The fact is you need radically different products for different parts of your consumer audience. That’s why you’ve seen a rise of more focused products like Robinhood, Wealthfront (going after the high end), savings apps like Acorn and digits, banking apps like Chime, etc (being a bank is profitable) that have incredibly strong revenue models attached. I think you could run a reasonable lifestyle business here if you don’t take VC, but I’m skeptical this can ever be truly mass-market. > A lifestyle business is one where the owners have set a target business size and profit level, and do not try to grow past this some owners even actively inhibit growth to keep the business from getting too large. I think this is too far narrow a definition of "lifestyle business". The better definition is simply a business that fits the founder's intent and lifestyle. I know several founders that started from nothing, built their company to turn a sizable profit and resisted big VC money. It's demeaning and inaccurate to call them "lifestyle businesses", they made a calculated decision. Roughly, they took a chance with self-financing, and maybe a ~40% chance bet on making a good living, versus taking the VC money and having 3% on becoming unbelievably wealthy. Given a 40% chance of making several million and a 3% chance of making billions, it's pretty reasonable for folks to take the higher probability, even if the statistical expected value is better with the VCs. These aren't people who "gave up", often, they made the smarter decisions.
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