How Part-time Entrepreneurs Can Grow Full-time Potential

How Part-time Entrepreneurs Can Grow Full-time PotentialThe "entrepreneurial spirit" is roughly defined as "a gift" of passion, ambition, determination, creativity and leadership that is so intense that it inspires others. Notice, though, that nowhere in this description does it list "full-time" as a defining trait. Though commonly viewed as an all-or-nothing commitment, modern entrepreneurs do not need to quit their day jobs, take excessive risks or sacrifice time with family and friends. Women entrepreneurs, in particular, are discove

ring new ways to diversify their income and further develop their careers.

10 Percent Entrepreneur

A concept developed by Patrick McGinnis in his 2016 book, "The 10% Entrepreneur: Live Your Startup Dream Without Quitting Your Day Job," a 10 percent entrepreneur is an individual who dedicates a minimum of 10 percent of his or her time, and ideally, 10 percent of his or her income into beginning new ventures, investments and advising. Since being a 100 percent entrepreneur comes with significant risk and time demands, the 10 percent entrepreneur approach is ideal for people who maintain mortgages, have children or are in a single income household. Additionally, becoming a 10 percent entrepreneur allows you to set your own terms and risk profile. For these reasons and more, the 10 percent concept appeals to many modern women.

Apparently, the 10 percent entrepreneur system is working, as the University of Wisconsin-Madison conducted a survey that revealed a 33 percent less likelihood of failure present for those who take on part-time ventures than for those who quit their jobs and go all in.

Time Management

When simultaneously starting up a new venture and working a day job, your time is extremely valuable. Every hour counts. A few tips for stretching your time include:

Make Your Business Scalable

In order for a business to be considered "scalable," it must be likely to maximize revenue with minimal cost incurring incrementally. Strategies for staging your scalable business include:

The modern entrepreneurial spirit no longer requires the entrepreneur to sacrifice their time, money, employment and sanity in the search for owning one's own business. By following this actionable advice on how to make the most of your startup while balancing a family and existing career, the modern entrepreneur really can have it all.