I'm the founder of a firm that has had investors reach out from time-to-time and some do ask "Are you trying to build a big business or a lifestyle business?" In this context, "lifestyle biz" is absolutely a pejorative term.

The implications/sub-text of that question is:

1. If you don't plan to take money, you're probably not thinking big, are not ambitious, etc

2. You'll need capital and expertise (probably ours) to build a big business

What I've found is that the better investors tend to ask a different question "At what point, if any, would you think of raising capital?" This question gives the investor the same info without the insulting sub-text.

Related notes: - Most tech M&A exits are less than <$100M. If you're playing the odds, a "lifestyle" business may be the way to go. http://www.cbinsights.com/blog/acquisitions/tech-mergers-acq...

- Building a real business (revenue > costs) and growing it gives you more leverage with investors down the road should you want to go down that path. That's our plan. http://www.cbinsights.com/team-blog/investors/