To be a successful stock market investor, a good idea is to focus on businesses that have huge growth prospects. By getting in on these companies early in their lifecycles, shareholders could reap the rewards of much higher sales and profits. Of course, having a long-term time horizon to let things play out is critical to make any of this work. 

With that being said, a $5,000 investment spread equally among the following three growth stocks could make you richer over the next decade. Here's why. 

Carvana is disrupting used car sales 

There's no doubt that Carvana (CVNA 1.38%) has hit a bit of a rough patch recently. Total revenue and units sold of $2.6 billion and 79,000, respectively, in the 2023 first quarter were both down 25% compared to the prior-year period. A combination of factors, like higher interest rates and general macro weakness, has pressured demand, to be sure. But Carvana's indebted balance sheet and lack of sustainable profitability hurts even more in times like now. 

However, this business still has incredible upside. The domestic used car industry is so massive that there are about 40 million units sold in a typical year, giving Carvana just a tiny 1% share (based on 2022 numbers). By providing customers with a superior shopping experience compared to the brick-and-mortar model, there is potential for outsized gains. 

As of this writing, the stock trades at a price-to-sales ratio of about 0.1, which is significantly below its historical average of 1.2. This clearly indicates that investors have turned completely pessimistic on the company -- and for good reason. There is so much uncertainty about Carvana's financial situation in the near term.

But if management can successfully navigate the current downturn for the business, while returning to fast growth, Carvana's stock could be worth multiples of its current value in 10 years. 

Chipotle has a huge expansion runway 

With a current store count of 3,224 restaurants, Chipotle Mexican Grill (CMG 2.69%) might not appear to have more room left to expand its footprint. But this is an incorrect assumption. According to CEO Brian Niccol, the company thinks it can more than double its store base to 7,000 locations in North America one day, up from prior guidance of 6,000. 

Chipotle has proven its pricing power in the last couple of years as it had to raise menu prices multiple times to offset higher input costs. But what's impressive is that demand hasn't taken a hit at all. In the most recent quarter (first-quarter 2023, ended March 31), same-store sales were up 10.9%. And the operating margin expanded from 9.4% in the year-ago period to 15.5% in Q1. 

The stock isn't cheap by any stretch of the imagination as it trades at a price-to-earnings (P/E) ratio of 55 right now. But the shares haven't been cheap based on this metric for quite some time, yet they are up a remarkable 346% over the past five years.

This means Chipotle's fundamental performance has been strong, often exceeding analysts' earnings estimates even as the business has faced the pandemic, inflationary pressures, and a possible recession with no slowdown to its growth. This bodes well for its future prospects. 

Lululemon is a booming athleisure brand 

Like Chipotle, Lululemon Athletica (LULU -1.91%) appears unfazed by the heightened macroeconomic uncertainty that has negatively affected most businesses in recent times. This athleisure pioneer posted revenue growth of 24% in its latest fiscal quarter (Q1 2023, ended April 30), with diluted earnings per share up 54%. Both of these figures beat Wall Street estimates. 

Lululemon is a premium brand, and this has resulted in tremendous profitability. Its gross margin and operating margin have been higher than industry leader Nike in each of the last 10 fiscal years. One key to the company's strategy is to avoid relying on third-party retailers to push its merchandise. This helps maintain the brand's high-end standing with consumers. 

Between 2021 and 2026, the leadership team thinks revenue can double to $12.5 billion. By continuing to focus on growing its men's segment, as well as boosting digital and international sales, Lululemon is well on its way to easily achieving this target. In fact, the business hit its prior financial goals way ahead of schedule, so investors should remain optimistic. 

Shares have nearly tripled in the past five years, and they now sell at a steep P/E ratio of 47, which is more expensive than where they traded at the start of 2023. But just like the products it sells, investors might be inclined to pay a premium for quality.