1. Module I „Basics of a Lifestyle Entrepreneur“
This project has been funded with support the European Commission. This publication reflects the views only of the author,
and the Commission cannot be held for any use which may be made of the information contained therein.
No LT01-KA

2. The aim of Module I
The aim of this Module is to develop the competences of adult educators to offer high-quality training on Lifestyle Enterpreneurship for disadvantaged learners, with special emphasis on competences such as the sense of initiative and Entrepreneurship and being an advisor/counsellor/facilitator.

3. Module I Objectives
Analyze the definition of Entrepreneurship and Lifestyle Entrepreneurship
Develop a basic understanding of how to evaluate the possibility of learners becoming LSE
Introduce business principles in Lifestyle Entrepreneurship
Gain practical knowledge about LSE as a useful alternative for self employment for disadvantaged learners and review the different styles of Entrepreneurship.
Analyze the strategies and methods to work on social and civic competence development (personal development) of learners as a key to success for LSE
Develop a basic understanding of the role of an advisor /counselor/ facilitator in promoting LSE for disadvantaged learners including further support to them to explore their business ideas

4. The Structure of Module I
Within this Module adult educators will gain practical knowledge about LSE as a useful alternative to self-employment for disadvantaged people. Module is presented in 6 sub-modules, coherent with the main objectives of the Module itself:
Main principles of Entrepreneurship and LSE;
The possibility of becoming a Lifestyle entrepreneur;
Business principles in LSE;
Different styles of LSE as a useful alternative to self-employment for disadvantaged people;
Personal development – key to success in LSE;
The new role of Adult Educator as a facilitator in promoting LSE for disadvantaged learners.

5. Sub-module 1 Main principles of Entrepreneurship and Lifestyle Entrepreneurship
Group discussion What is Entrepreneurship? What are the main characteristics of Entrepreneurship? What is Lifestyle Entrepreneurship? What specifics of LSE? What are the similarities and differences between traditional Entrepreneurship and LSE?

6. Sub-module 1 Outcomes of group discussion
LSE is a process of discovering new opportunities for self-employment around one’s passions, hobbies and Lifestyle skills, the ability to express oneself and create financial and social profit and improve the quality of one’s own Lifestyle. It is different from traditional Entrepreneurship, which aims at financial profit and huge risk. LSE has a very strong social aspect which helps to solve the various problems of disadvantaged people e.g. social, economic, health, isolation, unemployment.

7. Sub-module 2 The possibility of becoming a Lifestyle Entrepreneur
Review and assessment of competences
Who can become a Lifestyle Entrepreneur?
What skills hobbies and competences would learners need to become a Lifestyle Entrepreneur?
What practical life and work experience would learners need?
What is Entre Comp?

8. Sub-module 3 Business principles in LSE
What information goes into a business plan?
Executive summary
Mission Statement
Aims & Objectives
SWOT Analysis
Market Research
Marketing Plan
Financial Plan
Supporting information such as CV

9. Sub-module 3 What is the Mission Statement?
A statement that describes the nature of your business
It will state clearly:
the reason why the business exists;
what standards or ethics the business has;
what the business is about (its key features).
The Mission Statement will determine how others see the
business, including customers and competitors.

10. Sub-module 3 What is the Mission Statement? Examples
The Women's Organisation: “The Women's Organisation is an innovative women’s organisation that provides quality enterprise and employment services and influences policy in order to improve the economic position of women.” The Body Shop: “To passionately campaign for the protection of the environment, human and civil rights, and against animal testing within the cosmetics and toiletries industry.”

11. Sub-module 3 SWOT Analysis
A list of your personal and business:
Strengths
Weaknesses
Opportunities
Threats
Takes into consideration factors such as:
the current economic climate
social trends
personal experience

12. Sub-module 3 Points to remember
Be honest about your own strengths and weaknesses.
Consider both your personal SWOT and that of your business idea.
Consider external influences such as the economic climate and social trends.
Use a SWOT Action Plan to help you address those areas you have identified as weaknesses or threats.

13. Sub-module 3 Business Structures (applicable to UK)
Sole Trader Must register with Inland Revenue within 3 months Pay National Insurance Contributions (class 2 or 4) Retain financial records for 6 years Register for V.A.T if turnover will exceed £ Comply with Employment Protection and H & Safety regulations Responsible for debts and you Can have numerous employees
Partnership ****
Responsible for debts jointly
Advisable but not a legal obligation to draft a Partnership Agreement
Limited company
Has a separate identity from those who run it
Registered at Companies House
Company is responsible for any debts
Legally bound to submit accounts to Companies House
Accounts are then accessible to the public
You will be owner / director and also

14. Sub-module 3 Points to remember
You will always have legal responsibilities regardless of the structure you adopt
You must ensure that you are aware of these legal responsibilities and that you act accordingly
These responsibilities include:
Insurance
Employing staff
Tax & Taxation
National Insurance
VAT

15. Sub-module 3 What is Market Research?
This is the foundation of your business plan. It provides you with the essential information required to establish if there is a market for your product/service.
On-going activity throughout the life of your business.
Shows that you have identified a need for your product/service.
Concentrates on 4 main areas:
Industry
Customers
Competitors
Suppliers

16. Sub-module 3 Industry Background
What is projected for the future of the industry (growth or decline)? Including relevant statistics to support this.
What difficulties or barriers are there to entering the market?
How does the industry operate? Is there a governing body or association?
What are the new, recent and growing areas within the industry?
Anything that has recently been reported by the media that could affect your industry, e.g. food/health/political issues?

17. Segmenting your market Who is your customer?
Gender
Age
Income
Culture
Lifestyle

18. Market Research: How? Desk research Field research Internet Newspapers
Journals
Magazines
Field research
Visits
Focus groups
Questionnaire
Sit off / Foot slog

19. The Five P’s of Marketing
Product
Promotion
Place
Price
Packaging

20. Sub-module 3 What is Business Finance?
This is the amount of money you need to cover your business start-up costs.
Investigating what sources of finance are available will help you to assess the feasibility of your business idea.
Eligibility will depend on your circumstances, nature of your business, location of your business, number of jobs to be created etc.
These costs may include:
Equipment
Insurance
Rent
Stock
Stationery
Marketing materials

21. Sub-module 3 Financial Planning
Personal Budget
Sales Forecast
Cash flow Forecast and assumptions
Profit and Loss Forecast
Balance Sheet Forecast

22. Sub-module 4 Different styles of LSE as a useful alternative to self employment
Why people choose LSE

23. Sub-module 4 Benefits of Lifestyle Entrepreneurship
Lifestyle Entrepreneurship can provide an opportunity to spend time and generate an income undertaking an activity that you really enjoy.

24. Sub-module 4 Potential barriers facing the LSE
Lack of management skills
Inadequate capital
Underestimation of competition
Inadequate planning
Location
Personnel problems
Economic conditions
Legal problems
Accounting problems

25. Sub-module 4 Different types of the LSE
Arts
Beauty
Food
Handcrafts
Care services
Pets
Interior
Agriculture
Selling
Other

26. Sub-module 5 Personal Development – Key to success in LSE
Personal development is an ongoing and life-long process during which everyone can improve their life quality by discovering themselves, developing their own talents and potential, skills increasing the chances of achieving important goals and dreams
Personal development goals are set very individually
They differ from person to person and require specific approach while defining them

27. Sub-module 5 Personal Development – Key to success in LSE
Challenges that Lifestyle entrepreneurs face (Meager et al, 2011):
insufficient self-awareness of own skill needs;
lack of self-assessment as “business people”;
lack of business experience and/or lack of relevant business training, with particular reference to skills such as cash flow/financial management, marketing/winning business, creating and management business systems;
insufficient “soft” skills, including interpersonal skills;
lack of staff management skills.

28. Sub-module 6 The role of adult educators as facilitators in promoting LSE
The facilitator's role is to support everyone to do their best thinking and practice. To do this, the facilitator encourages full participation, promotes mutual understanding and cultivates shared responsibility. By supporting everyone to do their best thinking, a facilitator enables learners to search for inclusive solutions and build sustainable agreements" (Sam Kaner, 2007).
From teacher to facilitator:
Plan teaching,
Instruct, guide and manage the learning process,
Motivate learners,
Encourage active participation,
Provided timely feedback.