I don't really have much to say as regards to this post. It is just an avenue to hear your thoughts on which is better to invest both time, energy and resources in, mostly for a season as this, where we are experiencing economic uncertainty and ill-timed government banking policies.
So, given that the resources are available or not and you are presented with the opportunity to start/grow or buy an existing business just like Elon Musk, which option is more preferential and benefitial to you?
Buying one is definitely the easier way. However you can never turn around and be proud/claim sole success. You can improve on an existing business and either continue success or turn it around (if it's not doing well) though creating one creates a whole new level of success. Not only planting the seed of the idea, but taking care of it until it flourishes into something lucrative, that is another skill.
The question does need some questions answered to properly give a response. It really depends on:
- What's on the table? Are there successful business out there to scoop up and continue on for easy income?
- Does the individual have any business skills?
- Is creating a business viable financially, in comparison to buying one?
If the limit was $1,000,000 and successful businesses sell for $100-$300k. Then why not a succeeding business while forming an idea on the side? Or just nice and easy, scoop those businesses up, improve them, take more profit, sell them, create your own venture later. Not everyone has $1,000,000 in their pocket though unfortunately, so much easier written than done. This example also a validates how much easier it is for the rich to get richer