Many entrepreneurs, including (especially?) those over 40, start their own businesses because of a desired change in lifestyle. Maybe they want to be their own boss. Or to have more flexibility in their schedule. Or to free themselves from a daily commute that can take hours and leave them frazzled. Everybody has their own reasons.
Likewise, the term “lifestyle business” doesn’t have a one-size-fits-all definition, as Barbara Taylor points out in a NYTimes.com post from earlier this week. While “lifestyle business” may be a vague term, Taylor says she senses three “distinct flavors”: The Underachiever, The Hedonist and The Free Spirit. “It is only when the owner strives to reach a new level with the business — whether this involves growth, exit or both — that the label goes from being a given to being an issue,” she writes. Here’s the post for those who would like to read it.