Being a Lifestyle Entrepreneur helps me enjoy my midlife years running my business and inspiring other women to love entrepreneurship as much as I do. It is a new approach to entrepreneurship that makes me feel happier and fulfilled.
I work from home because I love the freedom to go in and out as I need to, enjoy my family, and try Snapchat filters!
But what exactly is a lifestyle entrepreneur?
Before I share my definition with you, I want to discuss who an entrepreneur is and what it takes to become one.
An entrepreneur is a person whose driving force is innovation and passion for creating new profitable ventures. Yes, an entrepreneur has a keen eye for business opportunities, and above all, an entrepreneur is a self-starter, risk-taker, and problem-solver in pursuit of a successful life.
There are many other definitions of who is considered an entrepreneur, but the truth is, it all comes down to the mindset behind every entrepreneur. Solving unforeseen challenges and dry seasons is practically impossible without the right mindset. Not having the right mindset is one of the first reasons many startups fail in less than a year, the second one is lack of planning, and the third one is poor marketing.
How do you know if you have an entrepreneurial mindset? Well, it is not set cast in stone, but here are some characteristics that might help you identify if you are part of the clan!
Entrepreneurs are passionate, you can spend endless nights working on your idea and the different ways to make it happen, and of course, you are not shy explaining what such an idea is or how you came up with it. Following your passion is one of the best predictors of success.
Entrepreneurs are optimistic. You believe in the power of positivity and will work on implementing your ideas, even when they seem unattainable, Which pushes you to become resourceful, tenacious, and creative.
Entrepreneurs are confident and focused, this is not to say you won't have self-doubt or double guess your idea, but you can easily overcome it because you don't quit at first, second, or even hundredth obstacle.
What a Lifestyle Entrepreneur is for me.
In the same sense as the entrepreneur, a lifestyle entrepreneur is a person whose driving force is "purpose" and passionate about creating a business that changes their lives instead of only making profits.
Even though some authors say that the idea of a lifestyle entrepreneur is a relatively modern one, purpose-driven businesses are nothing new. Sir Richard Branson, Ariana Huffington, Martha Stewart, and Jessica Alba are some of what you can call Lifestyle Entrepreneur because they all sought to create a meaningful business in their lives and change the lives of others.
I know what you are thinking right now. "They all have great fortunes behind" or "They were already famous before starting a business!" But a lifestyle entrepreneur is about creating a business that allows you to do what you always dreamt of, focused on your lifestyle and not only on profits.
You don't need to inherit a massive fortune, be a celebrity to succeed. What you need is a driving force behind your business idea. Take Marie Forleo, for instance; she is an entrepreneur and philanthropist whose purpose is to help others become who they want to be; or Amy Porterfield, who helps online entrepreneurs with their digital courses, and what about Chris Guillebeau, who traveled to 193 countries before his 35th birthday (green envy here) and wrote The Art of Non-Conformity, which gives you the tools to live differently? They all have a driving force: the desire to live differently and on their terms.
For me, a lifestyle entrepreneur also has an understanding of success. The concept of what success is goes beyond profits and focuses more on happiness, fulfillment, and purpose.
The business is a success because of how committed you are and resilient because, for you, failure is not an option. You continue to work toward success, pivoting until you achieve your goal.
In short, a lifestyle entrepreneur is a purpose-driven person who successfully implements a business model that allows them to live a happy and fulfilled life.
What Lifestyle Entrepreneur is Not
Many future entrepreneurs get side-tracked by the "internet famous syndrome," you know, going after products and services that promise fast results and celebrity-like glamourous life, but that is not what lifestyle entrepreneurs do.
It is not a "get rich quick scheme" like in any successful business; the commitment and time invested in the startup are crucial.
It is not a chat-bot business; certain automation is essential for business growth, but there is always a human behind it.
It is not only a nomadic experiment where you leave everything behind seeking adventures. Many home-based businesses help you become a lifestyle entrepreneur.
5 Reasons Why I am choosing Lifestyle Entrepreneur over a Startup, a Job, or a Partnership.
Working from home and then starting my own business were the first steps on my entrepreneurial journey. I noticed that I had more freedom and flexibility as a lifestyle entrepreneur than many traditional entrepreneurs; of course, being a lifestyle entrepreneur isn't suitable for everyone. However, there are many reasons why you might want to become one.
Spend more time with my family.
Make my own schedule and select my clients.
Focus on my strengths and personal growth.
Do the things I love while also making money from it.
Enjoy my career with technically no limits to my income.
If you're able to automate your business, it is possible to grow and have different sources of revenue. For instance, if you are an educator, you can write technical books and obtain passive income from sales of your books once they are published on the market. Create digital courses and give seminars based on your books. Once you have positioned yourself as an expert, you can pitch your brand to different companies for sponsorships.
Becoming a lifestyle entrepreneur might be a good idea for you if you have plenty of the characteristics I mentioned, and you believe in the power of positivity and will work on implementing your business ideas (even when they seem unattainable). You can easily overcome challenges because you don't quit at the first sign of trouble, and you are seeking to implement a business model that allows you to live a happy and fulfilled life.
But before you begin to design your journey as a lifestyle entrepreneur, it is crucial that you understand what kind of life you want to live, identify your passions, create a plan and use the right tools.
In the next post, I will talk about how to design the lifestyle you've always dreamed of.