[ClumsyPilot]

I feel the phase means something different entirely - let's say I start a software consultancy with my friends, and my goals are to run the firm how I want, be my own boss and that we have fun working on interesting projects together. That to me is a lifestyle business.

If there is a profitable decision I could take, like investment / partners / whatever, I prioritise the fact that I want to keep running this company myself without interference over profit. I prioritise my job satisfaction.

Maybe I could hire a more competent CEO, but that's not what I am trying to do here. I could get a mentor thou.

This business could be funded by debt, or investment, though not normally.

Now I might make a lot of money and grow the firm to 10k people, or I might take long holidays and go bankrupt - that's a different problem entirely.