Several years back I attended the annual awards dinner hosted by The Equality Chamber of Commerce in Washington, DC.  I was nominated for the award entitled “Emerging Entrepreneur of the Year”.

My issue is:  I am not sure then, or now, that I am an entrepreneur . . . all of the time.  The word seems overused.  In fact, my clients abuse it too, calling themselves “entrepreneurs” when most are not.

And I am here to say that an entrepreneur is not necessarily a bad thing not to be.  Many of us fail to consider the costs of prolonged exposure to the entrepreneurial lifestyle.  The dedication and drive it requires makes the dream of a balanced life illusory.

But there is hope when you think about your business differently.

When you have an idea for making money this idea is usually formulated utilizing two mindsets:  the entrepreneurial mindset or business owner mindset.  The person who can successfully employ and tap into both is more likely to live a life of business success and personal well-being.

Let’s explore the differences between the two mindsets by focusing on our approach, our expectations, and our vision.

The Approach and Expectations

Entrepreneurs typically have an assertive and impatient ethic.  They are extreme risk takers and rarely avoid opportunities to expand on their already grand ideas.

When I started a small hotel in Europe in 2006 it was to ensure the financial security of myself and my partner at the time.  This is an example of the business owner mindset.  Nothing too lofty, just a common sense way to thrive in a foreign country.

However, after it opened, and became surprisingly successful within three short months, I began to imagine creating a brand of boutique inns throughout the continent.  I started to talk to potential investors and planned for a massive expansion within two to three years.  I assumed that if one was great, five would be even better.

This entrepreneurial drive led me to spend countless hours working and planning.  And I paid a very heavy personal cost.

I am not saying we should not try to take a small idea and “make it bigger”.  Moreover, not all small business owners, who accept the business owner mindset, are living balanced lives.  Just be aware that bigger may not always be better for you or your loved ones.

The Vision

An entrepreneur is restless because the vision is grand, bold, and life consuming.   Most importantly, this mindset is all about the idea, rarely is the passion sustained during the execution of the idea.

When I first joined Velocity (my previous coaching company) for example, I wanted to create a company that sponsored well-being retreats around the world.  It was a huge vision, and very entrepreneurial.

After beta testing a few of these I soon realized I could not make the numbers add up.  I became disillusioned and frustrated.

It was then that I decided to focus on 1 to 1 coaching.  My new vision fell into the business owner mindset.  I was all about slowly building my client-base and networking to meet the kinds of people who could help me, and I them.

Now I am practicing living within both mindsets.  I love coaching my clients but I am in the planning stages of creating on-line content and perhaps a small networking organization, one that allows professionals the chance to grow both professionally and personally . . . these two ideas are clearly entrepreneurial.  Because I have been battle tested, I am rightly fearful that the entrepreneurial bug will create imbalances in my personal life once again.

Fear is an asset though when we learn to see it as just another ingredient in formulating our strategy.

Trust me, I have never met an entrepreneur who lives a “balanced” life.  And if they seem like they are balanced, well that’s just means they are in between big ideas.

So become aware of why you are doing what you are doing and accept that both mindsets have advantages and disadvantages.  Cycling between the entrepreneurial and business owner mindsets will create the greatest likelihood that you will avoid a life marred by grand peaks and deep valleys.

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If you have any questions about coaching please feel free to contact me at scott@kineticcoaching.co, and remember I always offer a complimentary 30-45 minute session to prospective clients to determine if we want to work together.