The New Way of Creating a Business – That Serves the Wellbeing of You and Your Loved Ones
Entrepreneurs in search of profits and personal wellbeing flock to a lifestyle business where they can follow their passion instead of working to fulfil someone else’s dream. The past decade has been defined by drastic changes in the business landscape and enormous growth in businesses like Uber, Spotify, Facebook, Netflix, Dropbox, Etsy and Airbnb.
The digital economy boasts a laptop lifestyle and flexibility that promotes increased personal wellbeing where entrepreneurs can work from anywhere in the world. The digital economy makes it possible to build a substantial business that is more a result of innovation than the long hours, financial risk and grueling sacrifices often associated with entrepreneurial success in the past.
The New Way of Creating a Business – What is a Digital Business
Touted as a lifestyle business, digital enterprises blur traditional lines drawn between the physical world and how business is conducted in the digital world. This way of running a business has many advantages, leveraging technological advancements to decrease logistical and human resource challenges.
Entrepreneurs focused on personal wellbeing are free to pursue their dreams in this world where technology opens up entrepreneurship to more people. Flexible work schedules, the gig economy, inexpensive marketing platforms and improved communication tools are obvious developments that currently open the path to a new way of creating a business.
The New Way of Creating a Business – How the Digital Business Model Strengthens Family Life
Work-life balance has taken centerstage in recent years as a necessity. Few will argue that it is impossible to enjoy a full and satisfying life if you are forced to spend too much time away from your family. Thankfully, in large part due to the digital economy, business owners are reinventing their work life to be more compatible with a rich family experience and personal wellbeing.
Mothers and fathers have options today that make working from home easier. The digital economy encourages entrepreneurs to spend quality time with the kids eating a meal or playing a game, moments before having to make a conference call for an important business meeting. While there are challenges that many professionals face as they juggle work and home life, many business owners claim they get more work done sitting in their home office than in a crowded office.
Precious hours once spent in airports on the way to meetings are no longer the norm. Travel is optional in many cases. Critical meetings with new prospects and other key business contacts can be managed face to face digitally. Many time management problems have been magically solved, allowing entrepreneurs to spend more time at home with their family. These types of changes are credited for boosting an entrepreneur’s personal wellbeing.
FourWeekMBA reports that business models associated with a lifestyle business are peer-to-peer marketplaces, ad-supported platforms, free and freemium businesses, and on-demand and e-commerce models, to name a few. The number of business model options is both staggering and promising. Entrepreneurs are free to analyze and create their own business model using either the new frameworks mentioned above or some derivative of them. Business professionals can literally build a business that is customized to their family life’s demands and preferences.
The New Way of Creating a Business – Self-development in a Digital Business
The challenges are many for any professional seeking to stay on top in a lifestyle business. Along with the benefits that enrich an entrepreneur’s personal wellbeing, there are no shortage of intellectual demands. Gone are the days when an entrepreneur could establish a thriving business in three to five years, then put an excellent manager in charge so they can coast for the rest of their life enjoying the fruits of their labor. While technology has lightened the load on entrepreneurs with respect to logistics, it has also been instrumental in speeding up change. What that means to entrepreneurs is that they must stay abreast of innovation in the IT realm or risk losing out to the competition.
Forbes reports that business leaders must master digital leadership unless they want to be left behind. A competitive edge will be rewarded to entrepreneurs who harness digital assets that pave the way to new business processes and increased speed. Technological advancements such as The Internet of Things hold great promise in shaping the future of society and business, specifically.
The New Way of Creating a Business – Why Digital Businesses Are Touted as Financial Winners
It is no surprise that a lifestyle business is capable of generating great wealth. As the world shrinks largely due to the growth of the digital economy, global business will increase the marketplace, expanding opportunities for those business owners savvy enough to recognize the enormity of that fact. Science Daily predicts that global economic opportunities will become a major force behind business success.
Another positive development attibuted to the new economy is that the barrier to entry for new businesses is much less than it once was when renting office space and hiring permanent employees defined the norm. The gig society and revolution of the old order has lessened the financial burden on entrepreneurs. Instead of incurring major debt to get a lifestyle business off the ground, technology leverages the use of people, places and things to lower expenses and increase efficiency.
An excellent example of how much easier it is to establish a business today than in the past can be explained by a comparison of marketing costs in the current digital economy and in the not so distant past. A decade ago, it was almost impossible for a small business to afford to compete with a larger rival to attract new customers. A wealthy company could outspend smaller enterprises by paying for expensive TV and radio ads. Comparatively, the digital economy has leveled the playing field in marketing by facilitating new customer acquisition affordably online.
The New Way of Creating a Business – Conclusion
Entrepreneurs no longer have to choose between starting a business and having a rewarding family life. The digital economy makes it possible to attain personal wellbeing as the result of building a lifestyle business that works hard for them and their loved ones.