Lifestyle Entrepreneur Statistics

An owner of a small business is on her own mission: to stamp out that “Pull the covers over your head while moaning ‘I hate my job’ and Mondays Suck!” ritual that occurs with a majority of the American population. She is helping people create profitable business models doing what they love to do. She is helping America turn their passions into profits!

What is a lifestyle entrepreneur?

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 the most common time for a heart attack to occur is Monday morning between 8-9.1.5 million heart attacks occur in the United States each year with 500,000 deaths. Women’s Heart Foundation 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.

According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year, and 95% fail within the first five years. They site the top reasons for small business failure as being a lack of planning, a lack of differentiation from competition and having a poor marketing strategy.

Statistics prove that 65% of Millenials (born between 1980 and 2000) are interested in starting their own business. Generation X (born between 1965 and 1980) employees tend to be less motivated by promises of overtime pay and are more motivated by personal satisfaction with their jobs. More than 65 percent of 14 to 19-year-olds are interested in starting a business, compared with about half of the general public. (Kauffman Center for Entrepreneurial Leadership).

Millennials have an optimism not seen among kids in decades. ( May 8, 2000). Today’s entrepreneur isn’t as much focused on money and power as he or she is “wildly excited’ about an idea and utterly convinced of its success and its ability to change the industry, the world and how people live. (FORTUNE June 7, 1999) Today’s entrepreneurs experience “entrepreneurial insight,’ a clear vision of the opportunity at hand and knowledge of what must be done to prevail. (Ian C. MacMillan of the Wharton School ).

A study of MIT graduates who had gone on to start technology-related businesses shows that 70 percent of the starter-uppers had parents who were entrepreneurs and that nearly all possessed a powerful drive for accomplishment. (FORTUNE, June 7, 1999). In the 1980s, only 1 or 2 percent of graduating MBAs wanted to start out as entrepreneurs; today 10 to 20 percent want to be their own bosses. (U.C. Berkeley).

“Control of destiny” is the most commonly cited career goal of young entrepreneurs, and 87 percent of entrepreneurs say the reason they left corporate life was to gain more control over their lives. (Inc. Magazine). There are approximately 25 million small businesses in the country. More than 10.5 million Americans are self-employed. ( U.S. Small Business Administration). Small businesses currently employ more than half of the country’s workforce and account for more than half of the private sector economic output. ( U.S. Small Business Administration). Small businesses provide approximately 75 percent of the new jobs added to the economy. ( U.S. Small Business Administration).

According to the market research company Warrillow and Co., as many as 90 percent out of 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.

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