There's always been lots of discussion about what, exactly, defines a lifestyle business. You can ask 10 people and you'll have 10 different answers.

But is it an antiquated term that has no bearing in the world today? There are many small business owners who are living proof that you can work much less than popular traditional wisdom would have you believe and still run a very successful, multi-million dollar business -- and still have time for coaching your kid's sports team, playing golf or tennis during the week, growing a vegetable garden, taking karate lessons, or socializing with people other than business associates.

With trends as they are today, will the next generation make the term the norm as the definition of small business?

Read More - NY Times Blog Post