If you’re anything like me, the phrase “wellness entrepreneur” may seem like an oxymoron. In my brain, the word entrepreneur evokes an image of a young, smartly-dressed, brief-case-toting 20-something that is constantly in “hustle” mode, always on the lookout for the next big business breakthrough, and juggling 20 project ideas at once. An entrepreneur is someone who gets sh*t done and doesn’t let anyone stand in their way. The word wellness, on the other hand, is synonymous with chamomile tea, deep-breathing exercises, and healthy food. Wellness is getting a massage, taking a yoga class, and just generally finding the time to wind down; the very opposite of the “hustle” mindset. In what world, then, do these two terms come together to create a paradigm shift that is rocking former capitalist-centric ideals across the planet?
On The Rise of Wellness Entrepreneurs
What is a wellness entrepreneur?
Before delving into the “why” of this rise in wellness entrepreneurship, I want to take a closer look at the “what”. What exactly is a wellness entrepreneur? Simply put, it’s someone who has invested their time, energy, and resources into an area of health and wellness in order to create some sort of business. Experienced in their field of choice, a wellness entrepreneur is an aspiring or actualized business person who looks for beneficial opportunities to connect with others and/or make money in an area that aims to improve the health and well-being of others.
So, who are these wellness entrepreneurs and where did they come from?
Yoga teachers, any sort of coach (life, business, health), fitness instructors, authors, or any other any other creative, self-motivated person working in a health-and-wellness-related field, is considered a wellness entrepreneur. It could be a podcast host, a plant-based chef, or a meditation expert, and the exponential rise of these wellness entrepreneurs did not just happen overnight. Intuitively, we know that increased supply of a service or product tends to be born out of increased demand, and an increased demand is exactly why more and more self-starting wellness businesses are popping up.
Blame it on the decreasing health of the planet, sky-rocketing costs of college tuition paired with crippling student loan debt, or polarizing political tensions perhaps, but it’s evident that I’m not the first person to notice that the millennial generation has become one to place a higher value on experiences rather than things. In 2017, an article titled “Wellness Is The New Luxury: Is Healthy and Happy The Future of Retail?” referenced a study by the Harris Group explaining that 78% of millennials would rather spend their money on an experience than a material item. Their findings showed that millennials are spending roughly ⅔ more on average than their parent’s generation (baby boomers), on actual experiences (concerts, gym memberships, travel, etc.) than physical objects.
What does this mean?
Increasing demands for meaningful experiences undoubtedly mean that society is changing in a significant way from previous generations, forcing the marketplace to change along with it. When values become aligned with how money is spent, there has to be a collective shift in what businesses sell and how they make money, and whether this is a “good” or “bad” shift is up to you.
Certainly, every dollar you spend is a reflection of what you support and what you personally value, something that is coming up more clearly in the global consciousness than ever before.
The rise in wellness entrepreneurship did not happen in a vacuum, but has been born out of a desire for a more holistic form of health; a balance in mind, body, and spirit, and whatever the reason behind this change, it’s an exciting time to be a wellness entrepreneur, as the tides of business for business’ sake seems to be shifting towards a more purpose-driven economy.
As an entrepreneur, what motivates you? How can you use the resources available to you to improve your life and the lives of the people around you? What do you think future generations will focus their time and energy on?
The best conclusions come with even more questions, and I’d really love to hear your own thoughts and musings on this topic. Drop a line, leave a comment, and/or shoot me an email: firstname.lastname@example.org. Let’s discover the answers together.