Mumpreneur

Thank you for taking my entrepreneurial test.

Based on your answers you profile as a…Mumpreneur

Mumpreneurs are lifestyle entrepreneurs who tend to go into business to pursue a passion or hobby that they love, while achieving the flexibility to run the business in their own way which allows them also to raise their family.

I know from my own experience that it’s far easier to bring up children when you run your own business than if you are still a slave to the 9 to 5 corporate environment!

Mumpreneurs are statistically extremely risk averse, particularly when it comes to taking on bank loans or debt.  They would prefer to start their business on a shoestring and build it organically rather than have the stress of debt over their head.

Even as the business takes off, Mumpreneurs can be reluctant to allow the business to grow, preferring to maintain a healthy life/work balance.  Those Mumpreneurs that do get the taste for success develop into Passionpreneurs – although their motivation for growth is almost always about allowing larger numbers of customers to enjoy their product or service, rather than driving the business purely for profit.

Mumpreneur businesses are frequently cause-related and are often run with strong ethical values which will not be compromised for the sake of generating extra money.  Alternatively, Mumpreneurs can be highly creative and great at marketing, but often lack the business acumen to ensure that there is a strong business model to ensure their businesses generate profits along with revenue.  This is where it is important to have a ‘numbers savvy’ partner in the business.  Many Mumpreneurs opt to use their husbands for this purpose – although I have often seen this put huge strain on the marriage.

Most Mumpreneurs opt to run their business from home – the famous ‘kitchen table’ is usually their first office – and the business will frequently grow to infiltrate their entire home.  But Mumpreneurs prefer to be based close to their family than set up an office or workshop away from home; it also makes good business sense to keep overheads as low as possible in the early years.

Because of their risk averse nature, Mumpreneur businesses do not always achieve their full potential as the business is restricted by lack of development capital and economies of scale, or through a simple lack of business acumen.

However, the majority of Mumpreneurs are happy to settle for a part-time lifestyle business rather than have the headache of running a larger operation.

They are often suited to lifestyle franchise opportunities or other home-based ‘ready made’ businesses, which require minimal capital investment and can be run on an extremely flexible basis.

For more information on how the test is compiled, please have a look at How_The_Test_Works

If you have any feedback on your result please do write and let me know at rachel.elnaugh@rachelelnaugh.com. 

I would value your input.

Regards,

Rachel