Lifestyle Business vs. Growth-Minded Business

If you want to start a business what kind do you want it to be? There are two competing business philosophies: lifestyle business vs. growth-minded business. A lifestyle business isn’t intended to make the owner tons of money. The goal of a lifestyle business is to make enough money to be comfortable while having freedom and a good work-life balance while doing work that you enjoy. Many lifestyle businesses were started based on the owner’s particular hobby or passion and represent their personal values. When you think of the startup world, you typically think of founders who are working like mad to grow their companies as fast as possible. Often, the founder or founders will get their company to the point where there’s enough promise to attract funding. And at that point, you’ve got investors who now want to see an ROI – and in the startup game, they’re not looking for a modest ROI, they’re looking for “to-the-moon” businesses. This is the growth-minded business model. Whichever type of business appeals to you, starting and building one puts you on a different plane than the great majority of people. Most people spend their entire lives working for someone else, making someone else money. Starting your own business can give you more choice, freedom, and independence than your average 9-5'er can ever dream of. And we think that makes it all worth the effort. Full Article Here Show Notes Apex Predator: A farmhouse ale from Off Color Brewing. LMM Financial Toolbox: The tools we use to manage our money. LMM Pro: Research, evaluate, and track rental properties. Learn more about your ad choices. Visit megaphone.fm/adchoices