10 Ways to Achieve Success as a Lifestyle Entrepreneur

Too many professionals struggle with an unhealthy balance of work and play, as their careers take over the majority of their time and leave them with little energy to devote to other priorities such as family, friends, and personal well-being.

Is there a way to find happiness through a successful career that will allow you to still enjoy all aspects of your life? Believe it or not, there is. You, too, can join the ranks of the lifestyle entrepreneurs.

A lifestyle entrepreneur is somebody who goes into business – not primarily for financial rewards – but for lifestyle reasons. Instead of money, the most common motivation of the lifestyle entrepreneur is a fierce desire for independence. They desire to work for themselves, and run a business that is aligned with their lifestyle.

Studies show more and more people are turning towards lifestyle entrepreneurship. According to the market research company Warrillow and Co., as many as 90% the roughly 20 million American small business owners appear to be motivated by lifestyle more than money. In a 1999 Lou Harris survey, it was found that money was the main driver for very few small entrepreneurs and self-employed people. Instead, nine out of ten entrepreneurs said a desire for independence prompted them to become entrepreneurs.

Lifestyle entrepreneurs generally have a passion that they are yearning to turn into a career and my job is to help show them how to turn that passion into profits.

Anyone can become a lifestyle entrepreneur. It’s all a matter of perspective. Discover the greatest success that goes beyond the bottom line—the success of a fulfilling lifestyle. The following are my ten ways to create success as a lifestyle entrepreneur:

1. Define Your Value System: What is important to you?

A value is a belief, a mission, or a philosophy that is really meaningful to you. Whether we are consciously aware of them or not, every individual has a number of personal values.

Values can range from the ordinary, such as the belief in hard work, self-reliance, and punctuality, to more psychological values, such as concern for others, trust in others, and harmony of purpose.

In order to succeed as a lifestyle entrepreneur, you must know what is important to you and honor it both in business and in life.

2. Define Your Vision: What does your life look like in the next three years?

A compelling vision can help you succeed, be more satisfied with your life, and get the most out of your business relationships.

Numerous experts on leadership and personal development emphasize how vital it is for you to craft your own personal vision for your life.

And here’s a tip when you put that vision in writing: the subconscious part of the brain only understands now – the present tense – so it is important to phrase your vision in the present tense.

3. Define Your Mission Statement: Tell the world how your vision will come alive

In developing your own mission statement, you can develop a better understanding of the strategic management process and, more importantly, learn a lot about your own personal beliefs, values, needs, strengths, and weaknesses. It will also help you identify personal goals and objectives that are consistent with who you are and who you wish to be.

A useful mission statement should include two pieces: what you wish to accomplish and contribute, and who you want to be – the character strengths and qualities you wish to develop.

4. Live from Choice: Be willing to accept rejection and reject acceptance

Your purpose, values, passions and mission create the framework for you to live from a place of choice. You determine how your life will be. It is truly powerful. It is blissfully peaceful.

So what does it mean to live from choice?

Living from a place of choice means to consciously choose the results you desire, and to take inspired action to make them a reality. It’s about having the power to say “yes” when you mean YES, and “no” when you mean NO.

5. Fire the ‘Committee’: Clean up your environment

We all have a committee, whether it be friends, family or colleagues – or even ourselves – telling us how unrealistic our dreams are. The committee’s job is to create doubt and attack our values.

Remember, you are a product of your environment. The principle of association says that who you will be five years from now comes down to two primary influences: the people you associate with and the books you read.

I recommend firing the committee and going with your heart and a strategic plan. Be more committed to the dream than to the reality.

6. Create a Plan and Take Substantial Action: If you fail to plan – you plan to fail

“Knowing is not enough, we must apply. Willing is not enough, we must do,” wrote the German philosopher Goethe.

Top performers understand that lasting success is a numbers game: the more action you take, the more results you reap. Create a plan with results based outcomes.

For example, don’t just jot down “Make Calls Introducing Business.’ Instead, create a plan that has a result in a specific time. “Call 10 Influencers in my community and secure lunch with 70% of them to introduce business and create a commitment of support by August 1.’

No matter how committed you are to the dream, you must take action to succeed.

7. Replace the Committee with A Mastermind Group: Surround yourself with excellence

Great minds don’t always think alike. That’s why the best leaders turn to mastermind groups – a growing business phenomenon attracting successful professionals who seek objective advice, motivation, group synergy and different perspectives to accomplish their most important goals.

It’s easy to feel isolated as an entrepreneur. It’s difficult to find peers who understand your challenges and issues. That’s where a mastermind group comes in.

In a mastermind group, the agenda belongs to the group, and each person’s participation is essential to its success. Your peers give you feedback, help you brainstorm new possibilities, and set up accountability structures that keep you focused and on track.

Your mastermind group creates a community of supportive colleagues who will brainstorm together to move the group to new heights. Think of it as your own Dream Team!

8. You Don’t Have to Be a Superhero: Hire support in areas where you are challenged

There is no such thing as free. If you bill $100.00 per hour and spend fifteen hours a week doing administrative work, you have just wasted well over $1500.00. You could have spent that time developing passive revenue or making sales calls. The same is true if you are weak at accounting or marketing.

Hiring others to do the work that you waste your time doing allows you the freedom to create more profitability for your company. You’ll concentrate solely on your business, not the mundane tasks that are inherent in business. Making money is what business people do and the more time they have to concentrate on their business, the more money and opportunity they will create.

9. Create Passive Income: Generate revenue while you sleep

Creating a passive revenue stream does three things:

Builds your brand and expert status frees up more of your time because you are not in face to face meetings generates income literally while you sleep. Passive income includes things like affiliate programs, referral programs, infoproducts and pay-for-inclusion communities.

If you are an expert in your field and can answer questions about how you became successful, then you can launch your own passive income stream and profit in your sleep.

10. If You Don’t Succeed – Try, Try Again!

Legendary baseball great Hank Aaron once said, “ Failure is a part of success. There is no such thing as a bed of roses all your life. But failure will never stand in the way of success if you learn from it.”

The one great thing I can tell you about failure is that now you know exactly what doesn’t work. When you come up against an obstacle identify what went wrong and change it. Then try again.

In running your own business there is no place lack of commitment. Remember, there is more than one way to achieve your success. Find out what works for you.

Whether you currently are an entrepreneur or dream to become one, embracing these lifestyle entrepreneur traits has many advantages. You remove the traditional entrepreneurial stigmas and allow yourself more room for growth.

So if you’re ready to step forward and declare that you desire to live a meaningful and wealthy life, then it’s time to make your move. Shift your perspective and become a lifestyle entrepreneur today.

Copyright (c) 2006 UpLevel Strategies