You’ve been reading a lot about the great resignation, TikTok trends on how to ditch the 9 to 5, the digital nomad life, the travel blogger life, etc. The common thread to all of these trends is to stop leaving the best years of your life trying to make money to grow old and not enjoying what you work so hard for. The lifestyle entrepreneur concept focuses on designing a profitable business that supports a lifestyle from the beginning, allowing you to work in industries aligned with your long-term interests, passions, and ideals.
How Do You Become a Lifestyle Entrepreneur?
While this may sound like a dream, it’s not for everyone. There are certain factors you need to consider before you start your path of becoming a lifestyle entrepreneur.
- Understand what makes you an entrepreneur and the mindset you need to succeed.
- Decide the type of lifestyle you want to experience.
- Be highly organized and efficient since you are a one-person company doing everything by yourself and working more hours than in a regular job when starting the venture.
- Implement a good business model, be consistent, and network to gain that coveted freedom.
Let’s start by understanding who is an entrepreneur.
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 about 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 an 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.
Becoming an entrepreneur might be a good idea for you if you have plenty of the characteristics I mentioned:
- Believe in the power of positivity and will work on implementing your business ideas (even when they seem unattainable).
- Easily overcome challenges because you don’t quit at the first sign of trouble,
- Seek to implement a business model that allows you to live a happy and fulfilled life.
But before you begin to design your journey as an entrepreneur, it is crucial that you understand what type of entrepreneur you want to become.
There are Different Categories of Entrepreneurs
Depending on your source, they go from 5 to 7 different categories of entrepreneurs.
Some of them are based on traits (innovators, hustlers, imitators), impact (social, small business), or capital (scalable startup, large corporation).
Nonetheless, there are four commonly accepted categories of entrepreneurs:
- Small Business -think your neighborhood friendly store –
- Scalable Startup – typically in the tech industry and uses seed money-
- Large Corporation -think of new divisions within an established company-
- Social Entrepreneur -driven by purpose and fulfillment-
I’d like to draw your attention to the last category: Social Entrepreneur.
A social entrepreneur is a person whose driving force is “purpose” and passion for creating a business that changes their lives instead of only making profits.
Even though some authors say that the idea of a social entrepreneur is a relatively modern one, purpose-driven businesses are nothing new.
Sir Richard Branson, Ariana Huffington, Martha Stewart, and Jessica Alba sought to create a meaningful business in their lives and change the lives of others. And that my friend, is what I identify as a Lifestyle Entrepreneur!
For me, a social entrepreneur is a synonym for a lifestyle entrepreneur.
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 life purpose and not merely based on profits.
You don’t need to inherit a massive fortune or be a celebrity to succeed.
What you need is a driving force behind your business idea.
Some Other Examples of Lifestyle Entrepreneurs
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. 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 to live a fulfilled life.