Issue link: http://www.e-digitaleditions.com/i/201447
ISTOCKPHOTO/TH I N KSTOCK learn. In fact, research has shown that appropriate training can measurably improve entrepreneurs' business performance. Business schools could realize a tremendous opportunity if they craft programs aimed at this entrepreneurial niche. The schools not only could attract new students, but they also could do real good for individuals as well as their surrounding communities. Designing the Program A program aimed at lifestyle entrepreneurs certainly should cover the business basics such as accounting and law. But it's just as important that such a program teach students to set their expectations realistically and work creatively with limitations. Lifestyle entrepreneurship students should recognize three truths: They must work with constrained resources. Studies show that creativity thrives within constraints; therefore, lifestyle entrepreneurs can bloom where they have planted themselves, but only if they channel their creativity productively. One skill they need to master is bricolage, or making do with what is available. Entrepreneurship scholar Jeff Vanevenhoven and colleagues describe bricolage as "a means for enabling and accomplishing ad hoc responses to unforeseen situations and opportunities." While this ability is useful for any entrepreneur, it is crucial for the lifestyle entrepreneur, who may be located in an isolated area with access to few resources. They must work with geographic limitations. Lifestyle entrepreneurs are typically tied to a place. A business program should show them how everyone benefits when they commit to that place. Small business owners who have a stake in their communities will make contributions of money, time, and skill. This not only strengthens the community around them, but also nudges their own businesses to perform at higher levels. In addition, when lifestyle entrepreneurs join local networks of like-minded people, they can mitigate some of the isolation small-business owners often experience. They must set realistic expectations. Aspiring lifestyle entrepreneurs may need help in setting their expectations appropriately where their work lives are concerned. They all want to be their own bosses, but they actually have many bosses—their customers—any of whom can fire them on a whim. While self-employed individuals tend to be more satisfied overall than regular employees, they also work much longer hours. Any aspiring entrepreneur needs to be prepared to make the necessary tradeoffs between work and family. At the same time, lifestyle entrepreneurs may need to prioritize their own financial and nonfinancial goals. While growth-oriented entrepreneurs have a very clear goal in mind—an exit strategy that enriches them and their investors—lifestyle entrepreneurs usually just want a business that sustains itself as long as they hope to run it. They often need help articulating their goals and determining what level of financial success they desire. Making the Commitment Business schools that wish to support lifestyle entrepreneurship shouldn't just add a few courses to their curricula; they should actively promote it. If they have faculty who are interested in mentoring local lifestyle entrepreneurs, they should provide incentives and rewards to these professors. Their press releases should include news reports of graduates who have built thriving lifestyle businesses. Their business plan competitions should include categories for lifestyle enterprises. My former student never did build his coffee house/ art gallery/hostel. It might have floundered; it might have flourished. But the idea was never even given a chance. I believe that business schools should consider expanding our definitions of success. Our active support of lifestyle businesses can increase the personal success of our budding entrepreneurs, the overall health of our communities, and the bottom line of our universities. Emmeline de Pillis is a professor of management at the College of Business and Economics, University of Hawaii at Hilo. For this article, she drew on information from more than 25 sources. Educators interested in establishing lifestyle business programs at their own schools can find those references at www.bizedmagazine.com/features/sources/lifestyle-business. BizEd November/December 2013 67