These days there are all kinds of trendy terms and lingo that are thrown out in the world of business and startups. One of these terms is Lifestyle Entrepreneur. Just about everyone who is using the word entrepreneur understands what it means. When you add the word lifestyle to the equation the word entrepreneur takes on a whole new meaning, and this may not always be clear.
The term Lifestyle Entrepreneur refers to someone who goes into business not because of the financial rewards associated with owning a business, but to achieve a certain lifestyle in addition to their financial goals. This breed of entrepreneur is extremely passionate about what they do, and it is this passion that leads them to start a business that allows them to expand upon whatever it is that they are already so passionate about.
It may be difficult to separate a Lifestyle Entrepreneur from just an Entrepreneur. Mark Hendricks, a professional mentor and lifestyle coach says that the main difference is “the degree of focus on money, on sales growth and on expansion for expansion’s sake.” The traditional corporate model is 100% centered on growth and profits, solely based on the assumption that bigger is always better.
Many entrepreneurs find themselves in a particular profession so that they can pay for their car, their house, and the bills. Unfortunately, what many of them experience is that once they have worked all week long to make enough money to afford all of their nice things that they havent got any energy left to enjoy them. This is not the mentality of a Lifestyle Entrepreneur at all.
In general, a Lifestyle Entrepreneur does not expect to make a fortune out of their business. A Lifestyle Entrepreneur wants to be able to live their ideal life while running a successful business. The ultimate goal is not just the profit margin or salary. Also, what many people find is that if they are running a business that they love and are passionate about, that the business will naturally succeed because of their level of interest and enthusiasm that they bring into it.
Everything mentioned thus far might sound amazing and simple; however being a Lifestyle Entrepreneur is notnecessary easy. Hendricks goes on to note that it is still a business and still requires all the components of any successful start-up; a plan, solid funding, a product or service, and a market for it.”
Being a Lifestyle Entrepreneur is not for everyone, however the opportunity is there, and all you have to do is search within yourself to find what your particular model looks like. Being passionate about what you do is an aspiration of many, but a reality for few, so consider Lifestyle Entrepreneurship as a vessel to get to where you truly want to be.