I believe that one of the reasons that many businesses fail - and hence, what could change the tide - is deciding, firmly and decisively - whether you’re a true lifestyle entrepreneur or a traditional entrepreneur that’s aiming for the Moon.

You see, I believe there is a big difference and knowing what type of entrepreneur you are could really change your mindset and give you such clarity and focus that you’ll find it impossible not to succeed.

Will you be happy with say a 6-figure income year-in, year-out or do you want your turnover to grow from one million to 5 million to 10 million to 50 million?

Will you be happy working at home for the foreseeable future or do you envision having your own growing office with a secretary and support staff?

For you see, whatever direction you take, you need to make a choice now. Why? Because both have different influences in how you proceed in your business.

These are some of the questions that need to be answered. Because whatever way you choose, you’ll have a clearer objective ahead of you.

Knowing that you will never need office space or staff and a large enough cash flow requirement to cover all the overheads can really set you free.

You have no illusions of running a $50 million company with 100 staff and all that goes with it. Nope, once you decide on becoming a lifestyle entrepreneur you can almost sense the relief and weight off your shoulders.

If you’ve settled on becoming a lifestyle entrepreneur then the next step is to decide how many hours per day or per week you are willing to put into your business.

Needless to say, at the start you might have to put in the extra hours so that further down the road you can enjoy the lifestyle aspects of your hard work.

You might say, go for a 4-hour day, giving you a big chunk of free time. That equates to 20 hours a week to build and grow your business.

Or you might want to work full-on, 12 hours a day for the first few months of your business to get everything in place, put up systems, automate as much as you can and then slow down and watch your business run on auto pilot.

Whatever way you go, you at least know what you want, and what you are in for. And just as importantly, you’ll come to realize what you don’t want - and that can be just as effective.

If I was personally mentoring or coaching you I would definitely say to you - “Become a lifestyle Entrepreneur. The benefits and rewards are awesome, you’ll live a less stressed out life, your family will get to know you more and you will have all the time in the world to enjoy the fruits of your labors.”

And you know why I can say that? Because I am a lifestyle entrepreneur … and I’m loving every minute of it.

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Martin Neumann runs HomeOfficeVoice, a business and blog helping lifestyle entrepreneurs succeed. As a special offer for Home Office Warrior readers, Martin is offering exclusve access to his new 5-day email course “21 Steps to a Lifestyle Business to Die for” a full month before he releases it publicly. Click here to enrol. It’s free!