Young people in a collaborative creative space – Millennials and business technology… (+) Concept
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We've all heard of, and perhaps even envied, the current crop of billionaire entrepreneurs who seem to have it all when it comes to financial success: Elon Musk, Jeff Bezos, Bill Gates, etc. But after years of mentoring aspiring entrepreneurs, I'm convinced that more are motivated by lifestyle than money, and that these are the people you should follow to find true fulfillment.
The entrepreneurial lifestyle is a mindset that embodies a lifestyle and passion for a cause over profit. Entrepreneurs are driven to change the world, but first and foremost, they seek to combine their personal interests and talents with their ability to live happily and in harmony with their family and community. Finances are important, but they are not the overwhelming driving force often found in happy business owners.
In my experience, new business founders are more likely to be successful and more satisfied if they embody a set of characteristics that I define as the entrepreneurial lifestyle mindset:
1. Enjoys direct interaction with customers and products. Lifestyle entrepreneurs tend to enjoy the early stages of a business and starting new ones, rather than facing the challenges of meeting Wall Street expectations or scaling a business by hiring and developing people and processes. They focus more on tactical issues than strategic issues.
2. You like making your own decisions and living by them. If you're frustrated with having to cater to your boss' passions and goals and you're comfortable with making decisions, then starting a lifestyle business could be the perfect fit for you. But remember, you can't run a business alone. You need a team to deliver results and you need customers to satisfy.
3. Support and Leadership in the Community: Living a balanced lifestyle between personal and professional life is a key mindset for many business founders to overcome stress and isolation. These business leaders also expect to receive something in return from their communities in the form of customer referrals, loyalty, networking, and recognition.
4. Bootstrapping with personal assets is the ideal deployment. Dealing with demanding investors and equity funding is seen as a burden to be avoided if possible. Of course, this can limit the organic growth of your business, but it's an exciting challenge. In a personal all-in lifestyle, your commitment and tenacity are supported and rewarded.
5. You expect a personal return on your investment. Corporate returns based on stock price growth and an eventual exit event are not your top priority. Your lifestyle and satisfaction depend on receiving early dividends and a reasonable salary. The prospect of big financial results in your pocket from early growth and expansion are key motivators.
6. Focus on a steady source of income to support your activities. Lifestyle entrepreneurs aren't looking for corporate management roles, but rather prefer to make a continuous contribution to an area they have a passionate interest and talent in. In most cases, this passion has a nobler purpose, such as protecting the environment or helping the less fortunate.
7. Leave a lasting legacy for your family when you retire. Community and family are important to lifestyle entrepreneurs, and it is most often these people who receive business legacies through designated ownership or philanthropy. These business owners do not seek to exit the business early or have their business bought out.
I am pleased that many of the young entrepreneurs I meet tend to be less driven by money and more focused on lifestyle, passion, and the lofty purpose of making the world a better place. This may seem idealistic, but I've found that creative dreamers are the source of the great innovations we all take for granted in a chaotic global marketplace.
It's always disheartening to see necessary innovations thwarted by “get rich quick” expectations, or to see unhappy business owners who are financially successful but still unsatisfied. How many of today's billionaires are truly happy, or wish they had focused more on their lifestyle rather than the finances of their business?
