How to be a Lifestyle Entrepreneur

  • Rule #1: Redefine entrepreneurship - it's not just about building the next "billion dollar app
  • Rule #2: Put Lifestyle at the top of your needs pyramid. Lifestyle is the goal of your business, not what happens in your spare time
  • Rule #3: Define what makes you happy then become obsessed about designing a business that allows you to do more of that

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Graham D Brown - author of the guide

What are you going to learn in this section?

Lifestyle Entrepreneurs are a new type of entrepreneur. Unlike traditional entrepreneurs, Lifestyle Entrepreneurs put lifestyle first. This doesn’t compromise the ability to make money. There are many Lifestyle Entrepreneurs earning $100,000+ doing what they love.

In this section of the book, I talk about what a Lifestyle Entrepreneur is and how you need to think like one to become one.

CHAPTER 4

WHAT IS THIS?

You're reading one chapter from my new Guide:
How to Become a Lifestyle Entrepreneur

HOW TO BECOME A LIFESTYLE ENTREPRENEUR

lifestyle vs traditional entrepreneur
  • There isn’t only one type of entrepreneur
  • I’m discovering a movement – a new type of entrepreneur called the “Lifestyle Entrepreneur”
  • Lifestyle Entrepreneurs start by designing the life they want and then creating the business that will get them there

If you love entrepreneurship, but don’t love how it’s done… this is for you.

Wait… what did I just say, “don’t love how it’s done”?

What am I talking about?

Well, let’s start our story with Henry Ford, because he’s one of most (if not the most) celebrated entrepreneurs of all time. Ford’s management style is a legacy that shapes businesses and business thought to this day.

We’re all familiar with the anecdote where Ford tells the press,

“You can have any color… as long as it’s black”

There’s a reason behind that. Turns out that black paint dries quicker than any other color. Ford automobiles were black because they could build them faster and cheaper.

When we build businesses today, the ghost of Ford looms large behind us somewhere:

  • Automation and process
  • The ruthless quest to drive down cost and expand
  • Innovation

And this is everything I didn’t want this guide to be about.

You see, I think it’s time to put Uncle Henry aside… He’s done his job for “Traditional Entrepreneurs”. I’m talking about all those people who secretly harbor a desire to be like him, the apex predator of their industry, changing the world for generations to come.

I was like that too. I wanted to be like him building a multi-million dollar research business only to find this wasn’t what I thought it would be like.

  • Traditional entrepreneurship is rooted in Industrial thinking
  • Perhaps having a big business or constant growth don’t lead to a better lifestyle?

If it isn’t Henry Ford…what is it that we’re seeking?

Becoming an entrepreneur has always been an attractive proposition for people like us.

  • We like the idea of doing our own thing
  • We like the idea of making a bucketload of cash
  • We like the idea of freedom.

We get buzzed by these ideas and this is the energy that propels us to make change in our lives and power through those early days of starting a business. Then reality hits home.

All that process, cost management and innovation… we don’t really enjoy that. In fact, we don’t enjoy institutions, organization or any kind of management. That’s not us.

We’re a different breed of entrepreneur.

Until today, we had to suck it up and do like Henry. If we didn’t like the program we could either go back to the world of work with our tail between our legs or be one of the many “self-employed” who sell their time for money and freelance for scraps.

  • Lifestyle Entrepreneurs aren’t less ambitious or entrepreneurial than their traditional counterparts
  • They simply have different goals and needs
  • Lifestyle Entrepreneurs can earn more money than a traditional entrepreneur (if that’s what they want)

I want to introduce an idea that’s been growing in prominence in the last 5 years – that of the Lifestyle Entrepreneur. Lifestyle Entrepreneurs are entrepreneurs who put Lifestyle at the top of their needs pyramid.

They live in London, New York, Chiang Mai, Ho Chi Minh City, Bali, Jakarta, Tokyo and The Canary Islands. They are real estate investors, agency owners and affiliate marketers. They can live and work anywhere there is an internet connection and the living is good.

The point isn’t what they do or where they do it, it’s how and why they do it.

Lifestyle Entrepreneur: a business owner who builds a business doing what she’s passionate about, earning enough money to live the lifestyle she wants.

The goal of a Lifestyle Entrepreneur is simple:

  • Earn $100,000+ a year with a Lifestyle Business doing what you love

Let’s break that down:

  • Earn $100,000+ a year: this is what you need to earn to cover your cost of living, have a good life and save money anywhere in the world. Sure, you’re not going to be buying Lamborghinis with this money but that is your choice. After $100k, you have the choice to work harder and go for the car, or you just enjoy your life as it is.
  • With a Lifestyle Business: owning a Lifestyle Business is the only way to get there. As an employee you aren’t in control of your agenda. As any other kind of entrepreneur you are gambling life now on a future event.
  • Doing what you love: your “North Star” of happiness. Work doesn’t become work anymore. And, if you get paid to do what you love, why would you ever want to sell out? Whereas the goal of a traditional Startup or Traditional Entrepreneur would be one day to “exit” the business, the goal of the Lifestyle Entrepreneur is different. The goal of a Lifestyle Entrepreneur is to keep playing the game.

Lifestyle Entrepreneurs are a new class of business owners who unlike Traditional Entrepreneurs put Lifestyle at the top of their needs pyramid. Traditional Entrepreneurs defer their Lifestyle needs today in the hope they can enjoy a better lifestyle tomorrow.

To become a Lifestyle Entrepreneur means to choose Adventure and leave the Traditional behind.

We’re not escaping reality, we’re building better ones.

ADVENTURE + AUTHORITY + ACTION

lifestyle entrepreneur strategy
  • There’s a system to build a Lifestyle Business
  • This is what I’ve learned

To build your ideal Lifestyle you need 3 things:

  • Adventure
  • Authority
  • Action

Let’s say we’re driving towards the Lifestyle you want, that’s our goal.

Adventure is the driver of the car, Authority is the car, Action is the fuel. You need all these elements to get to your destination. In this guide, I’ll teach you how to build all 3.

Adventure is your mindset. It’s the need for change, a clear understanding of what you want and what you don’t want in life. Adventure is the Lifestyle you want and how you want to live it.

Authority is your system, it’s the vehicle that’s going to take you there. Authority is the how that’s going to make you money doing what you love.

Action is your daily habits, it’s the fuel that keeps you burning and moving forward with momentum.

MANIFESTO OF THE LIFESTYLE ENTREPRENEUR

Lifestyle First

  • Lifestyle is your goal: nothing should compromise it

Lifestyle sits at the top of the pyramid. Nothing should compromise your lifestyle and that means making you unhappy. As a Lifestyle Entrepreneur you need to be conscious of the difference between “Good” growth and “Bad” growth and be constantly steering your business to the former. You also need to have a clear understanding of what lifestyle you’re seeking to design and within that lifestyle, the activities that make you happy.

Ask “What if?” 

  • You should always be challenging how things are done in business, take what works and change what doesn’t

Much of what you’re trying to achieve can be done a lot quicker and with less stress by pulling the problem apart. For example, living your dream lifestyle. What if you could live your dream lifestyle without earning a million dollars / winning the lottery / selling your business / waiting until retirement? As a Lifestyle Entrepreneur you need to ask “what if?” about the challenges and ideas you hold in your life. Get comfortable with challenging the status quo and learn that “it ain’t necessarily so…”

Do the Minimum to get the Maximum

  • Always strive for the “Minimum Effective Dose”
  • Doing the minimum doesn’t mean getting less, it means achieving more in the long term

There is a sweet spot in everything – work, life and exercise. Hitting the sweet spot requires a lot of training but once you reach it, your results won’t come from long hours or strenuous efforts. Find this sweet spot and build your life around it. Once you do that, you’ll find you free up time and energy for other activities, activities that were crowded out of your life before. Lifestyle Entrepreneurs need to be ruthlessly focused. Why work 10 hours on a project, when you can get the same results with 2? As a Lifestyle Entrepreneur you need to be brave enough to step outside the world of busy and do only what counts.

Life is Easier When You’re Hard on Yourself

  • Being a Lifestyle Entrepreneur doesn’t mean doing nothing all day
  • You need to be highly disciplined and focused to make this work

Motivation and persistence aren’t the keys to success. Sure, you need them but you can’t rely on them. It’s what you consistently do every day that defines your success. You need a lot of self-discipline. As author Brian Tracy says, “Good habits are hard to form but easy to live with. Bad habits are easy to form but hard to live with”. Lifestyle Entrepreneurs aren’t lazy, they need to have more self-discipline than the average person. What appears to be a life of leisure on the outside is in fact the product of a lot of hard work behind the scenes.

Keep it Lean to Keep it Real

  • Your enemy is ego and the expectations of others
  • Remember that most other business owners are building old-school businesses, so don’t compete with or copy them

You can build a business a lot faster, with less money and lower risk, if you focus on what really matters. A Lifestyle Entrepreneur is able to cut through all the noise associated with starting and growing a business and focus only on what brings customers.Everything else is the product of our need for comfort, our need to satisfy the ego. As a Lifestyle Entrepreneur, you should be prepared to launch your business in a matter of days, not weeks or months.

Work Life Balance is Bullshit

  • Instead of wondering when your next vacation is, maybe you should design a life you don’t need to escape from

Work and Life are not opposites. You shouldn’t be unhappy working now in the hope you can be happy not working later. 70 percent of US employees reportedly hate their jobs. This story has us working 40 years doing jobs we don’t love because one day we’ll retire and sail off into the sunset. It has us working from the moment we wake to the moment we go to bed chasing the dream of selling our companies. It has us working 50 weeks a year like crazy to earn our 2 weeks in the sun just to compress from the stress of our jobs. According to research, Americans now take only 16 days off a year – down a whole week in the last 15 years.  As long as we trade a lot of work for a little life, we’re never going to be happy.

GUIDE CONTENTS: CHAPTERS 1-12

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