There’s a debate in the startup community between the lifestyle and growth entrepreneur. Now, no one likes labels, but the idea is that a lifestyle entrepreneur optimizes for his or her lifestyle while the growth entrepreneur focuses on growth at any reasonable any cost.
Here are some ways the lifestyle entrepreneur differs from the growth entrepreneur:
- Lifestyle entrepreneurs look to company profitability for personal income, keeping in mind growth goals, while growth entrepreneurs put all the emphasis on growth
- Lifestyle entrepreneurs are averse to raising outside money while growth entrepreneurs always try to raise money
- Lifestyle entrepreneurs are more comfortable with the status quo while growth entrepreneurs are constantly looking to shake things up and reinvent their business to grow faster
Why distinguish between lifestyle and growth entrepreneurs at all? It’s important to understand ones motivations and ambitions, especially when developing a peer group and connecting with mentors.
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