What traits are typical of lifestyle entrepreneur?
Theme:Lifestyle entrepreneurship (LSE) Exercise:What traits are typical of lifestyle entrepreneur? Developed by:Social Innovation Fund, LT
Aim:To understand what lifestyle Entrepreneurship is.
Learning outcomes:
Understand your possibilities to become a lifestyle entrepreneur.
Ground the main differences between entrepreneurship and LSE.
Understand the benefits of LSE.
Expected duration:20 minutes
Description: This exercise will help you learn about some typical entrepreneurial traits and give you an idea if you should consider seeking an entrepreneurial opportunity. There are some typical lifestyle entrepreneurial principles that many entrepreneurs share. In addition, there are some entrepreneurial traits that are undesirable and, if not managed, could be destructive.
Task:For each question, please select possible answer that you think describes the typical entrepreneur
(1/6) Can everyone be a lifestyle entrepreneur?
This is not the expected answer!
A lifestyle entrepreneur requires specific personal traits, along with the desire to make a business out of their passion whether this is for financial or social gain.
Your answer is correct!
A lifestyle entrepreneur requires specific personal traits, along with the desire to make a business out of their passion whether this is for financial or social gain.
Both entrepreneur and LSE are oriented towards:
(2/6) Please find incorrect statement
This is not the expected answer!
Running and managing a business, including setting a business mission, completing thorough market research, developing a marketing strategy, financial planning and forecasting, people management are essential principles to all types of business. Entrepreneurs just want profit. They typically want to grow profit as fast as possible.
Your answer is correct!
Lifestyle entrepreneurs desire adventure. Motivated by quality of life rather than growth of profit. Running and managing a business, including setting a business mission, completing thorough market research, developing a marketing strategy, financial planning and forecasting, people management are essential principles to all types of business.
This is not the expected answer!
Running and managing a business, including setting a business mission, completing thorough market research, developing a marketing strategy, financial planning and forecasting, people management are essential principles to all types of business. Entrepreneurs just want profit. They typically want to grow profit as fast as possible.
This is not the expected answer!
Running and managing a business, including setting a business mission, completing thorough market research, developing a marketing strategy, financial planning and forecasting, people management are essential principles to all types of business. Entrepreneurs just want profit. They typically want to grow profit as fast as possible.
This is not the expected answer!
Running and managing a business, including setting a business mission, completing thorough market research, developing a marketing strategy, financial planning and forecasting, people management are essential principles to all types of business. Entrepreneurs just want profit. They typically want to grow profit as fast as possible.
This is not the expected answer!
Running and managing a business, including setting a business mission, completing thorough market research, developing a marketing strategy, financial planning and forecasting, people management are essential principles to all types of business. Entrepreneurs just want profit. They typically want to grow profit as fast as possible.
(3/6) Can different styles of LSE be a useful alternative to self-employment for disadvantages learners?
Your answer is correct!
There are different styles of LSE. All of them can be a useful alternative to self-employment for disadvantaged people. There are many role model businesses that could identify their journey and experiences of lifestyle entrepreneurship across many different business sectors.
This is not the expected answer!
There are different styles of LSE. All of them can be a useful alternative to self-employment for disadvantaged people. There are many role model businesses that could identify their journey and experiences of lifestyle entrepreneurship across many different occupational areas.
(4/6) Does Lifestyle Entrepreneurship (LSE) create opportunities for self-employment around one’s passions, hobbies and lifestyle skills?
Your answer is correct!
It is usually a home- based business that can be managed in a flexible way to fit in with the entrepreneur’s Lifestyle.
This is not the expected answer!
It is usually a home- based business that can be managed in a flexible way to fit in with the entrepreneur’s Lifestyle. Examples of businesses that Lifestyle entrepreneurs run include: cake-making, homemade jams, chutneys etc., catering from home, childcare, dog walking, pet-sitting, virtual office services, online businesses and mobile hairdressing.
(5/6) Which of the following statements describes the typical LSE pursuing a new entrepreneurial opportunity?
Life style entrepreneur:
This is not the expected answer!
Successful beginning entrepreneurs recognize what they do not know about starting a new enterprise and seek out help from others with more experience.
This is not the expected answer!
Usually LSE have limited money to hire new employees
This is not the expected answer!
Usually LSE have limited money to hire new employees
Your answer is correct!
Successful life style entrepreneur performs many of the tasks required to start a new enterprise, but seeks expert advice in specific areas in which he/she is unfamiliar and needs help.
(6/6) Is it important for life style entrepreneurs to realize the value of money?
Your answer is correct!
Successful entrepreneurs work hard for their money and usually spend it very carefully since money saved goes directly to the bottom line generating more profit.
This is not the expected answer!
If you do not understand the value of money, it is nearly impossible to succeed as entrepreneur. Successful entrepreneurs do not over spend when buying materials, always negotiate for a better price, and save money for an unexpected expense or decrease in sales. Foolish entrepreneurs tend to spend too much money on things that do not generate profit or help the enterprise like more office space than needed, fancy restaurants, and expensive cars.
Thank you for completing the exercise!
You answered correctly of 6 questions.
If you are satisfied with your results, please continue to the exercises list.
If you are not totally satisfied with your results, you are kindly advised to repeat the exercise as it will help you to deepen your knowledge on the topic.
