Professor William Wetzel, a venture capital expert, is credited as the first person to use the term “lifestyle business.” In these companies, he said, “there’s no upside potential for creating wealth.”
Today, the term “lifestyle business” is oftentimes used dismissively. The companies we respect most – Apple, Google, Amazon, Coca-Cola – are growth companies with untold potential for creating wealth.
If you were to ask 100 business owners if they had lifestyle companies or growth companies, it is likely that upwards of 95 would tell you growth. That’s not because 95 truly do, but because only 5 are willing to admit they don’t.