Someone who creates a business around what they are passionate about with the intent of earning enough income to support their lifestyle.
In simpler terms: doing something you love, getting paid for it and living off it.
Basically there are 3 types of Entrepreneurs (based on motivations):
1. Wealth Creation
Number 1 is focused on making money. Build it, scale it, sell it, cash in and repeat.
Number 3 is determined to create a solution for an existing social problem.
None are better than the other. It comes down to what category you fall into.
Personally, I'm motivated by (#2) freedom and flexibility of schedule so I can spend more time with my family and friends. I appreciate all entrepreneurs, but I resonate with lifestyle entrepreneurs the most.
I never dream of managing hundreds of employees or leading a multi-million dollar company. That's not my style. I prefer to be involved with my business on a daily basis and do what I love around my family's schedule. Being a lifestyle entrepreneur means I see my business as a means to an end, not an end in itself.
That's what has lead me to pursue coaching lifestyle entrepreneurs, because we share similar motivation and values. I can't stress how important the "why" you do what you do is.
Making money is important, but not the most important to a lifestyle entrepreneur. Most LE's love to travel. Others want set days off. Time is finite and in this economy, time as a currency is extremely valuable. If you're driven by relationships like I am, you'll sacrifice your personal ambitions for loved ones. I don't want to spend several years of my life grinding away and look back at my career and feel I missed out on important life experiences.
By no means am I knocking the wealth creation or social entrepreneur. In fact they do a much better job making money than most lifestyle entrepreneurs. Most of my business mentors are a hybrid of the wealth and social entrepreneur. I learn so much from them especially in the areas where I'm not wired the same way as they are.
After reading this post, if you consider yourself a lifestyle entrepreneur, let's talk!