinnis

McGinnis advises against impulsive decisions driven by FOMO or FOBO, suggesting that individuals should conduct due diligence and have a clear financial strategy to ensure a smooth transition 3.