Updated: Jan 28, 2021
A 10% entrepreneur or as I love to call it Late night entrepreneur (LNE) is somebody who spends at least 10% of their time and, if possible, 10% of their money, investing, advising, starting, getting involved with new ventures.
For example, someone who works in a laboratory and runs a company on sustainable water bottles in the evening from which she earns money. But also, two friends who both went to work for a large energy company and in the evening are devising the contours of their start-up for a local energy storage.
When it starts running, they will quit and go full throttle. And to be 10% entrepreneur (late night entrepreneur) you should understand the triangle for this equation (the type, the way, the plan) Let's start with the first part the type.
THE 5 TYPES OF (LNE) 10 % ENTREPRENEURS
1. The Angel
Someone who invests their capital in exchange for ownership in a company.
This is the logical first step to 10% Entrepreneurship. There are many opportunities for angel investors, including angel investment groups which can be consulted. This is often considered to be a mutually beneficial relationship. This practice will help you monetize your knowledge. This will also help you build a network which will be useful in the future as an entrepreneur or investor.
2. The Advisor
Somebody who invests their time, their skills, for equity in a company. Being an advisor provides you with more experience than cash. You should consider your currency to be your expertise.
You will commit to a certain number of hours per month, which is to be decided clearly before the engagement. You will usually be compensated in stock, equity and your compensation varies, from 0.2 percent to 10 percent of a company.
3. The Founder
Somebody who starts and runs a business while holding down a day job.The founder balances the best of both worlds. You have full-time employment as you launch entrepreneurial venture and can only do this while having a sound network. You are to be critical and determine whether a venture is viable.You need to find a good balance between your day job and other commitments.
4. The Aficionado
A 10% entrepreneur, one of the first three types, but directs their efforts into a passion project. You know, I love books, so I will invest in a bookstore, or if you like fashion you can be an advisor to a fashion store and essentially give my skills and in return receive part ownership of the business.You are no amateur to the business and aspire to apply your skills at the highest level possible. Still, you’re driving motivation is passion.
5.The 110% Entrepreneur
The entrepreneur that uses this as a way to diversify Themselves, get into another project and apply skills previously learned. Launching something new is no longer intimidating. You see opportunities everywhere which leads you to wanting to act. You also are able to accept the facts, that the odds are actually against you as an entrepreneur.