What is a lifestyle entrepreneur?
Being a lifestyle entrepreneur is about turning your interests and passions into products and services that serve others. It requires the marketing and management of your own ideas to create a business that you can market to others who hold an interest in the same areas as you. Lifestyle entrepreneurs create value by offering their own unique expertise and use this to improve their own lives and the lives of others.
Since the COVID-19 pandemic began, we’ve all had plenty of time to think about our goals, passions, and interests. The emergence of people wanting to change industries and jobs has been dubbed ‘The Great Resignation’ as so many of us have come to the conclusion that we’re no longer happy with where we are, and that it no longer serves us.
Luckily, our ability to work remotely, start a business, or become sole traders has never been more opportunistic. If you’re considering becoming a lifestyle entrepreneur in a world where the industry is abuzz and continuously expanding, make sure you take everything into consideration to help you make the best business decisions for yourself.
Here are the 6 truths about lifestyle entrepreneurship!
1. Being a good student is not the only consideration to success
Most industry sectors are missing talents with strong leadership and management skills. They lack entrepreneurial spirit and innovation while higher education providers keep producing graduates cast in the same mold and cut oﬀ from the reality of the markets.
Students are conditioned to believe that they can rely solely on their diplomas and degrees to secure a good future. They learn useful information from course work but the practical element of experiencing the industry is largely left out until it’s tie to venture out and carve their own path. Certainly, they should learn principles and theories relating to industry practices, however it is the real-world experience that shapes an entrepreneur and professional.
There is also a shift in attitude arising from purely academic work to practical and real-world learning. The mentors at MnM chose this path because they felt a need for a more vocational approach to explore their own passion and build their ideal lifestyle. They strive to teach participants how to turn their desires and aspirations into a marketable product or service. They forget about counting their hours because they are engaged in what they like to do. They express their personal values and put them into something that can provide benefits to others.
2. Your passion cannot be measured by financial success alone.
Money can’t buy happiness and at first glance, what we have learned from the delivery of our Lifestyle Program at MnM Institute over the past 10 years seems obvious; higher income earners are generally happier because financial security breeds comfort. But dig a little deeper into the findings and we get a lot more surprising responses into what kind of freedom motivates participants the most.
Out of selection choices of potential definitions for their individual freedom, responses were:
• Money Freedom (earning more to spend more in the hope to achieve happiness) – 2%
• Time Freedom (arranging your own time without the compulsory 9-5 commitments) – 45%
• Relationship Freedom (working with people you like and enjoy their company) – 14%
• Spiritual Freedom (engage with reality based on the present moment rather than previous unconscious beliefs and associations) – 6%
• Physical Freedom (ability to move around without being tight to a specific place to earn a living) – 33%
Our participants responses match that of new research which has given us a much deeper understanding of the relationship between what we earn and how we feel.
3. A competitive mindset will make you lose your passion!
While competition can motivate us to work our hardest and optimise our performance, it can also have negative effects on your lifestyle since it shapes an unhealthy outlook on the work/life balance. When people think of competition, they typically think of a “winner-takes-all” mentality and in order to achieve, we usually adopt habits and responses that lead us away from what we actually set out to do in the first place.
Sure, we need to maintain an awareness of what our competitors are up to, but trying to match our strategies every time a player makes a move in a different direction easily leads to focusing on the wrong things. Your brand may be seen as imitating (and one-upping) your competitors rather than coming up with original ideas. To avoid falling into the trap of trying to stay fully competitive with all market players, keep your focus on customer satisfaction, teamwork, and going above-and-beyond to manifest your vision becoming a reality.
4. The best brand stories are built on the founder’s passion!
Every company needs a story to tell the world why, what, and how. We are programmed to enjoy an interesting and captivating story, and modern-day businesses use their motivations, intentions, goals and visions to form a connection with their target audience.
A brand’s story is absolutely essential to selling your product or service. It has been said that some of the best brands in the world have gained their exclusive status by being themselves and by not aiming to imitate. All brands display in one way or another a particular attitude, belief or behaviour associated with its founder, and this is what shapes it’s culture. A brand’s story must be true, and although you can’t control a brand’s narrative (and your audience may take it places you’d never expect it to go), you can shape it.
5. Thinking in a certain way will bring your passion to life.
A clear vision of how you define success combined with a growth mindset goes a long way when it comes to achieving success. The ability to think diﬀerently and develop a habitually courageous attitude can be the diﬀerence between failing and achieving more than what you thought possible. A fundamental belief in ourselves and our ability to accomplish whatever we set our minds too, enables us to succeed at whatever path we chart for our future. It’s like the saying, ‘If you think you can, you can. If we set realistic and exciting goals, we are more likely to break them into manageable tasks we can accomplish,” says psychologist Nicole Martinez Psy.D., LCPC
6. In order to get what you want, you must act!
Wallace D. Wattles wrote “In order to get what you want you must act!”. At MnM, we believe that defining your ideal lifestyle should be the start of your journey. We assist you to establish a strategy to make your vision a reality and identify the role you want to play in society.
MnM’s Program aims at making you rediscover yourself and reinvent your life. When you know your strengths and weaknesses, your values and your priorities, the places where you want to be and the people you want to see, you know what you can bring to the world that you do better than anyone else. Then all you have to do is to show to your potential clients how your dedication to your passion responds to their needs. We will show you that you don’t need a genie in a bottle to build your dream company or freelance business.
By Rob Schafer – founder | chairman of mnm institute
LAUNCH & GROW YOUR STARTUP
If you’ve never started a business before, and you think it might be something that you’re interested in, then this is for you. 💪 ✈️
About this program
When you’re an entrepreneur it is priceless to be connected with others like you. People walking the same path, sharing the same challenges. Networking is a true investment in your business and if you are well connected, you will find what you need at your fingertips.
Learn about quick and affordable ways to grow your brand. Choosing the best growth strategy for your Start-Up can be tricky but we will show you how to transform your ideas into profitable business opportunities. 🏆
Mentors have gone ahead of you in their journey, they have experienced the ups and downs of entrepreneurship. Your chance of success increases with getting access to the business knowledge and guidance of our experienced professionals.
As a world class Start-Up educator, we know what it takes for the next generation of entrepreneurs to succeed. We will give You all the tools, strategies, information, support and advice to turn your passion from a dream into a business reality.
You’ll leave armed with a ‘straight to market’ strategy plus we’ll help you build the confidence you need to take the leap.
❌ Business Model Canvas + Lean Startup
❌ Market Environmental Analysis
❌Target Audience and User Personas
❌ Business / Marketing / Social Media Strategy
❌ Company Setup and Funding Options
❌ Web Domain / Hosting (1 Year)
❌ Pitch Deck
Starts 4 April 2022