Anyone living in the 21st century has noticed the world is becoming smaller. Just take a look at your social media profile and you will see you have connections from all parts of the world. Today it is very easy to reach out to anyone in most parts of the world. As multinational cultures become more interconnected, there is now a need for skills that were never thought of ten years ago. Also, the trend is moving towards small business entities. Even big businesses are finding out they need to become smaller to effectively compete. This will lead to a huge shift away from traditional employment to the entrepreneurial business. This growing trend is ripe for the emergence of the lifestyle entrepreneur. So, what is a lifestyle entrepreneur?
Who is an Entrepreneur?
Before I tell you “what is a lifestyle entrepreneur”, I will like to define the word entrepreneur. An entrepreneur is someone who takes on risk for even greater rewards. Entrepreneurship is the driving force of new economic growth as they produce the majority of new jobs and wealth in any economy. Entrepreneurs primarily are high achievers with an internal locus of control.
What is a Lifestyle Entrepreneur?
Now we have defined the term entrepreneur, let us delve more into “what is a lifestyle entrepreneur”. A lifestyle entrepreneur is an entrepreneur whose reward for the risks they take is their desired lifestyle. Lifestyle entrepreneurs value a desired lifestyle over money. By this, I do not mean lifestyle entrepreneurs do not care about money but will choose a lifestyle first before thinking of the ways to structure the business to support their chosen lifestyle. People go into lifestyle businesses for different reasons: some people want freedom to travel, spend more time with family, pursue other projects, or live where ever they so desire. Regardless of the reason people become lifestyle entrepreneurs, there is one characteristic that is common amongst them which is nonconformance to society values. Lifestyle entrepreneurs do not feel bound by the common societal pressures. They realize there is always an alternative.
Lifestyle Entrepreneur Business Focus
Lifestyle entrepreneurship means different things for different people, but regardless of what lifestyle entrepreneurship means to any specific individual, the business focus is on delivering value. Lifestyle entrepreneurs build businesses on simple yet effective concepts and value learning new skills and gaining new experiences. They do not believe in setting limits in their business and have a flexible business structure to create whatever new concepts they visualize. Lifestyle entrepreneurs believe business strategies should stretch the mind and help them think in unconventional ways.
Size of the Lifestyle Entrepreneur Business
Lifestyle businesses come in different sizes. Size is not the issue in a lifestyle business: How best a business purpose is served will determine the business size. There are some businesses that only lend themselves to a few customers but they serve those few customers exceptionally well. And some lifestyle businesses are built to scale. It all depends on the personality and desires of the lifestyle entrepreneur. Some wish to have a big customer base and some are satisfied just serving a few customers. Regardless of size, most lifestyle entrepreneurs love what they do and sometimes will it do for free.
The Future of the Lifestyle Business
New lifestyle business opportunities are springing up every day. This is because you can live in Asia but work in North America. Boundaries are no longer an issue and if you learn to explore and look beyond your daily routines you will find these opportunities. The world is only to keep getting smaller, you will need to train your mind to look beyond your immediate surroundings for new opportunities.
Becoming a Lifestyle Entrepreneur
To become a lifestyle entrepreneur you just need to have the guts to do what you believe in. I think what sets entrepreneurs apart is the ability to scan their environment and spot untapped opportunities and then have the guts to take action. I meet people every day with dreams of making a change but never move from dream to implementation. The ability to execute is a key entrepreneurial characteristic. You can sit down and whine about your life and how impossible it is to live the life you really want or you get up and believe you have the power to make a difference and transform your life. Either way you will be correct because your belief system is reflected in your reality.
So do you already have a lifestyle business or want to start one? Leave me a comment with any questions, doubts or insights you may have.