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.

Independent
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.

Flexible
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.

Resilient
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.

Committed
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.

Realistic
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

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5 Reasons Why Every Entrepreneur Should Read Books

Be it a children’s fable, a book of poems for the hopeless romantics, or a how-to guide, a book is one companion you cannot do without, whatever stage of life you are in. But is it any good for an entrepreneur? The simple answer is – yes.

Whether you are planning to start a new business or are already managing one, reading can be a great habit. If you haven’t inculcated it yet, it’s high time to do so. Also, don’t let time constraints hinder you from reading. It will only do you good.

Why is reading a good habit for entrepreneurs? Here are 5 reasons for this.

Reason 1: It enhances conversational skills: Well, Dale Carnegie’s ‘How to Win Friends & Influence People’ remains a bestseller still today! Whether it’s in the personal or professional space, communication is of paramount importance for success.

And when it comes to entrepreneurship, a little communication error can lead to big trouble.

‘Crucial Conversations: Tools for Talking When Stakes are High’ by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzler is another good example of how a book can enhance your conversational skills and help you win over challenging situations.

Reason 2: It helps understand leadership: Are leaders born? Or, are they made? What makes a great leader? What differentiates a good leader from a great one? A book can give you the answers you seek. And help you identify and hone our leadership capabilities.

‘Strengths Based Leadership’ by Tom Rath is an excellent choice in this regard.

Based on a broad survey of great leaders and their followers, this book is quite an eye-opener. Another good read is ‘Leaders Eat Last’ by Simon Sinek. Here he takes up the question of the way leaders achieve what they seek.

Reason 3: It offers business insights: Whether you need to craft an organizational blueprint, guide the people in your team or handle the numbers, the right books can help you attain the knowledge you want to effectively manage every aspect of your business.

A good example is the bestseller ‘Good to Great’ by Jim Collins.

In it, he elucidates what distinguishes a good company from a great one. And how a good one can become great by following the right methods such as identifying their best qualities, confronting harsh business realities, building and maintaining pace.

Reason 4: It facilitates work-life balance: When you start a business on your own, your entire focus is on it. And often your personal life suffers. This imbalance created by the pressures of work and life compelled Arianna Huffington to write ‘Thrive’.

In it, she redefines success, with the third metric of well-being, along with power and money.

Co-founder and President of Huffington Post, Arianna Huffington was the epitome of success, if you consider it from the perspectives of power and wealth. But her physical and mental self were suffering. That’s when she discovered the third metric of success – well-being.

Reason 5: It keeps you on track: ‘The E-Myth Revisited’ by Michael E. Gerber is a soul-stirrer for entrepreneurs. In it, he identifies the biggest myth of entrepreneurship – that it is something heroic, a superhuman effort to overcome obstacles and attain success.

It’s a reality check; it takes you through the stages of a business, from its birth to success.

Another superb book is ‘The 4-Hour Workweek’ by Tim Ferriss. If you don’t take the title quite literally, you can sure gain knowledge about how to work smart instead of how to work hard. And achieve success with this method too.

Just take your pick and learn from the people who have been there, done that.

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