Would you rather start/grow a business from scratch or buy an existing business? - page 5.

angrybirdy

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Quote from: Porfirii on November 04, 2023, 07:52:29 AM

Quote from: passwordnow on November 04, 2023, 07:39:47 AM

If someone is starting, it's best to own and begin with your own business. Not just that you'll feel the ownership of it but you will also understand the concept of building from scratch. And once you're done there, just repeat it until you go to the point that you're now buying other businesses just like what the rich do.

If you step up your game in the business sector. It is one way to grow your stay there and that's to acquire as much as business as you can based on your interest and growth that you're looking for. So, if I have all the resources, this is my type to grow business and also buy businesses that I want to continue whether they're already profitable or not but of course, it's more with the profitable ones.

You summed it up very well: if this is your first business, I also think that growing your own business is better. This way, you can learn from the ground how everything works, you are able to make mistakes and learn from them, and it is still your personal project which can be abandoned if things go wrong and start a new one with the lessons learnt. The kind of activity that fits with the entrepreneurial personality.

But, when your business has grown, one typical way to keep growing is to buy existing ones that you think are promising/create synergies with the rest of your business/they are a bargain because they are on sale. Of course, to do that, you need the capital, and it is not generally a good idea to borrow it when you are starting and have no clue on how these things work. If you like these things, you'd better study M&A instead. The kind of activity that fits with the management oriented personality.

It's really better to grown your own business especially if this is your first business in your entire life, so that you'll get to know how to handle and how to manage everything from the scratch... Once your first business has grown and became successful, if you have enough money to buy an existing one of you want to avail franchise business then go, As long as you can manage it. Better to have a different type of business nowadays because were living in a modern society where everything changes the demand swiftly.

Biznesmen

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Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

If the existing company meets my conditions and is within my budget, then I will buy the existing business; it would be more convenient for me. There are many reasons for that. First, the budget is much less when compared to starting a new one. Secondly, there are employees who are experienced, and there is no need to train them. Thirdly, don't waste time on paper work issues, building, technology, etc.And the reasons go on and on. And we also have the option to make whatever conditions we want before buying a company. So I don't see any red flags in buying an existing company, but green flags.

Porfirii

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Quote from: passwordnow on November 04, 2023, 07:39:47 AM

If someone is starting, it's best to own and begin with your own business. Not just that you'll feel the ownership of it but you will also understand the concept of building from scratch. And once you're done there, just repeat it until you go to the point that you're now buying other businesses just like what the rich do.

If you step up your game in the business sector. It is one way to grow your stay there and that's to acquire as much as business as you can based on your interest and growth that you're looking for. So, if I have all the resources, this is my type to grow business and also buy businesses that I want to continue whether they're already profitable or not but of course, it's more with the profitable ones.

You summed it up very well: if this is your first business, I also think that growing your own business is better. This way, you can learn from the ground how everything works, you are able to make mistakes and learn from them, and it is still your personal project which can be abandoned if things go wrong and start a new one with the lessons learnt. The kind of activity that fits with the entrepreneurial personality.

But, when your business has grown, one typical way to keep growing is to buy existing ones that you think are promising/create synergies with the rest of your business/they are a bargain because they are on sale. Of course, to do that, you need the capital, and it is not generally a good idea to borrow it when you are starting and have no clue on how these things work. If you like these things, you'd better study M&A instead. The kind of activity that fits with the management oriented personality.

passwordnow

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If someone is starting, it's best to own and begin with your own business. Not just that you'll feel the ownership of it but you will also understand the concept of building from scratch. And once you're done there, just repeat it until you go to the point that you're now buying other businesses just like what the rich do.

If you step up your game in the business sector. It is one way to grow your stay there and that's to acquire as much as business as you can based on your interest and growth that you're looking for. So, if I have all the resources, this is my type to grow business and also buy businesses that I want to continue whether they're already profitable or not but of course, it's more with the profitable ones.

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Quote from: dothebeats on August 18, 2023, 11:05:10 PM

Quote from: alastantiger on August 18, 2023, 03:59:58 PM

Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

I have this dream of flipping businesses since I started to listen and follow some business gurus. I would go with starting a business and the selling it off once it reaches my target valuation. Just as we saw with Instagram, WhatsApp and so many other businesses. I'll start a business from the scratch, build it and then sell if off and go do another one. And the thing with this is that I don't even need to be personally involved in the day to day activities of the organization. I can hire competent and professional business executives to do that. This is my preference.

Many businessmen do that these days and I like it. I like your idea, it is smart and innovative in a way. You don't have to worry about what happens next after you sell it off or hired great business executives to do the next tasks for you. However, the kind of down side here is you have to have new ideas every time, you have to be able to know how to market smartly as you are not selling to just any consumers but to co-professional businessmen in the industry.

Doing business all depends what sector we want to invest our money and how frequent we are available to earn more money for ourselves. Whether we are starting a fresh business or we went to do partnership, it all depends on what kind of business we are interested in and what we tend to benefit investing in such a business. I will rather invest my funds in an online business than going for physical business where I would have to pay a lot of taxes and employing plenty people to work for the company. Everyone knows what is best for them and the kind of results they are looking for.

gunhell16

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Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

First of all, we can't imitate Elon Musk because an ordinary person like me is not capable of starting a big business. You know, in traditional business, big capital and big earnings are often even tentative.

So for an ordinary person like me, I only have a small capital, but I aim for a high income as time goes by. Just be patient and be strong so that the business we will do will succeed. So, what I am saying is the way of a practical person. As long as you know how to handle the capital correctly, we can definitely grow it in the future.

poodle63

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buy existing business if you can, if you see potential in it, honestly building business from scratch is really hard, even more so for someone without experience but by buying existing business you will already be given the knowledge and also the loyal customers that the business is having.
many might think starting business will be more viable for long term but thats just wrong, often time existing business is already thriving but stuck because improper management, just changing around some little thing could already make the business sky rocket its in contrast with starting business from scratch where you will need to find all the path you need to know which also gonna waste many of your money.

Sexylizzy2813

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Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

With the way the economy is I'd prefer starting a business rather than buying, in buying you spend more than when you start it yourself. Let's say I have the funds already I'd start it up myself. Is best to start from scratch with you knowing the in and out of the business you're getting in, if you're owing or not at least that's a business you begin with that shows honesty no lies and you'd be comfortable with everything that's goes in with it.
If should anything happens to it, it will be your fault and you have nobody to blame as a true businessman, other than making use of an "already made business" where it's presented to you without all details given out to you and you have to figure out if the business has loop holes like depts and some other stuff you need to take care of to make it stable. To me is best to start up a business than buying an existing one.

dothebeats

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Quote from: alastantiger on August 18, 2023, 03:59:58 PM

Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

I have this dream of flipping businesses since I started to listen and follow some business gurus. I would go with starting a business and the selling it off once it reaches my target valuation. Just as we saw with Instagram, WhatsApp and so many other businesses. I'll start a business from the scratch, build it and then sell if off and go do another one. And the thing with this is that I don't even need to be personally involved in the day to day activities of the organization. I can hire competent and professional business executives to do that. This is my preference.

Many businessmen do that these days and I like it. I like your idea, it is smart and innovative in a way. You don't have to worry about what happens next after you sell it off or hired great business executives to do the next tasks for you. However, the kind of down side here is you have to have new ideas every time, you have to be able to know how to market smartly as you are not selling to just any consumers but to co-professional businessmen in the industry.

Oilacris

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Quote from: alastantiger on August 18, 2023, 03:59:58 PM

Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

I have this dream of flipping businesses since I started to listen and follow some business gurus. I would go with starting a business and the selling it off once it reaches my target valuation. Just as we saw with Instagram, WhatsApp and so many other businesses. I'll start a business from the scratch, build it and then sell if off and go do another one. And the thing with this is that I don't even need to be personally involved in the day to day activities of the organization. I can hire competent and professional business executives to do that. This is my preference.

On the time that you do reach out on a state on which you could already hire up people then you would definitely do it and this is the beauty if you did able to see such positive outcome towards the business you are dealing with. Basing up on the question whether you would start up from scratch or would be buying up someones business then it would really vary because success will vary on how you would really be handling out the business that you had purchased. You cant really just make yourself that able to assure about continous success but its really hard for some business owners would

really be selling out their business if it was profitable. On the time that they would be selling out a business then for sure you would really be assuming that there's something wrong with the business
whether its not profitable or in the verge for bankruptcy and you arent that dumb enough for you not to look out those conditions on the time that you would be buying it.
You wont really be that dumb on not to check everything before proceeding but in overall i would really be that sticking on something which i would be the one on building it from scratch.

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Quote from: Bushdark on August 18, 2023, 03:50:34 PM

Quote from: RockBell on August 18, 2023, 02:21:49 PM

Quote from: avp2306 on August 15, 2023, 05:30:48 AM

If you don't have any experience on business field the. Start from scratch so you would provably know what are important things that needed to take care with in a business.

But if you are well established businessman and can able to plant some on existing business then its good since you don't need to worry on how to market it because they already have establish their own brand. Its up to you on how can you maximize your bought businesses so that it can generate you more money.

The experience is to be considered and in the absence of experience, I think a reach will help also get ideas from does doing the same business or similar, going into a business undergoing process help and reduces risk. I personally encourage mentorship aside from building you in business it builds your personality, I personally go with what you are saying about already established businesses having a lot of advantages since already laid knowledge is easier to go along with the market, compared to building a new idea, which ever making a smart decision will be best.

Starting afresh to grow a new business is never easy especially the money that we be involved in starting something new and waiting for some months or even years for the business to grow with time. This is a time of patience and when something wrong happens one will need to be ready to fix it because of competition that will be necessary to face.

The Challenges of starting your own business is huge except for the kind of business that does not have high competition. Going to partner with others that had already established there business or buying shares is a good way for us to invest our money and earn some good income which is always quick to grow than those that will be ready to start a new business which is required huge capital and the necessity of creating a brand.

It depends on the probability I think. if we have a greater chance with the previous business then indeed why try to create a new business that is not certain because we already have a basis in the existing business, but if in the end the business opportunities that we have arranged before fail and for future progress are also likely to be the same then it would be better to look for other alternatives to become a business.
Indeed, starting from scratch will not be easy because we have to redesign the plan from scratch and expenses will definitely be greater but if it is a better choice than the previous business that did not go well, why not because I think making such a decision must have had some prior consideration.

alastantiger

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Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

I have this dream of flipping businesses since I started to listen and follow some business gurus. I would go with starting a business and the selling it off once it reaches my target valuation. Just as we saw with Instagram, WhatsApp and so many other businesses. I'll start a business from the scratch, build it and then sell if off and go do another one. And the thing with this is that I don't even need to be personally involved in the day to day activities of the organization. I can hire competent and professional business executives to do that. This is my preference.

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Quote from: RockBell on August 18, 2023, 02:21:49 PM

Quote from: avp2306 on August 15, 2023, 05:30:48 AM

If you don't have any experience on business field the. Start from scratch so you would provably know what are important things that needed to take care with in a business.

But if you are well established businessman and can able to plant some on existing business then its good since you don't need to worry on how to market it because they already have establish their own brand. Its up to you on how can you maximize your bought businesses so that it can generate you more money.

The experience is to be considered and in the absence of experience, I think a reach will help also get ideas from does doing the same business or similar, going into a business undergoing process help and reduces risk. I personally encourage mentorship aside from building you in business it builds your personality, I personally go with what you are saying about already established businesses having a lot of advantages since already laid knowledge is easier to go along with the market, compared to building a new idea, which ever making a smart decision will be best.

Starting afresh to grow a new business is never easy especially the money that we be involved in starting something new and waiting for some months or even years for the business to grow with time. This is a time of patience and when something wrong happens one will need to be ready to fix it because of competition that will be necessary to face.

The Challenges of starting your own business is huge except for the kind of business that does not have high competition. Going to partner with others that had already established there business or buying shares is a good way for us to invest our money and earn some good income which is always quick to grow than those that will be ready to start a new business which is required huge capital and the necessity of creating a brand.

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Quote from: Cryptomultiplier on August 05, 2023, 12:26:46 PM

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?

When we talk about a business takeover, we need to know all the ups and downs of that company because without properly amplified resources we can not expect much but the dust itself. It is a simple rule, if you are taking over then you will have to understand the insider structure first and that will take one of the vital resources from you which is your TIME. You can not beat that for sure, or else you will end up losing more money in the quick learning progress or by hiring more personnel to understand the entire process of that existing business. The takeover which we lear from guys like Elon Musk should not be taken as motivation because that man already has billions of dollars in his right and left pockets. If anything goes wrong he can just build the entire business out of scratch. It's better to start your own, you will learn along the way and you will connect more.

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Quote from: avp2306 on August 15, 2023, 05:30:48 AM

If you don't have any experience on business field the. Start from scratch so you would provably know what are important things that needed to take care with in a business.

But if you are well established businessman and can able to plant some on existing business then its good since you don't need to worry on how to market it because they already have establish their own brand. Its up to you on how can you maximize your bought businesses so that it can generate you more money.

The experience is to be considered and in the absence of experience, I think a reach will help also get ideas from does doing the same business or similar, going into a business undergoing process help and reduces risk. I personally encourage mentorship aside from building you in business it builds your personality, I personally go with what you are saying about already established businesses having a lot of advantages since already laid knowledge is easier to go along with the market, compared to building a new idea, which ever making a smart decision will be best.

Twentyonepaylots

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Quote from: inthelongrun on August 17, 2023, 03:33:17 PM

Both have their own pros and cons. But for me, it is best for someone that has no experience in the business field to just franchise an existing business. Franchising will let its potential partners undergo several trainings to teach them everything on how to run the business successfully. And in an existing business, there are already existing systems as well that save a lot of time and effort. Imagine looking for suppliers that are a little cheaper and at the same time its quality remains good. The workers will also be trained by the franchising company. This way, newbie businessmen take a shortcut and might have ample time to continue their jobs or do other stuff.

This is exactly the same response I had in my mind after reading the post. Deciding whether to grow a business from scratch or buy an existing one can be challenging. It depends on your personal preferences and goals. If you have a strong vision and are willing to work hard, starting a business from scratch can be a great option. On the other hand, buying an existing business can provide a jumpstart with an established customer base and infrastructure. Ultimately, it comes down to weighing the advantages and disadvantages and determining the best fit for you and your aspirations.

dothebeats

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Quote from: dunfida on August 17, 2023, 05:40:28 PM

Quote from: inthelongrun on August 17, 2023, 03:33:17 PM

Quote from: avp2306 on August 15, 2023, 05:30:48 AM

If you don't have any experience on business field the. Start from scratch so you would provably know what are important things that needed to take care with in a business.

But if you are well established businessman and can able to plant some on existing business then its good since you don't need to worry on how to market it because they already have establish their own brand. Its up to you on how can you maximize your bought businesses so that it can generate you more money.

Both have their own pros and cons. But for me, it is best for someone that has no experience in the business field to just franchise an existing business. Franchising will let its potential partners undergo several trainings to teach them everything on how to run the business successfully. And in an existing business, there are already existing systems as well that save a lot of time and effort. Imagine looking for suppliers that are a little cheaper and at the same time its quality remains good. The workers will also be trained by the franchising company. This way, newbie businessmen take a shortcut and might have ample time to continue their jobs or do other stuff.

Thats one of the pro's when you are really that tending to make some franchise or getting one on which you would really be trained up on how things do or operating so even if we do say that you dont have experience or

beginner then you would really be definitely be able to handle or known it out on how to manage out your business even if you are just new but this is really that according into someones preference since not all would really
be liking on having that shortcut when it comes to business and would really be liking for them to start on their own and would really be able to adapt and learn up to handle from zero until they would really become experienced. So this would really be just depending on your personal choice since there are people who do prefer this and prefer that.

Growing up a business with your own or from scratch would really be giving out that advantage that you do know on how things works and moves unlike when you do buy a current existing then there would
really be needing a time for you to adapt and make things familiarize but well it isnt really just that much hard though because you wont really be that dumb on buying a current business without having
those kind of thinking and considerations before you do proceed.

I like this point a lot. This is also something that a lot of people overlook or forget. When you get a franchise it will feel like everything is being handed to you, like you are being spoonfed, like everything will always be presented to you and all you have to do is figure out what you will do with it. The ideas, equipment, the process, the system, (sometimes) the staff, the name and reputation of the business, and even the marketing straetgy will be taught and handed to you. It will be that easy, you will just have to figure out how you'll make the business grow from where it is currently at and even with that you'll get assistance.

dunfida

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Quote from: inthelongrun on August 17, 2023, 03:33:17 PM

Quote from: avp2306 on August 15, 2023, 05:30:48 AM

If you don't have any experience on business field the. Start from scratch so you would provably know what are important things that needed to take care with in a business.

But if you are well established businessman and can able to plant some on existing business then its good since you don't need to worry on how to market it because they already have establish their own brand. Its up to you on how can you maximize your bought businesses so that it can generate you more money.

Both have their own pros and cons. But for me, it is best for someone that has no experience in the business field to just franchise an existing business. Franchising will let its potential partners undergo several trainings to teach them everything on how to run the business successfully. And in an existing business, there are already existing systems as well that save a lot of time and effort. Imagine looking for suppliers that are a little cheaper and at the same time its quality remains good. The workers will also be trained by the franchising company. This way, newbie businessmen take a shortcut and might have ample time to continue their jobs or do other stuff.

Thats one of the pro's when you are really that tending to make some franchise or getting one on which you would really be trained up on how things do or operating so even if we do say that you dont have experience or

beginner then you would really be definitely be able to handle or known it out on how to manage out your business even if you are just new but this is really that according into someones preference since not all would really
be liking on having that shortcut when it comes to business and would really be liking for them to start on their own and would really be able to adapt and learn up to handle from zero until they would really become experienced. So this would really be just depending on your personal choice since there are people who do prefer this and prefer that.

Growing up a business with your own or from scratch would really be giving out that advantage that you do know on how things works and moves unlike when you do buy a current existing then there would
really be needing a time for you to adapt and make things familiarize but well it isnt really just that much hard though because you wont really be that dumb on buying a current business without having
those kind of thinking and considerations before you do proceed.

inthelongrun

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Quote from: avp2306 on August 15, 2023, 05:30:48 AM

If you don't have any experience on business field the. Start from scratch so you would provably know what are important things that needed to take care with in a business.

But if you are well established businessman and can able to plant some on existing business then its good since you don't need to worry on how to market it because they already have establish their own brand. Its up to you on how can you maximize your bought businesses so that it can generate you more money.

Both have their own pros and cons. But for me, it is best for someone that has no experience in the business field to just franchise an existing business. Franchising will let its potential partners undergo several trainings to teach them everything on how to run the business successfully. And in an existing business, there are already existing systems as well that save a lot of time and effort. Imagine looking for suppliers that are a little cheaper and at the same time its quality remains good. The workers will also be trained by the franchising company. This way, newbie businessmen take a shortcut and might have ample time to continue their jobs or do other stuff.

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Quote from: eightdots on August 15, 2023, 04:17:59 AM

Quote from: mich on August 14, 2023, 05:30:38 AM

Well I would much rather start a business from scratch because I know that I'll be running a business that I am truly passionate about. I know that I'll do what needs to be done to get my business up and running, whether it takes hours of research it will get done because I know it will benefit my business.
I also feel that I would be focused and truly dedicated to doing what I can to make my business successful. I would I want to be able to put a successful business plan for my company, be my own boss, and give employment to other people.
What would truly make me happy will be the satisfaction of all the hard work that will eventually pay off for sticking with starting a business from scratch. And knowing that I can help others with my company and being able to lead and run my business as I see fit.

When you start a business from scratch, you own it more. You control every step of the work. If there is a mistake, it is easier to find it. When you buy a ready-made business, there can be many unseen problems. You may not know what to do when you face these problems. That's why I prefer to start a business from scratch if I have the money. I would follow my dreams and try to be useful to people at the same time.

It is a good feeling to be able to give other people a job and help them earn an income. Therefore, I would like people who want to do their job well and be useful to others to open a business.

Acquiring a business also requires knowledge and experience. I mean, when you decide to buy a business, at least one of your areas of expertise, you already have experience in that area. And if you take over an existing business, you'll save a lot of time instead of building everything from scratch. With an acquired business, we already have customers, a reputation, and what we need to do is help it grow further. Buying an existing business or building one from scratch both has its pros and cons, depending on one's mindset.

Topic: Would you rather start/grow a business from scratch or buy an existing business? - page 5. (Read 1543 times)