With the advent of the Digital Age, a new breed of entrepreneur has evolved. This new breed of entrepreneur is unlike almost all of the entrepreneurs before them, in both their values and in their day-to-day activities. This entrepreneur creates businesses for the sake of working on those businesses, not in them. These entrepreneurs create businesses that operate almost exclusively on the internet and are run almost entirely on autopilot.
These entrepreneurs strive to create a specific lifestyle, and they build businesses that reward them with that lifestyle, while simultaneously offering valuable products and services to customers all over the world.
Before we determine whether or not you’re meant to be one, let us first take a look at the definition of this newly created term…
A Lifestyle Entrepreneur Defined:
Here are 7 signs you’re meant to be a lifestyle entrepreneur:
Navigating your way up some corporate ladder is the last thing you want to do – not because you don’t value achievement or advancement, but because corporate culture in general is a big turn-off for you. You couldn’t care less what someone’s title is, who got what promotion, who has a corner office, etc. These things mean very little to you. You have no interest in sucking up to superiors, and you wouldn’t be caught dead hanging around a water cooler gossiping about some of your colleagues. Your ego and your title have no relationship.
You absolutely hate sitting in traffic. Having to commute back and forth to the same location, day after day, week after week, month after month, next to all the other people who are doing the same thing is depressing to you. Your idea of a good commute is walking from your kitchen to your home office, from your home to the coffee shop down the street, or from your hotel down to the lobby restaurant. Your distaste for commuting is one of the biggest reasons why you choose to build an online business.Having a business that operates online allows you to work from anywhere and especially not commute to the same physical location every day.
You’ve always been a hard worker, and you respect people who have a strong work ethic. But when given the choice, you’d rather work smart than work hard. As a result, you are constantly thinking of ways to make every single task you do simpler, more efficient, and less time consuming. You constantly ask yourself “is this the best way to do this?”, and if it’s not, you find a better way. It bothers you to see other people do something in a way that is obviously inefficient, and their only reasoning for doing so is that “that’s the way it’s always been done.”
You are a strong advocate of outsourcing and automation. Every business you build is designed to run almost entirely on autopilot, requiring as little time and resources as possible while still remaining profitable. Your job is essentially to create and manage efficient systems, enabling you to work on your businesses instead of in them.
You have high standards, but you’re not a perfectionist. If someone else can do something almost as good as you can, you are likely to delegate the task to them. In areas where you have little experience or skill, you are happy to hire someone else to do the work for you. At the end of the day, you value your time more than you value money. If paying others to do specific tasks for you means that you get to enjoy more free time while still generating a profit, you’re happy to spend the money.
The majority of the population trades their time for money. Consequently, they immediately have a ceiling on their income potential. Of course, you are not a part of this majority. Instead of trading the limited amount of time you have each day for a finite amount of money, you prefer to invest your time in activities that will pay you over and over and over again. These activities include setting up systems that will work for you, training people to work for you, and creating or acquiring income-producing assets that will pay you over long periods of time (other businesses, real estate, digital products, etc.).
You like your income to be a reflection of the value you bring to the marketplace, not the time you trade to the marketplace. This is precisely why you are a big fan of leverage. Leveraging systems and other people’s time and resources enables you to provide more value to more people in less time. By focusing on value provided instead of time worked, you remove the ceiling on your income potential.
You thrive in highly stimulating environments. If your daily activities become too familiar, too easy, or too repetitive, you soon get bored. You may have even been classified as having Attention Deficit Disorder (ADD) when you were in school, but as an entrepreneur, this can be an asset. You are able to juggle many different projects at once, and love the thrill of a challenge. You are extremely creative and have new ideas regularly. Not having the freedom to pursue your ambitions would be the ultimate imprisonment.
The last sign that you’re a lifestyle entrepreneur is that your most cherished value is freedom – freedom to do what you want, when you want, with who you want, regardless of the cost. You don’t believe in job security and especially don’t believe that having just one source of income (ie. from a job) is an intelligent strategy, at least from a financial perspective.
You believe that true freedom is achieved through financial independence, which you define as the ability to live off of the income generated from your own personal resources. You work to create multiple streams of passive income that provide you with the freedom that no job ever could.
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