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

[DYING_S0UL]

If I could afford it, I think I would rather buy an existing business. The pros of buying an existing business makes the offer very tempting to pass. First, existing businesses already have a customer base which means I don’t have to do a lot of marketing because the product I’m selling isn’t a new one to the market. Secondly, before buying I can review the company’s books…how much money they make annually before and after taxes e.t.c. Lastly I can easily gather information I need to manage the business from the previous owners, asking them their company mission’s statement and goals, the challenges they had in the past e.t.c All these information will ensure I’m ready for what comes ahead.

Well I guess, that's up to the person. If he is qualified enough to handle such work then why not. Also if he had past experience then that's a plus point for him. The only disadvantage I see is that, a existing business can come with many challenges. So if I'm not qualified enough or smart enough to handle everything swiftly, it might create a lot of pressure. I doubt that not everyone has such capabilities to handle those kind of mental pressure. One the other hand, if I start from scratch I can start small and grow it bigger over time. I assume you understand what I meant.

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[Unbunplease]

Usually an existing business is sold if the owner did not calculate his forces, did not see the pitfalls, or if the business was conducted incorrectly, the location was wrong, or the initial investment was calculated incorrectly, or if in fact the business has low profitability. Therefore, of course, it is better to start a business from scratch, rather than buying an existing business

[slapper]

I like both of these things, but before I decide to buy an existing business, it is important that I have sufficient experience in these matters.

On which I think only a few of us can understand. You  can't just go to a businessman and offer to buy his business.

For me business from scratch is hard to attain, building it all the way up would require so much time and passion unlike buying a business that if it makes profit and have a good cash flow you can take it and get passively from it. So I'll just a buy business instead but before that there are some things I need to consider like the timing, my skills if it relevant to the business, its market condition, etc. This topic is ultimately depends on each of us, some of us may find their success from zero and some of us may acquire a maintaining number. There's no better if you know all the advantages, you just need to consider the factors.

If you don't have enough experience and knowledge, how can you ensure that the business you buy will have the opportunity to make a profit? And meanwhile, of course, someone will not sell their business if the business is profitable. Someone will only sell their business when the business experiences serious problems or is on the verge of bankruptcy. And how can you possibly ensure that after transferring ownership the business will continue to progress and develop, if you yourself as the company owner do not have sufficient knowledge and ability to solve the problem.

Indeed, building a business from scratch is very difficult and not as easy as turning the palm of your hand. However, when we succeed in building a business gradually by going through all the processes until the business becomes big. So when you buy a company where the company is on the verge of bankruptcy, for you it is not difficult for you to revive the company. Because you are used to facing and solving problems that exist in a business.

Does it seem unfair to think that every company for sale are time bombs? Business is more complicated. Strategic shifts, personal circumstances, and new challenges drive the sale of many profitable enterprises. This restricted vision ignores chances for skilled investors, even green ones. Let's discuss experience - or lack thereof. Isn't entrepreneurship about taking risks, learning on the job, and maximising resources? We must admit that sometimes the best lessons are acquired in the trenches, not in textbooks.

Sarting a business is hard and deserves praise. But why assume that reviving a struggling business is any less of an accomplishment? Each path presents unique obstacles and rewards. Entering a failing firm is an opportunity to innovate, restructure, and revitalise it. Isn't this the ultimate entrepreneurial test? The problem-solving abilities learned in such a situation are invaluable. You become resilient, resourceful, and adaptable. Why is resurrecting a business less noble or fulfilling than starting one from scratch? Each journey shows entrepreneurship's resilience?

[junder]

I like both of these things, but before I decide to buy an existing business, it is important that I have sufficient experience in these matters.

On which I think only a few of us can understand. You  can't just go to a businessman and offer to buy his business.

For me business from scratch is hard to attain, building it all the way up would require so much time and passion unlike buying a business that if it makes profit and have a good cash flow you can take it and get passively from it. So I'll just a buy business instead but before that there are some things I need to consider like the timing, my skills if it relevant to the business, its market condition, etc. This topic is ultimately depends on each of us, some of us may find their success from zero and some of us may acquire a maintaining number. There's no better if you know all the advantages, you just need to consider the factors.

If you don't have enough experience and knowledge, how can you ensure that the business you buy will have the opportunity to make a profit? And meanwhile, of course, someone will not sell their business if the business is profitable. Someone will only sell their business when the business experiences serious problems or is on the verge of bankruptcy. And how can you possibly ensure that after transferring ownership the business will continue to progress and develop, if you yourself as the company owner do not have sufficient knowledge and ability to solve the problem.

Indeed, building a business from scratch is very difficult and not as easy as turning the palm of your hand. However, when we succeed in building a business gradually by going through all the processes until the business becomes big. So when you buy a company where the company is on the verge of bankruptcy, for you it is not difficult for you to revive the company. Because you are used to facing and solving problems that exist in a business.

That makes sense, it's true that someone will not sell their business just like that if the business they are running is profitable, because it is also clearly a positive thing for themselves.  In my opinion, instead of buying a business but having no knowledge at all, it is better for them to invest in a business that is on the verge of bankruptcy, as long as they can choose the business they will invest in it will clearly generate profits later, and I agree with what you said, they must have good knowledge in the business they are transferring to continue to grow and be profitable.

Building a business from scratch is not as easy as turning the palm of the hand, but in my opinion this provides a good experience as well as many lessons that we can take from each process as well as the results that will make us satisfied if it is successful in developing and profitable even though it is difficult in my opinion it is not a reason not to do it because, success is on the side of people who want to try their best, that's what I think, I don't know if according to other people.

[Fara Chan]

Well I guess, that's up to the person. If he is qualified enough to handle such work then why not. Also if he had past experience then that's a plus point for him. The only disadvantage I see is that, a existing business can come with many challenges. So if I'm not qualified enough or smart enough to handle everything swiftly, it might create a lot of pressure.

It is indeed quite reasonable for every businessman when he is unable to handle every thing that arises while his business is running, because the main pressure usually comes from the business competitors themselves so every businessman has a duty to prevent his old customers from fleeing to other places with more differentiated service. So it becomes a pressure that comes naturally when a place starts to develop and a business starts to become famous throughout all corners and regions.

I doubt that not everyone has such capabilities to handle those kind of mental pressure. One the other hand, if I start from scratch I can start small and grow it bigger over time. I assume you understand what I meant.

Basically, everyone has their own ideas for developing a business, so there are those who prefer to develop it from scratch and there are also those who prefer to manage a business that is already running. But I think both can be quite good to do even though each person's level of competence is different as in what you have said above where it really depends on the person as well as on the ability to handle it better without complaining about the pressure that can come with himself regarding the business he runs.

[0t3p0t]

I think starting a new business comes with a lot more challenges that buying a franchise. Buying an existing business only needs consistency while the other one needs trial and error. But before jumping into one of the two choices just make sure to do a lot of research.

[Maslate]

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?

While it's always an edge if you grow your own business out from a scratch, but if you have already the knowledge and skills to grow a business, then starting a new business or buying an old business does not matter at all. What's important is you know how to establish your brand and maintain competition with other nearby businesses. That's the only way where your business will boom and grow in time. Otherwise, if you rely on other people to grow your own business, you can never guarantee success from your own business.

[Assface16678]

Well, there are risks in the two options. First, in growing your own business from scratch, of course, there are a lot of challenges in building up a business and making it grow or survive, but the thing is, of course, you will not build a business that you will let die out or go bankrupt, so you will know how to manage the business. Secondly, in buying an existing business, what is the reason why the business sells? Maybe there is a reason they are not doing well and can't maintain the business well. Though it is risky, it will also be an advantage because you already have the market and the customers; you just have to polish the business more to grow it and make it survive. In business, it's all about how you manage it and how you think rationally about your business. It's up to your skills to decide if you will succeed or not.

[TopT3ns]

Well, there are risks in the two options. First, in growing your own business from scratch, of course, there are a lot of challenges in building up a business and making it grow or survive, but the thing is, of course, you will not build a business that you will let die out or go bankrupt, so you will know how to manage the business. Secondly, in buying an existing business, what is the reason why the business sells? Maybe there is a reason they are not doing well and can't maintain the business well. Though it is risky, it will also be an advantage because you already have the market and the customers; you just have to polish the business more to grow it and make it survive. In business, it's all about how you manage it and how you think rationally about your business. It's up to your skills to decide if you will succeed or not.

Starting a business is indeed very difficult and full of risks of loss, but when you have prepared carefully and written down all your requirements and even thought about the risks when something undesirable happens, you will create a mature backup plan too, which you need to pay attention to when starting a business. Check market conditions and whether the product you want to have is in high demand or not. If the demand for the product you are selling is high, then it will be easy to make a profit, and the business you are running will definitely be easy to run. So paying attention to the market is also very important so that you don't start the wrong business.

[bettercrypto]

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?

You know it's better to start a small business; we ourselves will grow it, and we know the hardships we will go through here, because this will be our testimony and chapter of our lives before we become successful in the future.

It seems practical for people who are not rich, but if you are rich and you want a business, of course, in the traditional way, if the capital is big, the risk is also big, and if the management is right, the profit in the future is also big. But if it's a small capital, if you're determined and full of passion, the small capital can turn into a big profit in the future.

[nara1892]

Well, there are risks in the two options. First, in growing your own business from scratch, of course, there are a lot of challenges in building up a business and making it grow or survive, but the thing is, of course, you will not build a business that you will let die out or go bankrupt, so you will know how to manage the business. Secondly, in buying an existing business, what is the reason why the business sells? Maybe there is a reason they are not doing well and can't maintain the business well. Though it is risky, it will also be an advantage because you already have the market and the customers; you just have to polish the business more to grow it and make it survive. In business, it's all about how you manage it and how you think rationally about your business. It's up to your skills to decide if you will succeed or not.

Starting a business is indeed very difficult and full of risks of loss, but when you have prepared carefully and written down all your requirements and even thought about the risks when something undesirable happens, you will create a mature backup plan too, which you need to pay attention to when starting a business. Check market conditions and whether the product you want to have is in high demand or not. If the demand for the product you are selling is high, then it will be easy to make a profit, and the business you are running will definitely be easy to run. So paying attention to the market is also very important so that you don't start the wrong business.

True, therefore it is not uncommon or even a lot of some business people who end up failing in the process of fighting for their business, some people may only focus or focus too much on what is called success, I understand that is good but if you come without bringing any preparation then obviously I will say you are careless or even stupid. I only mean to blame those who do not bring basic preparations to start their business so of course in the absence of any preparation, especially to minimize all things that are not wanted, it is clear that something potentially bad can happen which can ultimately make our business stagnant without profit and what happens is that losses dominate.

Risk is really something that needs to be prioritized, it will not be as smooth as we imagine because the times are getting more modern which means that there are already very many competitors who have a better chance with the finances and preparations they have, at least building initial plans, conducting market research to find out what is being needed by the community at that time, having sufficient capital, having a strong mentality, never giving up, having high creativity and finally having good risk management management, I think with such basic things as preparation will make us more able to compete in business in this modern era.

[|MINER|]

Buying existing business doesn't seem reasonable to me. But if you are at a big stage then buy it. It depends on your money and position.  Because if you don't own enough money, you have to buy small business because of which you can be a victim of scamming.  I would say that you should start a business with your own intelligence. It is better to start a business with your own skills and take it forward.  It's also fun to run a small business on your own.

[boty]

Buying existing business doesn't seem reasonable to me. But if you are at a big stage then buy it. It depends on your money and position.  Because if you don't own enough money, you have to buy small business because of which you can be a victim of scamming.  I would say that you should start a business with your own intelligence. It is better to start a business with your own skills and take it forward.  It's also fun to run a small business on your own.

I agree with what you say, it is not a good choice to buy a business if we do not have sufficient finances to buy a business and buying a small business of course we have to work very hard to build the business we buy.
Building a business with the skills we have is certainly a very good thing because we can run the business well, because building our own business will certainly be very profitable for us if we have skills that we have mastered well and we can advance the business because we have the skills. that we have and this will be very enjoyable in going through the business development process.

[harapan]

  Starting a business is not a cup of tea. Those who dare to start their own business and make them successful, live their life. There are many advantages to starting your own business.I would prefer starting from scratch because the only way to really start a business is to do it from scratch.
   
   

[fredericktaylor]

Depending on your money you have to start a business, if your money is more then you can buy a business. In my opinion, buying a business would not be reasonable because buying a business involves a lot of risk.  If you start a small business, it will gradually grow and success will come. Start a business with your wits You'll never start a business with someone else's wits, and it's best to start a business by trusting your own wits.

[GigaBit]

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?

A business that can be run under your own control from the start is definitely a good initiative as a businessman. However, many may find it easy to build a new business from an existing business, but in reality it will be very difficult if you do not have the proper skills to manage that business. Because when you take the existing business for management, there will be some changes and if you cannot take proper decisions and necessary measures about that business then you will have to suffer in that business. We have seen Traitor change ownership where Elon Musk is the wisest and one of the richest men in the world. After he purchased Twitter, some of his new policies seemed to be detrimental to Twitter, but he has gradually tried to resolve the situation amicably. As he has excellent knowledge about IT. So he will not suffer. But anyone else could have failed to sustain its popularity in this concern.

[Fuso.hp]

If you are a businessman and you are looking to buy a new business or involve yourself in a new business then you must choose the type of business that you already have an idea about. A business you have no idea about but you won't like or a business you won't buy. We who are traders and those who want to buy from one business to another but try to get enough knowledge about the new business before buying. That's why it is important to get an idea about the new business because if we don't have an idea about the business we can face a big financial loss in that business. It's not really up to you or me, but the trader thinking of starting a new business will decide for himself which new business he should buy.

[passwordnow]

Depending on your money you have to start a business, if your money is more then you can buy a business.

Big companies do buy companies and if you are able to do that, means that you have a successful business and that's why you can acquire other businesses that you think you're able to grow and control.

In my opinion, buying a business would not be reasonable because buying a business involves a lot of risk. 

It is the same as starting and growing your business. Everything where our money is in the line involves risk, whether they're high or low risk, they're just the same in terms of talking about the risk because some may calculate the risk that they take, others don't. As long as they know what they are up to, that's what matters to them and if someone who's good in handling risks and able to grow businesses, that won't even be a question to them.

If you start a small business, it will gradually grow and success will come.

I agree but not all businesses grow and most of them fail during the start.

Start a business with your wits You'll never start a business with someone else's wits, and it's best to start a business by trusting your own wits.

That's true but you can get mentors when you start so that you'll be guided but every result will still depend on your dibs and that's why either of the two, the results will vary and dependent on your hands. Everything that you are involved with, you'll have to apply all of it, experience, mentorships, guides, etc.

[SmartCharpa]

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 not easy to start a business, having a money doesn't ensure that a business will start and continue smoothly. Buying an existing business has its advantages because it is already operating smoothly and you won't have to start from scratch to build one, instead, you can contribute your ideas to ensure that the business continues to grow. I've seen a lot of people who want to launch a business but eventually give up not because they lack funds, but rather because they find it difficult to start from scratch. Many people have failed in their attempts to launch a business, which is why, if they have an idea, they choose to go after an existing business.

We also know that Elon Musk bought The X, formerly known as Twitter. This is not because he lacks the funds to create his own social network, rather, it will take him more than a year, so he chose for an existing one instead. It's still up to the individual, in my opinion, but if I had the money to acquire the company, I would probably prefer the existing business. 

[nara1892]

If you are a businessman and you are looking to buy a new business or involve yourself in a new business then you must choose the type of business that you already have an idea about. A business you have no idea about but you won't like or a business you won't buy. We who are traders and those who want to buy from one business to another but try to get enough knowledge about the new business before buying. That's why it is important to get an idea about the new business because if we don't have an idea about the business we can face a big financial loss in that business. It's not really up to you or me, but the trader thinking of starting a new business will decide for himself which new business he should buy.

There is a point, because before building a business or buying a business, we must realize about what business we really understand, whether it is in the field of selling or services and the important thing is not to let us choose a business that we do not understand at all, as you said that it is better for us to choose the type of business that at least we have had experience in the profession before because with that it will clearly make it easier for us to run it.

But on the other hand I think your advice will only be useful for those who are already experienced in the business world, while on the other hand it is not uncommon for people who have absolutely no experience whatsoever who want to start a business in the sense that they will start everything from scratch without any understanding, and maybe for those who have absolutely no experience inevitably they have to struggle from the beginning and go through all the processes with mistakes and failures that are very likely to occur, about that I think it really depends on them, if for example they have a very strong determination in running their business then I think they have a pretty good chance of success but if for example they are one of those people who do not have a strong mentality then maybe they will be one of those people who fail halfway, which is why it is very important to have a very thorough preparation in any case at the beginning of the involvement especially for those who just want to start.