The lifestyle business is a business that is set up and run by its founders primarily for the purpose of maintaining a certain level of income and nothing more; or to provide a foundation to enjoy a particular lifestyle.
Some types of companies are more accessible than others for lifestyle business people. Those who require large capital (eg car manufacturing) are difficult to launch and maintain based on lifestyles; others like small creative industry efforts are more practical for single practitioners or small groups such as husband and wife teams.
Lifestyle businesses usually have limited scalability and growth potential because such growth will destroy the lifestyle in which their owner-managers manage it. However, lifestyle businesses can and do win awards and provide satisfaction to their owners and customers. If enough high-quality creative producers started naturally together, as in Brighton, England, during the 1990s, the perception of a place could be radically changed (see Porter cluster).
It is a company that relies heavily on the skills, personality, energy, and contact of the founder. Often their founders create them to train their personal talents or skills, achieve flexible schedules, work with other family members, stay in the desired geographical area, or just to express themselves. But without the deep-rooted personal involvement of the founder, such businesses tend to be, well, floundering. Therefore, professional investors rarely get involved with lifestyle businesses.
Video Lifestyle business
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This term is used both in a favorable and insulting manner. Examples of individuals who promote the Lifestyle Business concept well include Ferriss's The 4-Hour Workweek Team and many other blogs that emphasize the concept of passive income with the same goal of Business Lifestyle. These individuals create lifelike business image and passive income that promote an easy lifestyle and something that individuals should aspire to.
Maps Lifestyle business
Note
References
- Henricks, Mark. Not just life (2002), p. xvii.
- Phillips, W. Glasgow. The Royal Nonesuch (2007), p.Ã, 85.
- Schreiber, Don. Building a World Class Financial Services Business (2001), p.Ã, 46.
- Thyne, Maree; Eric Laws. The Concept of Hospitality, Tourism and Lifestyle (2005), p.Ã, 12.
See also
- Lifestyle expert
- Lifestyle brand
External links
- Business Equity vs. Business Lifestyle
- Business of Blank Lifestyle
- Is Business Lifestyle Long Term an insult?
Source of the article : Wikipedia
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