*a thread on 'lifestyle businesses'*
"In Australia, it’s relatively easy to build a lifestyle business"
1) it's not 'relatively easy' to build a profitable tech business *anywhere*. If it was, we would have a lot more of them.
"In Australia, it’s relatively easy to build a lifestyle business"
1) it's not 'relatively easy' to build a profitable tech business *anywhere*. If it was, we would have a lot more of them.
2) 'lifestyle business' is a bullshit term, and people who use it are being overly reductive about what business means.
Just because someone doesn't want to take a venture-debt-funded path to $100m or zero does not make their business any more or less valid.
Just because someone doesn't want to take a venture-debt-funded path to $100m or zero does not make their business any more or less valid.
3) there appears to be a direct relationship between people laying into 'lifestyle businesses' and those who have never built a company to > $1m ARR (or equivalent). Regardless of whether that company is 'lifestyle' (aka self funding/positive unit economics) or debt funded
4) Entrepreneurship is a broad church. Not everyone wants your $1b IPO, nor does everyone want a business turning over a few $m at a profit, providing for founders + employees. Neither model is more or less correct, just different.
5) I know far more Australian and successful 'lifestyle businesses' than I know successful venture funded businesses (success being subjectively defined there). The assumption that "we know better" what success should mean to a founder is utter BS.
6) I arc up at these people because I've been described as having a 'lifestyle business'. Sure, tell that to my team of ~25, all of whom (incl myself!) work hard for us & our customers.
7) Startups/new businesses/SMEs are hard work, and being a founder is a shit job. Having others keep trying to define success FOR you ("oh that's just a lifestyle business"/"they're successful, they did a series B!") is one of the contributors to how shit the job is.
8) as an ecosystem, we have a responsibility to accept that entrepreneurship is diverse, and people's goals are also diverse. That's great! Stop assuming everyone needs to gun to be 'the next Facebook' (/atlassian/canva/envato/etc). Not everyone WANTS to be, let alone SHOULD be.
9) @<all media companies targeting startups/businesses/SMEs in Australia> you are also responsible for this in what you choose to publish and promote. Let's stop promoting bullshittery. FIN
