FWIW, this is the first time I've ever heard anybody suggest "lifestyle business" is an inherently pejorative term. I don't consider it a pejorative in any way, and I don't know anybody offhand who does. That said, I've heard tell of VC's and other people who are deeply invested (no pun intended) in the "shoot for the moon" approach being somewhat dismissive of lifestyle businesses, and perhaps couching their discussion of them in pejorative terms... I just haven't known anybody who holds the phrase to be intrinsically pejorative.