What’s Wrong With A Lifestyle Business?
As an entrepreneur coach and founder, I can tell you that over the years of being in the startup space there is one phrase that drives me crazy every time I hear someone use it disparagingly. After hearing it a few times this week I decided it was a good topic to write about because this notion is holding us back in our success in business.
If you're looking to put these steps and deeper insights into action today then get started here.
Enjoy this week's 2 Ideas and 1 Playlist!!!
- Mark
1. What’s Wrong With A Lifestyle Business?
There’s an ugly word in the startup world … Lifestyle Business.
What is a lifestyle business?
A Lifestyle Business usually means having a business to sustain a level of income to meet the founder’s needs, i.e. lifestyle. Often a market the founder is passionate about, but not exclusively, to have a balance of passion, income, and flexibility.
In the startup world, the term lifestyle business is used disparagingly to tell founders that if they’re not trying to build a mythical unicorn company then they’re not a serious or real entrepreneur. You’ll hear it with phrases like “it sounds like you’re trying to build a lifestyle business” when you talk about your startup.
Because of this many founders feel the need to sacrifice at all costs (personal, health, family) to live up to the expectation that only by doing this can they be a real entrepreneur.
The next time you hear lifestyle business used in this way, correct them! And, let them know the old school notion that lifestyle and massive success are at odds with one another is no longer true. And, if they want to do business with you then they need to know lifestyle is part of the business.
2. Experiment In Public
Some simple advice on how to make rapid progress.
Experiment in public,
it’s less embarrassing than you think;
most people are far less interested in you than you are;
and, the immediate feedback you get allows you to iterate faster than trying to think through all the outcomes on pen and paper.