What Is A “Lifestyle Entrepreneur”?

Refreshing business meeting experience

Definition

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

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I’m WUN OUTLAW aka,Tyler Howell. My story is one that has been heard before. I grew up in a hard working family, I was the oldest of the four brothers, my parents own a few restaurants/businesses, so naturally I became their best employee. I grew up in restaurants my most life so I know the restaurant industry, from the kitchen to the bar to running and operating franchises. In 2008 I graduated fom Westminster College, Utah, with a Bachelors in Marketing, it was the model that I was taught to do just like everyone else, go to school, get good grades, get a degree so you can get a good job… Guess what? I still made more money working in restaurants, than with the piece of paper that said, “I was smarter now, so pay me more!”. The harsh reality set in, we all felt how bad the economy was in 2008, when I went to interview for marketing positions, I found myself competing against my mentors, with 20+ years of experience. I didn’t stand a chance against them. All my life, I grew up around entrepreneurs, I saw how they lived, I saw how my family lived. I knew from the beginning that even though the “go to school, get good grades to get a good job” model was what I was taught, it was not what I believed in. I know that being an entrepreneur isn’t easy, but it’s very rewarding if you are good at it! Long story short, at the end of the day, I wanted to make more money! Up until that point in my life, my research and experience proved that neither the corporate or restaurant industry could pay me what I truly dreamt of. Throughout the years, I’ve been in Real Estate, including lending and real estate investing. I had my share of direct sales, commission-only sales, etc. trying to find the industry that was going to pay me what I truly desired. I played around in Network Marketing for a few months, but never took it seriously like my other ventures, up until February 2013. In February, two fairly new friends came over to my house and shared with me a company’s vision of empowering every single household in America to obtain an extra $500 a month. When I learned about this Movement, I decided to join WakeUpNow and never looked back. Over the course of the past 12 months, we soon realized we had found a huge need for online tools/platforms to market WakeUpNow to and run a profitable online business with WakeUpNow. The Founders of WakeUpNow, Richard Smith, Jon Holbrook, Dale Gibson, and Troy Mulstein and our team came together and formed SystemWUN to provide marketing/training tools for individuals, households, and small businesses to be successful in WakeUpNow. We have developed and proven this model to be successful time, and time again. We have created the most revolutionary online business strategy providing the best financial & marketing tools available in business to start your own small business, home-based business, or online business. We are a Community of Lifestyle Entrepreneurs, Every Second Counts Crew. We are a Movement for The Re-Distribution of Wealth Knowledge. Join Our Community Today.

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Posted in HUBLIFE, LIFESTYLE ENTREPRENEUR, TEAM GREEN, Uncategorized, WAKEUPNOW, WUN OUTLAW, WUNLOVE
One comment on “What Is A “Lifestyle Entrepreneur”?
  1. […] What Is A “Lifestyle Entrepreneur”? (wunoutlaw.wordpress.com) […]

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