Are You An Entrepreneur Or A Small Business Owner? Are You An Entrepreneur Or A Small Business Owner?
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Lifestyle business owners

Tag: Lifestyle business owners

Are You An Entrepreneur Or A Small Business Owner?

When you introduce yourself at a networking event, who do you say that you are, a small business owner vs an entrepreneur? Small businesses are the backbone of countries like Nigeria, with her still-developing economy. They create jobs and reduce unemployment; they bring innovation and help keep money in circulation. It’s safe to say that if we didn’t have small businesses, our economy would be much worse.

For far too long, we have confused the term entrepreneur to mean anyone who works for themselves. But that’s wrong. There are entrepreneurs and there are business owners. There are self-employed people just as there are lifestyle business owners. These people can have small businesses, but they are run differently. To be clear, no one is better than the other, they’re just different. How do you fit into these scenarios? Let’s find out.

Are You A Small Business Owner Vs An Entrepreneur?

small Business owner vs entrepreneur

All around the world, small businesses drive growth and they create lots of jobs, helping to reduce unemployment. We call them small businesses because their revenues are small and their employees are not very many. Owning a small business is not as complicated as long as one has what it takes to meet customers’ needs. Okay, but can you call a small business owner an entrepreneur?

Who is an entrepreneur?

Entrepreneurs have big, seemingly impossible ideas. This is the biggest difference between a small business owner and an entrepreneur. Small businesses just want to make enough money to get by. They’re high on passion and their roles in the organization are varied.

They are accountant, HR Manager, sales and marketing manager too. Entrepreneurs on the other hand dream big. They want to own companies quoted on the stock exchange. Think Netflix, Facebook or Tesla. Small business owners are comfortable to meet needs in society.

Differences Between Small Business Owners And Entrepreneurs

small business owner vs entrepreneur

  • Entrepreneurs have the capacity for big risks

Small business owners are not big risk-takers. At the end of the day, they just want to survive. If they can meet their end of the day sales target then they are fine. Entrepreneurs are different because they take big risks and want to change the world.

  • Small businesses don’t scale

Because the vision is small, small businesses don’t scale as often or as quickly as entrepreneurships. Small business owners are often reluctant to let go of their businesses and bring in experts. They want total control of all operations. Unfortunately, this doesn’t inspire change. Entrepreneurs have big ideas and are more open to bringing in experts, angel investors and venture capitalists. They dream big, they think big. And they come up with ideas that haven’t been tested, diagnosed, or worked through. A lot of times they don’t even know if their ideas are possible, which gets them even more excited.

  • Small-business owners go slow and steady

They like to know what’s coming next and where it’s coming from. They make calculated decisions where the outcome is clear. The result may not be huge, but it will typically keep them moving forward.

  • Entrepreneurs enjoy the thrill of risk

They step out on a ledge more often than not. They jump in with both feet knowing that if they put in their full effort, the risk will be worth it more often than not.

More Differences Between Small Business Owners And Entrepreneurs

lifestyle hustlers

Cake cafe owners with open sign
Source:Zenefits.com

Small-business owners think about the things they need to finish this week.

They have daily and weekly to-do lists. They manage employees, work with customers, network with new customers, and keep everything rocking and rolling.

Entrepreneurs are thinking ahead six months

While their team is thinking about what they’re doing that week, they tend to skip the now and focus on the future of the company. They have people to manage the business, and if they don’t, they soon will.

Small-businesses owners are sentimental with their businesses.

They never plan on selling or handing their business off to someone else unless it’s family. They like making decisions and running the day-to-day.

Entrepreneurs focus on scaling.

They want to grow and grow they will. Although they may not focus on selling the business, they set it up to run without them. They surround themselves with experts while they end up being the rainmaker.

Africa needs more small-business owners to help hold up the economy. And she needs entrepreneurs to build it up. No one is better than the other. But you need to be able to answer the question: small business owner or entrepreneur –  which one are you? So that the next time you’re networking, you know just what to say.

Also read: Why Is Showering Everyday Good For Your Creativity? Science Explains

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Set Up Your New Lifestyle Business In 10 Simple Steps

If you’re lucky, you didn’t need to endure hours of traffic; slave away at a job you hated, or settle for a pittance of a salary for years; before suddenly realizing you weren’t cut out for that life. Some lucky people know from the get-go that they will never be happy servicing the dreams of another as an employee. So they go on to set up a lifestyle business of their own. 

But whether you’re currently enduring a job that you hate; or already working on owning something for yourself, you will need to know what type of lifestyle business it is; and how to start a lifestyle business. But first, what is a lifestyle business?

A lifestyle business is one where you run your business without any sacrifices to your life. That way, you live the exact life you have always dreamed of. Lifestyle businesses are not built mainly to make a profit. But you set up a lifestyle business first for your personal and lifestyle reasons. The profit is just a bonus. If you’re lucky, it’s a huge bonus.

The easiest examples of a lifestyle business are blogging, writing novels, consultancy, and online stores. Add to the list photography, social media content creation, and youtube vlogging. All of these are lifestyle businesses that you can run even as an employee. How to set up your lifestyle business? 

How To Set Up A Lifestyle Business In 10 Simple Steps

how to set up a lifestyle business

blogger on his phone | Shutterstock

  1. Define your goals
  2. Identify your passion and interest areas.
  3. Find a problem
  4. Create solutions to that problem
  5. Package your solutions into a business
  6. Set it up
  7. Build a potential customer/client list
  8. Just do it!
  9. Stay connected to your market
  10. Trust your intuition and never stop learning

Now, let’s break them down.

Define your goals

The first step is knowing what you want. You are sure you want to start a business, but what are the fine points? What do you hope to accomplish? Make a list of the personal things you want to see happening in your life as a result of this business..

Be sure to consider how much freedom you want while doing this; and how much money you need to be making to support your lifestyle.

Identify your passion and interest

how to set up a lifestyle business

Lady working on computer | Getty Images

A lifestyle business should be built around something that you love and enjoy doing. This is why you have to be clear on what you’re passionate about and the things you enjoy doing. Let them be the building blocks on which your lifestyle business will stand.

Several businesses have failed because their owners lost interest and gave up on them halfway through. Your lifestyle business has a higher chance of succeeding if you’re passionate about it.

In Setting Up A Business, You Must Find A Problem.

For a business to make money, it has to solve at least one problem. You will need to identify problems that your passion and interests can solve. That’s how to be sure you will get any customers. People will come if they know you have something they need.

Create solutions to that problem

You have to spend time creatively coming up with solutions to that problem above. Do it in such a way that it becomes a money-spinner. Ask yourself: would people pay for it? What lifestyle businesses are your competitors? What are people paying them for? Studying them will help you see what solutions people will pay for.

Package your solutions into a business

couple work partners

Joint business partners | Pinterest

The solutions you have found to the problems you identified are your lifestyle business. Package them accordingly. This means you need to create a concept around these two. This concept is your lifestyle business. 

You may love children, for instance. That’s your passion. There are hundreds of parents who work long hours and need someone to keep an eye on their kids. That’s a problem for them. You have time on your hands, love for kids and a fairly big home. That’s your solution. Your business concept would be to offer creche or daycare services to these parents. Package the how into a solid business idea your potential customers cannot refuse.

Go On And Set Up Your Lifestyle Company

You can now decide clearly what lifestyle business you will set up. Be sure that your business will be automated somehow. There has to be a way to infuse technology in your business idea. For your creche, think about adding cameras so that parents can view their kids in real-time and be sure that they’re fine. Technology will make things easier for you down the line.

Build a potential customer/client list

how to set up a lifestyle business

hand typing on laptop keyboard | Shutterstock

You have to know what kind of clients you want to attract upfront. Where can you find them? Who are they? What do they do? Will they be able to afford your solutions? Chances are they are your friends and family. That’s always a great place to start because you have most likely given them your services for free at some point. Also look into your networks, at work at school, at church, etc. Make that list.

Just Do It.

This will be the one that needs the most work when you are starting your lifestyle business. Get the tools you need to get set up. If you are planning on writing or becoming a professional blogger, you have to get the basics down of setting up a blog. This includes learning about and obtaining, the tools that you need. 

Stay connected to your clients/market

how to set up a lifestyle business

Young mom working from home| Shutterstock

This applies to your clients or your market. Through staying connected with them via social media and email; you will be able to keep yourself updated on the products and services that they want to buy; and the problems that they will be having that you might have a solution for.

Trust your intuition

This is also very important. Of course, learning should be a continuous process. Attend training and seminars related to the business you chose to go into. Keep yourself up to speed with the latest developments related to your chosen field of interest.

The real beauty of a lifestyle business is being paid to do work that you enjoy so much you won’t even call it “work”, and living the good life! Get started with your lifestyle business today and live life to the fullest!

Resource: Cleverism.com

Also read: 5 On-Demand Business Ideas For Couples To Start Together

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