I have no clue, it seems uncommon in software, but personally I'd choose working 3 hours a day over 200k/yr any day.
IMO having a small team constraint is powerful too, you really have to optimize things otherwise you're screwed. Basically the opposite of a startup, where you'd toss money at the problem while you try and attract more people, making the product increasingly brittle.
A business that you own and which makes you any money on 3 hours a day may be even more rare than a unicorn. In most cases you'll be spending those 3 hours per day on administrative stuff alone.
That's definitely not true. There are only a few dozen unicorns, and hundreds of self-sustained businesses that "print" small amounts of money. If you join any large city's small business CEO groups (in NYC, SF, Toronto, London, etc.) you'll find a lot of one-person, bootstrapped companies that just run themselves.
It's not easy, but there are dozens or hundreds in many large cities.
IMO having a small team constraint is powerful too, you really have to optimize things otherwise you're screwed. Basically the opposite of a startup, where you'd toss money at the problem while you try and attract more people, making the product increasingly brittle.