5 Surprising Qualities of a Lifestyle Entrepreneur https://youtu.be/z25Crh8_PeY What is a lifestyle entrepreneur and what sets him apart from a typical entrepreneur? Let's start with the definition of an entrepreneur: An entrepreneur is someone who starts his own business. And a business is an entity designed to maximize profits. So an entrepreneur is someone who starts a business to maximize profit or income. A lifestyle entrepreneur is also trying to maximize profit insofar as it enables him live the clearly-defined lifestyle he wants. Here are some more surprising qualities of a lifestyle entrepreneur. 1. They disproportionately values resources This was a surprise to me because for a while, I thought that lifestyle entrepreneurs valued resources equally. equally valuing resources would still be in stark contrast to the standard profit-maximizing entrepreneur or profit-maximizing employee who seems to value money much more than he values freedom. How do I know this? Because time is non-negotiable in the working world. There is an endless amount of content about negotiating salary, talking with your boss about a raise, and otherwise making more money. But we rarely hear about negotiating for more time or fewer work hours with our bosses. I had never heard of negotiating for more time until reading Tim Ferriss’s 4 Hour Workweek. It's an excellent read, by the way. You can purchase it through my affiliate link here: http://amzn.to/2fEv1KO So most people seem to value money more than they value freedom because they’re always asking for more money but never asking for more time. But lifestyle entrepreneurs are at the other end of the spectrum valuing freedom much more than they value money. 2. They often appear to be workaholics (especially when they’re just starting out). So at first, the lifestyle entrepreneur seems like a hypocrite. It seems like he doesn’t even allow himself the joys of life that non-entrepreneurs experience after work hours because he’s working after work hours. The next surprising quality of a lifestyle entrepreneur is that 3. He typically avoids service providing services and instead produces a product. Basic economics says if you’re in business you either provide a product or you provide a service. Why provide a product instead of service? Well, service providers exchange time (a form of freedom) for money. Another way to phrase that statement is: service-providers sell their freedom. If you remember the first surprising quality of a lifestyle entrepreneur, it’s that he greatly values freedom over money. So lifestyle entrepreneurs don’t usually sell their freedom because it’s nearly priceless. Now imagine a lifestyle entrepreneur who sells a product like a book. There’s no real limit on the quantity of books he can sell or increased stress if he sells more. He puts the same amount of effort into the creation of the book whether he sells 15 or 15 million. And if his content is timeless, there’s no reason why that book cannot continue earning him money for the rest of his life. This is just one of many examples of why lifestyle entrepreneurs typically choose to produce products instead of provide services. The 4th surprising quality of a lifestyle entrepreneur is that 4. He doesn’t want investors or venture capital. Most entrepreneurs would love to have investors because it would mean validation for their idea and company. It could mean more money not just for them but more money to invest in their business. It could mean a lot of great things. But outside investors would also make the entrepreneur a service provider. Suddenly, he would be providing the service of turning his investors money into more money . And like I said before, lifestyle entrepreneurs typically don’t like providing services, they prefer selling products. This idea goes hand-in-hand with the last surprising quality of a lifestyle entrepreneur and that is that he often 5. Works alone At least… For the most part. Sure the lifestyle entrepreneur probably has virtual assistants and contract workers. But he retains ownership of the business because as soon as he gave that up or sold a portion of ownership, he would not only be providing the service of turning his investors’ money into more money, he would also answer to that equity holder in his company. And anyone you answer to is your boss. To recap, the 5 somewhat surprising qualities of a lifestyle entrepreneur are: 1. He greatly values freedom over money 2. He might appear to be a workaholic 3. He usually produces a product instead of providing a service 4. He doesn’t want investors or venture capital 5. And he often works alone or is the sole owner of his company Thanks for watching! And if you liked this video, please subscribe and let me know what other topics in lifestyle entrepreneurship, passive income, or internet marketing that you want me to cover in the comments!
Comments
Post a Comment