Buy an Existing Business or Start a New One?
Buy an Existing Business or Start a New One?
Most people are not very comfortable living in this chaotic environment since most people fear uncertainty. This explains why few people have the entrepreneurial personality necessary to create very successful companies from scratch.
Buying an existing business requires a completely different mindset. Management capabilities, organization skills and hard work are paramount. The owner needs to control the key parameters that make the company successful. This is more of a consolidation period and less of an experimentation period. The business owner can use the past results to predict the near future and make decisions concerning managing the company.
Before deciding whether you should start a new company or buy an existing one, you should dig deeply into your own personality to understand what your personality traits are. In what category of people, from the categories described above, do you fit the most?
Buy an Existing Business or Start a New One - To learn more about this author, visit Omar Kettani's Website.
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The skills and personality traits necessary to start a new small business and make it successful are much different from the skills necessary to take over an existing business and grow it . A small business start up needs an entrepreneur who has a vision and is passionate about his/her idea. The entrepreneur will work in a chaotic environment where idea generation and learning are the real engine for growth. This is a high risk transitional period when the entrepreneur should expect a high rate of failure and when failure should be used as a learning opportunity.
Most people are not very comfortable living in this chaotic environment since most people fear uncertainty. This explains why few people have the entrepreneurial personality necessary to create very successful companies from scratch.
Buying an existing business requires a completely different mindset. Management capabilities, organization skills and hard work are paramount. The owner needs to control the key parameters that make the company successful. This is more of a consolidation period and less of an experimentation period. The business owner can use the past results to predict the near future and make decisions concerning managing the company.
Before deciding whether you should start a new company or buy an existing one, you should dig deeply into your own personality to understand what your personality traits are. In what category of people, from the categories described above, do you fit the most?
Buy an Existing Business or Start a New One - To learn more about this author, visit Omar Kettani's Website.
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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