I don't know where the term came from, but I suspect it came from investors trying to come up with a euphemism for "not investable". If your'e a VC, a lifestyle business actually is a bad thing - it just doesn't work for them.
Where the train goes off the tracks is when entrepreneurs start using the term in a way that roughly translates to "script kiddie". That is just immature.
Where the train goes off the tracks is when entrepreneurs start using the term in a way that roughly translates to "script kiddie". That is just immature.