1.5.4 Lifestyle businesses

Question 1

Lifestyle businesses

Answer 1

A business that aims to make enough money to provide flexibility needed to support a particular lifestyle for the owner

Question 2

features of lifestyle businesses - 2

Answer 2

• tend to be small + one owner
• linked to a skill/interest e.g plumbing,music

Question 3

Owners of lifestyle businesses start a business hoping to sustain what

they’re likely to feel and be

Answer 3

hoping to sustain a certain level of income to fund their lifestyle

likely to feel happy & satisfied

Question 4

How come owners of lifestyle business tend to be happy & satisfied

Answer 4

because they run a business that allows them to live a life they want

Question 5

Growth in revenue and profits is not a key objective to lifestyle business T/F

rather what is an objective

Answer 5

True

to only sustain a certain of revenue and income in order to fund their lifestyle

Question 6

Who provides the funding for lifestyle businesses and why

Answer 6

Owners of lifestyle businesses usually have to provide all the funding themselves

Because, not many external investors will fund businesses that do not aim to maximise profits