5 Personal Qualities That Make Up a Lifestyle Entrepreneur
When you organize a business and assume responsibility for its success or setback, you become an entrepreneur. But what makes someone a lifestyle entrepreneur? It is essentially the basic premise of placing passion before profit.
One marked distinction between an entrepreneur and a lifestyle entrepreneur lies in their attitude towards money. While an entrepreneur is in pursuit of profits, a lifestyle entrepreneur is satisfied with just ‘enough’ of it.
A lifestyle entrepreneur loves what they do and do what they love, even if it means a little less money.
Their focus is more on the lifestyle advantages that working on their own businesses offer – being at home with family, flexible working hours, satisfying creative spirits, working with people they want to, or for other such reasons.
But not everyone can be a lifestyle entrepreneur. It requires specific personal traits. Along with the urge to make a business out of their passion, they also need to have the right kind of attitude and approach to ensure their success.
To be a successful lifestyle entrepreneur you need to have the right personal qualities.
An independence of spirit is essential to succeed as an entrepreneur. And it is indispensable for a lifestyle entrepreneur. Your will to do something on your own, to put your passion into practice, and earn from it, is your only driving force.
Take for example the homemaker who bakes cookies as gifts for her family and friends. And she loves it. She will be happy to continue doing it. But with an independence of spirit and a goal to do something, she may very well start a business of handcrafted cookies.
One of the reasons individuals want to have their own businesses is the flexibility they get with regard to working hours. But again, flexibility in approach is another personal characteristic that a lifestyle entrepreneur needs to possess.
Be it selling a product or providing a service, you need to strategize according to your target market, your industry, and your customer. If you aren’t flexible enough to adjust your tactics to the variable situations, you won’t be able to achieve success.
Lifestyle entrepreneurs aren’t in pursuit of money. But that doesn’t mean they aren’t bothered about it. The only factor is that they are satisfied with just enough for their efforts. But again, they aren’t broken down by their failures.
Resilience of character is an essential trait of such an individual. They are equally capable of handling a success (which don’t go to their heads) as well as a failure (which doesn’t crush them). They treat them as stepping stones on their path to do what they want to.
When you decide to become a lifestyle entrepreneur, don’t just proceed without a plan. Focus on being the best in whatever you plan to do. And plan it well before you even take the first step.
Your first task is to decide what you want to do. Make a note of what points you will want in your new venture. After you identify the right business, do your research about the industry and the target market. Look for opportunities and make use of them.
Not every one of your wishes will be fulfilled. You need to understand this. If you think that you will achieve success in six or twelve months, it is just a plan for disappointment. A successful lifestyle entrepreneur is one who is realistic.
It is a good idea to set goals. But extend the bigger ones over a span of time. And you will be able to achieve them. Set unachievable goals and you are bound to be let down. Lifestyle entrepreneurs know this, and maintain a realistic approach to attain success.
For a great book in reference, we recommend Jesse Krieger’s piece entitled “Lifestyle Entrepreneur: Live Your Dreams, Ignite Your Passions and Run Your Business From Anywhere in The World.”
Listen to my interview with Jesse Krieger taking an in-depth look inside his book >>> LISTEN NOW