An individual that creates a business with the purpose of altering their personal lifestyle and not for the sole purpose of making profits. A lifestyle entrepreneur focuses more on the life rewards provided to people that enjoy and have a passion for what they are doing. There is a possibility that the business will do particularity well since the individual has a passion for what he/she is doing. businessdictionary.com
Have you ever found yourself wondering why you care about others so much, that you wish you could make a “killing” if you could monetize helping others and “paying it forward”? Or have you found yourself in the highest paid position in your career field, yet found that it was very unsatisfying and felt there was more to life than spending 60+hrs at work? You might want to consider that of a Lifestyle Entrepreneur.
A Traditional Business Owner utilizing the power of leverage for only the benefit of himself, his family, and maybe a few others. Large corporations use the power of leverage to only benefit the Executive Team. All the while, a Lifestyle Entrepreneur focuses more on the life rewards provided to the people as much if not more as the pay benefits. By definition, one can argue that this type of individual will be successful strictly from their desire to succeed, but when you couple that with a business that integrates your already existing personal lifestyle to help you live your dream lifestyle, it is an extremely potent recipe to breed success.
These bullets found in a Forbes article written by Martin Zwilling. The Founder and CEO of Startup Professionals, a company that provides services to startup founders around the world. His background includes a 30-year record of accomplishment as an executive in general management, computer software development, product management, and marketing. He took the bullets from this book by William R. Cobb and M. L. Johnson, “Business Alchemy: Turning Ideas Into Gold,” These outlined points are a comparison between “Growth Entrepreneurs” and “Lifestyle Entrepreneurs”
- Owner is the only one “in charge.” Every lifestyle entrepreneur starts their business to be their own boss and follow their passion, so they don’t even think about having investors, a board of directors, or going public. If you think corporate bosses are tough, wait till you start spending investor money, or try satisfying Wall Street and stockholders.
- Insist on being engaged at the transaction level. If you are living your passion, you want to interact with customers, and “touch and feel” the product every day. Growth entrepreneurs find that this fun world quickly changes to managing personnel problems, tuning organizational structures, and dealing with testy investors.
- Income generated is part of the owner’s personal income. The legal structure of these startups is usually a sole proprietorship, a Limited Liability Corporation (LLC), or a sub-chapter “S” Corporation. Under all of these, net income flows easily into your personal income. Corporate versus personal growth really becomes a lifestyle decision.
- Startup funding comes from personal savings and family. There is no free lunch for money. Non-equity funding has to come from personal sources, or government grants, or bank loans. Of course, that doesn’t dilute the owner’s equity, but it may well limit you to organic growth, versus international rollouts and acquisition options.
- Business model to maintain lifestyle is the primary driver. The lifestyle entrepreneur chooses a business model to make a long-term, sustainable and viable living, working in a field where they have a particular interest, passion, and talent. They operate the business to sustain a minimal level of cash flow necessary to support the lifestyle.
- Maximizes owner personal tax privileges. This means that owners can look for every opportunity to get a personal tax advantage from the business, like charging vehicle operating costs to the business, renting facilities from themselves, or managing business and personal travel.
- Enjoy being visible and active in the local community. Lifestyle business owners usually benefit and enjoy being a part of the local Chamber of Commerce, Rotary, and other civic organizations. These can become part of balancing your lifestyle, rather than part of the stress of business-driven networking.
- No exit planned until retirement. A lifestyle business becomes an integral part of an entrepreneur’s identity and their life. If, and when, the time should come to “exit” from the business, they will often seek to transfer it to a family member, or simply close it down.
My Thoughts And Recommendations
The Lifestyle entrepreneur is going to be a buzzword for the next ten years; many people will take this path as their own. A huge wave of lifestyle entrepreneurs are going to come out of the cracks and crevasses of societies around the world. In my experience, lifestyle entrepreneurs either broke the standard mold of a worker, or were never molded to begin with. I enjoy my lifestyle and will explain my own life in another post.
What To Do Now? What Are Your Options?
There are now two paths that you can take: either you know you were born to be a Lifestyle Entrepreneur needing a little push in the right direction, or you are happy and content trading time for money and letting other people tell you what to do. Thats it, there is no other way about it.
If you are of the latter, where you are content and happy where you stand, don’t bother reading any more of this article or blog. I don’t want you to waste your time with privileged information and let it go wayside. No harsh feelings.
If you know with every fiber of your being you were destined for this lifestyle, welcome. If you have a pretty good idea this is for you, I highly suggest some “soul searching” needs to be performed, however please continue to read this article.
Every Second Counts Crew
We are a part of a Movement. We are a community of like-minded individuals who enjoy what life has to offer, but we also work here too. This is an exclusive movement, not just everyone can be part of it. You have to be “right in the head” as William Wallace would say. We stand together as a force, your success is determined by ours, and ours by yours’. If you think you have what it take to be a “Lifestyle Entrepreneur”, click here, www.everysecondcountscrew.com