The Entrepreneur’s Source: I.L.W.E. – What is it? It stands for Income, Lifestyle, Wealth and Equity—each of these components plays a vital role in achieving overall happiness and satisfaction in your life.
Getting your Goals, Needs and Expectations on-track. One of the tactics The Entrepreneur’s Source employs to aid you in defining your Goals, Needs & Expectations is the determination of your I.L.W.E.:
- Income is defined as: Your re-occurring short term earnings through employment and investments. What do you envision your income to be in the next 3 to 5 years?
- Lifestyle is defined as: a manner of living that reflects your values and attitudes. What do you envision your lifestyle to be in the next 3 to 5 years?
- Wealth is defined as: the state of being rich and affluent; having a plentiful supply of material goods and money. How do you envision your wealth portfolio in the next 15 to 20 years?
- Equity is defined as: the interest in assets you have built up. What assets will you own that will provide you and your family with long-term equity over the next 10 to 20 years?
“When we ask our clients why they want to start a business, the number one response isn’t money: it’s lifestyle. Being your own boss and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance you can’t achieve in corporate America is often more important to aspiring entrepreneurs”. Terry Powell, Founder of The Entrepreneur’s Source
From Employment to Empowerment® – The Coaching Advantage
A coach will help identify your transferable skills by learning about your professional background, including previous roles you’ve had, what you enjoyed and what you didn’t enjoy, to begin painting a picture about your profile and skillset. If in fact self-employment is a viable option, a coach will help to establish your specific goals for business ownership based on your I.L.W.E. Some questions a coach will help you to answer might include:
- What’s your income target that you would like to have as a result of being involved in the business?
- What are your lifestyle goals? Do you want to work Monday to Friday, nine to five?
- Do you want to create and invest in a business that will allow you to build wealth and start to create a positive financial situation for you and your family?
- How much equity do you want to be able to build up in a business, so to that point it’s going to be worth something to someone else?
Each of these components is a vitally important piece in defining your overall goals, needs and expectations in order to find the best business opportunity fit.
So ask yourself:
Are you currently hitting or exceeding your income expectations?
Are you living the lifestyle of your dreams?
What about your wealth or equity: Is it growing or declining?
How much control do you have over your destiny? An Entrepreneur’s Source Coach can help you paint the “big picture” of your life through a discovery and education based process. If you’re curious about exploring alternative career options and would like to discover Your Career 2.0 with The Entrepreneur’s Source®, contact us today!