Generally speaking, businesses can be placed into two categories; lifestyle businesses or growth-minded businesses. Both styles have pros and cons, and it can be challenging to decide which is right for you.

Lifestyle Business

This type of business is created to incorporate the owners’ interests, such as a passion or hobby. A lifestyle business is run with the enjoyment of the owner in mind and often is less concerned with making a huge amount of money. One common form this type of business can take is an online business, such as blogging or selling arts and crafts through Etsy.

Many people enjoy a lifestyle business for the freedom it offers. These businesses are self-funded, entirely under the regulation of the owner, and don’t stick to strict times. This type of business can be run around other important matters in life; a person who owns a lifestyle business won’t have to worry about taking time off, not spending enough time with their family, or high levels of stress.

A Growth-Minded Business

When a business owner is pushing to expand their company and brand, attract funding, and starting to work on ROIs with investors, they’re in a growth-minded business. Typically, people who are in this type of business work with a group of people in a team all pushing toward the same goal; the success of the company. A growth-minded business owner is willing to collaborate with the people around them, make changes when necessary, and encourage improvement and education over nearly everything else.

Having a growth-mindset in business is very beneficial for the people running the show, and for the individuals who work for the company. It allows the business to stay above or stand on equal footing with the many competitors in the industry and encourages people who have high levels of motivation to succeed. This factor will streamline throughout the company; team members will feel proud of their work, inspired to achieve more and help the business grow, and are dedicated to the company and its goals.

Which business style you want depends on your priorities. Both require commitment, diligence, and persistence, but they also offer unique experiences and lifestyles that are worth exploring.