Would you rather start/grow a business from scratch or buy an existing business?

[Afnan_faizah]

if the business is running well then it is better to buy an existing business. create business from scratch is not so easy, sometime we need to create a pilot project before launch the real one, there are many things to do before launching the final business model to the market and it will spend a lot of resources. if we buy a good existing business then we don't need to spend money for that things. Elon musk is smart person, he know how to earn money.

[1715445351]

1715445351

[1715445351]

1715445351

[1715445351]

1715445351

[1715445351]

1715445351

[bakasabo]

If I had an option to buy existing business or start my own business, I think I would choose existing business, but I would be very cautions about it. First and most important, no one sells good and profitable business. I must be either a specialist, that is able to recover dying business, or be able to pay a lot of money. I prefer existing business, because it will already have a history. I can make a research, find weak and strong points of it, examine market; in short, be prepared. Starting own business is much more difficult, and it will take extra time to figure out what is what.

[Outhue]

I will be very careful with existing business because it is not that safe compared to starting a business from scratch by yourself if you plan to buy a new car you have nothing to worry about because the car is brand new, it will come new engine, new body  and new everything compared to buying a used car, if you are buying a used car you will have to check the engine very well and also ensure that the car has never been involved in an accident and that will determine how much you will be willing to pay for such car, it's the same with an already established business, there are things you will need to consider first, the location, the stat of the business reputation, past records and activities.

[martinex]

If I had an option to buy existing business or start my own business, I think I would choose existing business, but I would be very cautions about it. First and most important, no one sells good and profitable business. I must be either a specialist, that is able to recover dying business, or be able to pay a lot of money. I prefer existing business, because it will already have a history. I can make a research, find weak and strong points of it, examine market; in short, be prepared. Starting own business is much more difficult, and it will take extra time to figure out what is what.

I also think same to if starting from new requires steps and a bit more strategy but if you buy something that is already running but is still very young I think it is better and this is also done by many bankers and investors, they generally feel more comfortable dealing with businesses that already have proven track record even though the price is also different but it's easier. this is my opinion. if less may be added.

[bitLeap]

If I had an option to buy existing business or start my own business, I think I would choose existing business, but I would be very cautions about it. First and most important, no one sells good and profitable business. I must be either a specialist, that is able to recover dying business, or be able to pay a lot of money. I prefer existing business, because it will already have a history. I can make a research, find weak and strong points of it, examine market; in short, be prepared. Starting own business is much more difficult, and it will take extra time to figure out what is what.

Starting a business or buying an existing business is equally difficult, it's just that maybe buying and running an existing business is a bit of a picture of how to move forward because we only need to continue and improve it again to become a more developed business. But that doesn't mean it will be easy to do, because still our abilities will be needed and in my opinion will be much needed because there will certainly be 2 things we have to do, the first is really continuing like the previous owner, or the second we will turn around and change a lot of strategies that will be run later.

We are required to have the ability in that field, I mean don't let us buy a business that we don't know at all, it's the same as digging our own grave.

I will be very careful with existing business because it is not that safe compared to starting a business from scratch by yourself if you plan to buy a new car you have nothing to worry about because the car is brand new, it will come new engine, new body  and new everything compared to buying a used car, if you are buying a used car you will have to check the engine very well and also ensure that the car has never been involved in an accident and that will determine how much you will be willing to pay for such car, it's the same with an already established business, there are things you will need to consider first, the location, the stat of the business reputation, past records and activities.

Well I agree with this, because we have to pay attention to the smallest things like this, we cannot immediately think that buying an existing business will make it easier for us. apart from this, as I said before, we must really have excellent abilities in the business field that we buy. We can't just say that the business already exists and then we think it will be easier to continue what the previous owner has done.

[zaim7413]

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 a business is not as easy as one might imagine, it takes careful mining before deciding to buy a business, especially when the business to be bought involves something new like Elon Musk buying Twitter. You need strong relationships and financial support to develop the business you just bought. You can buy any business with money, but it will be difficult to develop it if you don't know the knowledge in the business you just bought.

The best way to start a business, you have to build a business from 0, then you can develop your business slowly. Don't be easily tempted by instant ones, it might make you fall to the bottom as a result of not being able to develop the business you bought.

[uswa56]

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 prefer starting a business rather than buying a business that is already running, maybe the simple reason is that there is no guarantee and the possibility of success is the same, so I think it's more worth it to start a business from scratch and we have time to process and bring this business to the direction we want. .
Meanwhile, acquiring a business certainly requires a large amount of capital and is also likely to be able to maintain or make the business bigger.

[Pejoh Asu]

Of course I prefer buy an existing business than grow a business from scratch, in my opinion buying a business that is already popular is certainly easier to be profitable so it doesn't take long to get RoI, an existing business certainly has a good system and we as owners of course have to make strict selection and control .

[bayu7adi]

I often attend business seminars, and both options truly depend on the individual's circumstances. However, I prefer everyone to experience building a business from scratch with their own brand and to develop their business acumen, making them stronger and capable of competing with other entrepreneurs. Regardless of the outcome, whether success or failure, when someone's mental fortitude is strengthened, they become prepared to venture into other endeavors, such as acquiring existing businesses.

Elon Musk had the audacity to purchase Twitter because he possesses the capability to manage various business lines like Tesla and SpaceX. His mental strength is remarkable, his network extensive, and his position crucial in the global business arena. Thus, his decision to acquire Twitter undoubtedly comes from well-prepared and well-thought-out considerations.

On the other hand, if someone with no prior business experience were to acquire a major business like Facebook, their limited innovation capabilities could lead to a decline in the platform's quality, potentially causing it to be abandoned by many users.

Rather than hastily acquiring an established business, it is wiser for us to refine ourselves first by preparing our mindset and fostering innovation through initiating our own venture.

[Razmirraz]

Developing a business from scratch is more challenging and in accordance with the background knowledge that I have. Instead of buying a business, I prefer to choose the investment option rather than having to acquire someone else's business. I am the type of person who likes to play it safe and not too greedy in adding to the list of wealth, this way can minimize bigger risks.
Patience in doing business needs to be prioritized, there is no need to rush to move faster, it needs to be conditioned according to ability limits. A wise decision will save you, whatever you do, you need to think twice before finally regretting the decision you have made.

[xSkylarx]

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 prefer starting a business rather than buying a business that is already running, maybe the simple reason is that there is no guarantee and the possibility of success is the same, so I think it's more worth it to start a business from scratch and we have time to process and bring this business to the direction we want. .
Meanwhile, acquiring a business certainly requires a large amount of capital and is also likely to be able to maintain or make the business bigger.

People have different views on this. I am not a business owner or an investor in businesses, but what I've been noticing is that if it can save them time and they see that the business is profitable or has potential, they will buy it. They see the future of it, but it is just not manageable, so instead of copying it and starting a new one, you'll just purchase it. Again, it is expensive, but to those business owners, time is more expensive than them, which is why they prefer buying an existing one.

[superman184]

Of course I prefer buy an existing business than grow a business from scratch, in my opinion buying a business that is already popular is certainly easier to be profitable so it doesn't take long to get RoI, an existing business certainly has a good system and we as owners of course have to make strict selection and control .

The point you said is also very wise because the consideration is the level of popularity of a business or the level of fame of a business so that someone no longer has to fight from the bottom to make their business famous. In addition, usually businesses that are well-known or popular also find it easier to find better marketing because their products are well known by many people in this world.

So it's also not wrong if someone prefers to buy an existing one rather than building it from scratch with a longer time requirement, even though buying an existing business is certainly not cheap. Because someone who sells it must have a reason and those who buy it also have special considerations for this matter.

[freedomgo]

I would rather start a business myself, shouldn't matter if it's small because that is not my whole point. My point is that I want to experience it personally how to handle some business by creating it from scratch and having to go through the difficulties just to make my brand known to my community up until I can expand into a much bigger business.

It's somehow easy for me to say it but I know it wouldn't be as easy as I imagined it because it's not really my forte as my field is very much different from owning myself a business. It should take me a couple of years and if it will not bloom like the way I imagined it, there's nothing wrong if I will start it again from scratch up until I'm confident enough to grow a business that already existed or in simple terms, franchise a specific brand name.

[PeRo]

The answer would heavily depend on the situation I would be in as those two options could have a very different outcome.

If it is given that I have a capital to buy a business or start my own, I would definitely start my own. Even though it could be easier in some aspects to buy an existing business (like many owners have done), it could still have some downsides.

You would have to take in account if the firm has debts that would pass to you, what kind of reputation does it have currently on the market and is it even profitable to build something that is given up.
Alongside these factors (on a personal note), I would definitely prefer making my own brand/company than making it out of another one - assuming we are talking about startup type businesses, not Elon musk investments. From a personal experience, the beginning can be hard, making a reputation and name for yourself but it would probably be safer than trying to make something which people already don't trust.

Acquiring would be something else though, but I was talking about startups as it would probably be more relatable here.

[KiaKia]

Developing a business from ground up is not going go be easy but it's safer than buying an existing business, I can say that I am not completely right because it's complicated, if you have experts that can make sure the old business is good enough and worth the risk then you can proceed but if you are new to running business I will advice against this idea, if you start from scratch you will find your way up, and you will learn some things that most businessmen and women don't know, for a new starter it could be hard to handle a business that's already running for past years.

Starting from scratch is what many don't want to hear but there are things to be learn and knowledge are present to gain too, I see buying a old business for a new business man as starting what you can't finish.

Look into popular business men in the world today, before they purchase a new brand or businesses they already have their own, this mean they have the experience, compare to someone who wants to start a business and he is looking for one to purchase.

[Cryptomultiplier]

Of course I prefer buy an existing business than grow a business from scratch, in my opinion buying a business that is already popular is certainly easier to be profitable so it doesn't take long to get RoI, an existing business certainly has a good system and we as owners of course have to make strict selection and control .

One thing we forget to put into consideration when buying an existing business is that, it depends on the industry.
 It may really have to matter at some point if one knows next to nothing about the line of business about to be bought, because although the blueprint may have been clearly drawn out on paper, or old staff were retained, the long term success or failure of the business, is a direct result of the way issues or challenges within the business is tackled.

[Fortify]

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?

It's usually very difficult, with a lot of stress and mistakes made in building a new business from the ground up, with many failing along the way. There is no guarantee it will work, or it might just be the right idea at the wrong time. All sorts of external threats could take it down, but the one advantage that you will usually gain is learning the market surrounding it inside and out. This allows you to know about pitfalls or profitability in certain areas that you only tend to gain from first hand experience. If you buy into a company then those sort of mistakes may have been learned in the past but might cost you an expensive lesson to figure out yourself. You better be damn sure that you know about how the company makes a profit, because all sorts of tricks and frauds exist out there by sellers.

[Aanuoluwatofunmi]

if the business is running well then it is better to buy an existing business. create business from scratch is not so easy, sometime we need to create a pilot project before launch the real one, there are many things to do before launching the final business model to the market and it will spend a lot of resources. if we buy a good existing business then we don't need to spend money for that things. Elon musk is smart person, he know how to earn money.

Is not about if the business is running well the you should buy the idea of taking over when you lack the knowledge behind what keeps the business running, we could see the way many businesses are closing due to some challenges they couldn't overcome, some go bankrupt while some lack the adequate and proper maintenance needed for it to sustain growth, this may also begins with the management, staff and other resources needed to keep it running.

[Wimex]

As you well mention, economic uncertainty is currently extremely high, however, this is a bit overreaching with respect to your questioning... Whether investing in an existing business or creating a new one is economically viable depends more on the nature of the business from either perspective and on the willingness of the entrepreneur involved than on the circumstances of the environment itself. However, I am supporter of what is known from personal experience and with which it is possible to create personalized dynamisms from scratch is better, since, in this way, you can learn and get to know a branch without an abrupt introduction to it, so personally, having the means, I would bet on a new business of my own, although I do not rule out the possibility of buying an existing one, but if one that is set up beforehand is already successful (which would be the objectives of interest) it is most likely not for sale.. so one is an option that goes to the background from a realistic perspective, it is preferable to be part of what is created, rather than at first, I insist, just my opinio.

[Oasisman]

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?

IMO, buying an existing business bears more risk than putting up your own from scratch. Well, that depends on a certain situation. I mean, there are no business establishments that sells a booming and profitable business model, most of the time those who offers to sell their business are either have a poor location or struggling to sell their products. So, you don't wanna replace your feet on their shoes right?
I'd rather put up my own business from scratch and compete in the same place where similar business models exist. From there, I have to offer unique and attractive way to invite customers. When your business becomes number 1 in that specific place, that's where you come in with an idea of buying all those existing business establishments around that area.