Over the past decade we have seen a steady increase in the number of female entrepreneurs.
Women now make up more than 40 percent of all entrepreneurs. The factors that motivate or drive female entrepreneurs are often quite different.
What motivates female entrepreneurs?
Women, especially Generations X and Y, want to make their business, personal lives and aspirations work in harmony. Because of this, they choose to limit the size of their businesses and do not pursue outside funding from investors or loans to fuel more growth.
This approach to entrepreneurship is referred to as pursuing “a lifestyle business”.
However, every business should be viewed as a lifestyle business. If you choose a business deliberately based on your goals, aspirations and values, you can create a business that is an intentional reflection of the lifestyle you’d like to live.
Many female entrepreneurs deliberately limit the growth of their businesses to allow themselves time to pursue interests beyond the office. They want to spend time with their family, or pursue other personal interests such as hobbies or travel.
For example, Orane comments that,
“A few years ago, my business had potential for considerable escalation. I could easily have hired additional employees and moved into new markets. But I had no interest in exceeding beyond the capacity of a business that I could take care of by myself. I didn’t ever want to add employees or face the complications that take place when a business owner expands the payroll.
I wanted sovereignty over my life and my time. I wanted to work when I felt like it, I wanted to pursue other interests as well as take care of my children. Success to me was meeting my basic lifestyle needs through the residual income created from my passion for property. My passive income increased over the years, whether I worked or not. Now, as a baby boomer, my children have all grown up and left the nest. I have this burning desire to reinvent myself; I want to maximise my full potential using my skills and my wisdom as leverage. I want to pursue new ventures and I want to help women achieve the lives of their dreams.”
Some entrepreneurs choose an entrepreneurial lifestyle of pursuing high growth and chasing after high returns. While high-growth ventures offer the potential of more revenue and wealth, this choice comes with its own lifestyle choices. The entrepreneurial lifestyle usually means seeing much less of family, and other external interests will certainly take a back seat. The importance of an entrepreneurial lifestyle is a healthy balance.
The key object is to identify that every business you start will have consequences on your standard of living. Be honest with yourself. Know the lifestyle that you truly desire, and then orchestrate that lifestyle into the business model you pursue.
Keeping on Track™ can help you identify the lifestule that you desire and help you create the roadmap to reach your desired destiny. Read about our program.