Entrepreneur or "Lifestyle Entrepreneur"?
"...you’re learning about the best possible way to live your life, and I respect and admire you for taking the time to consciously create a life you want to live..." -Jesse Krieger
I've been hearing this "Lifestyle Entrepreneur" term a lot lately, but what does it mean??
a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk/an employer of productive labor; contractor
he habits, attitude, tastes, moral standards, economic level, etc., that together constitute the mode of living of an individual or group
Okay, interesting. So, I combine the two and I get somebody who desires to run a successful business and has standards and taste?? Sounds stuck up to me...
I may not have known it at the time, but I recognize now, that I've been an "entrepreneur" since my very first lawn mowing job. But, this whole "lifestyle" aspect is something new... Something I like!
I distinctly remember the day our local bank sent a branch representative over to talk to my 4th grade class. It was, of course, (at 10 years old) about the importance of having your own checking/savings account! I remember listening intently to this guy and feeling like a real life grown up... NOW, the thought of someone my age (or probably older) - "sitting" on one of those tiny blue chairs in a suit and tie - describing the importance of personal banking to a circle of 10 year olds, is quite hilarious...
-Nonetheless, I remember kneeling there - overcome with excitement!
Days later, my father and I were at the bank opening my very own joint checking/savings account - a proud day to say the least!
Since then - with the exception of a couple degenerate "college years" - I've been a good saver and money manager. More importantly, I've always done my best to enjoy the means by which I made my money. AKA - Enjoying the work I do has always been just as, if not MORE important to me than the amount of money I'm making. Ridiculous, right!?
-Work is supposed to be "work," not something to be enjoyed - but simply a way of trading your free time and sanity for MONEY, right?!
I grew up with a different view, and still hold onto that view today... After spending time jumping from fast food joint to grocery store as a teenager, I quickly realized that my time was too valuable to still be underpaid at the end of my "pay period." I began searching for a way to make more money in less time... This wouldn't always put me ahead, but it would allow more time for the important skateboarding, and ramp building that truly had my heart at the time... To my parents discontent, I quit my after school job, and agreed at the age of 16, to pay my own car insurance and cell phone bills, on my own terms.
-Being an entrepreneur means you value your ability to choose!
Since then I've stayed true to the work that makes me happy and have found success. Searching for the best way to optimize my free time, provide for my family, & travel the world - all while giving my best to the people I work with. I call that Lifestyle Entrepreneurship!
-In an article by Jesse Krieger, I found some clarity and a few "helpful hints" in defining my own journey...
Jesse makes a distinction between traditional "Entrepreneurs" and the new aptly named - "Lifestyle Entrepreneur." He provides us with a few examples of each, basically stating that many traditional entrepreneurs find themselves pouring most of their time, money, and often sanity into their business, while, the "lifestyle entrepreneur" focuses more on building a very fluid business, shaped to fit into their particular lifestyle...
-The "traditional" entrepreneur values MONEY, while the lifestyle entrepreneur values FREEDOM.
This is a very generalized statement but you get the point... He then offers up a few main differences in the mindset between the two. Here are a just a few that I found particularly interesting and helpful in identifying my own journey in entrepreneurship:
1 - Entrepreneurs have an exit strategy. Lifestyle entrepreneurs DON'T WANT to exit their business.
- An exit strategy is a way to get out of your business, so you can work 100 hours a week, make a nice big valuable company, then sell it before you go completely insane. Lifestyle entrepreneur’s don’t care about an exit strategy because they are creating something simple that they are passionate about to support the life they want to live.
2 - Entrepreneur’s are limited by location. Lifestyle entrepreneur’s value freedom and will make sure they can run their business from anywhere in the world.
- If you started a bakery, and you took on the role of head baker, you would have to be present every day, making sure that bread gets baked properly. If you took on a bakery as a client for your marketing business, then automated what you could and let your virtual assistants take care of the rest, then you could travel absolutely anywhere and your profit would still come in.
3 - Entrepreneurs focus on business goals. Lifestyle entrepreneurs focus on life goals.
- In the next five years, do you want your business to grow 200% and to receive $5 million in new funding from investors? Or, would you rather spend time with family, re-form your old rock band and travel the world?
It's very easy to find where both paths could lead to the opposite or overlapping outcome, but I do think he is onto something here. "What Do You Want: Your Money or Your Life?" How about Both!?
You might be ready and willing to pour 80 hours a week into your business with the hope that in a short time it will pay off big! Or maybe you want to take the "lifestyle" approach to your business.
Either way, THERE ARE NO PROMISES!
I think the MOST important thing for any entrepreneur is that which drives them. What gets your motor running, and what made you want to take this plunge in the first place? Staying true to yourself and true to your passion will lead to success, and fulfillment. You've heard people say before, "Do what you love and you'll never work another day in your life!" I believe that, and know people who "work" full time into they're 80's and are perfectly happy. The fact is, we are all different, and we all have our own definition of what the "best life" entails.
I'm living now, so I should do so. I want to experience life today, tomorrow, and when I'm 100. For my wife and I that means we do our best to travel NOW, turn our house into a dream home NOW, and spend our free time together! Why wait, until we can "afford it" or until we "have the time..." What if that time doesn't come? This sounds like it can turn into frivolous spending, but its actually quite the opposite. We save, we cut costs, we even invest in our retirement. It all boils down to proper time/money management!
Start by asking yourself a few key questions...
What am I passionate about? How can I serve others? How can I make money AND time?
For more on this or to learn what I do & how I can help you live your best life,
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