Entrepreneurs: Its also about the family
In my recent post about the differences between the lifestyle and high growth entrepreneurs, we discussed what strategies are used to run both types of businesses. Â Either way, however, those strategies have to be implemented by people and sometimes entrepreneurs take that point for granted. Â Businesses are a support system of people employed (and not employed) by the company and are often bigger than we realize. Â Normally I'd say that we have 15 employees in our organization but that's not everyone effected, see below:
15 employees
10 couples
12 children
All of these people are supporting or being supported from our business and that's something an entrepreneur can also be proud of. Many times we forget that fact. Â Be thankful for the extended families that you have.
Entrepreneurs: Lifestyle or High Growth? Why not both?
I just started a book on my Kindle recently about learning better ways of finance for entrepreneurs. (Book details here.) One of the things the authors address right at the beginning is the differences between a lifestyle entrepreneur and a high growth entrepreneur. Let me break those definitions down for those not familiar:
Lifestyle - Someone who starts or runs a business to create a very consistent lifestyle for themselves. Not necessarily in it for the big money potential but more the financial stability to lead a standard middle-class life. Easiest example is the 'mom and pop' shops of the world.
High Growth - Someone who see their companies as assets or tools to lead to further investments. Always looking to continually grow their business in hopes to lead to future exponential profits or towards acquisition.
Now with that defined, let me get to the point. The author tends to think that as an entrepreneur you can only be one way or the other but I don't think it's true. I hope, in my life, to run multiple businesses concurrently and will consider how to run my businesses accordingly to their potentials. Some businesses that earn very consistent and recurring revenues may work for a 'lifestyle' investment and some may lend themselves to a 'high growth' play. I don't understand why I can't balance both like anyone would with their stock portfolios.
Maybe I'm missing the point. What kind of entrepreneur are you? Can you be both a lifestyle AND high growth entrepreneur?
Social Computer Scientists
First off, warning, this segment is heavy advertisement focused but despite that he makes some pretty good points and I agree that as technology infrastructure becomes commoditized that a role will emerge of a more 'people-centric' engineer. Â Sorry tech guys, no more hiding in the cold confines of the data center. Â Come out and speak our language.
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