Doug Richard: Why do people hate lifestyle businesses?
14 July 2010 by Sophie
Doug Richard is an entrepreneur and investor, former
star of Dragons’ Den and founder of School for
Startups.I have never understood the antipathy that otherwise rational
people have for the so-called ‘lifestyle business’. Quite recently
I heard someone in a position of responsibility in the small
business community disparage lifestyle businesses. They weren’t
real businesses, he said. They only enriched the owner, he said.
What the f**k, I thought to myself?
via smarta.com
I’m in the same mindset here, especially I think for HK many small lifestyle businesses makes sense. We’ve got the right combination to be a service business hub, why not take advantage of it?
In HK I see some people have a ‘side’ business or family trading company going on – so if you casually mention you know someone looking for widgets before you know it they are on the phone and calling their friend with a factory in China to get you a price. Love this about HK.
True enough. I guess that my focus comes from trying to find ways of steering people out of thinking that the way to start a startup is: business plan, get investment $$$, spend investment $$$, profit by IPO or M&A.In the local market, bootstrapping is one of the only viable ways to get started, which means targeting a lifestyle business makes more sense.