Buying a Business Vs. Starting a Business (Infographic)

So, you have decided to take the reins in your hands and be your own boss? Do you think that entrepreneurship is your cup of tea? If yes, welcome to the corporate world and enjoy your roller-coaster ride. After the initial decision to be an entrepreneur, the next big step is to decide whether to buy an existing business or to start a new one.

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Key Traits of a Successful Business Owner

To successfully run a business, one must acquire certain skills and traits to be able to survive in the challenging and stressful world of entrepreneurship. While the notion of working above all and being your own boss sounds irresistible and seems like an attractive opportunity to be able to make it big, but just like any other inspiring temptation, it is not meant for everyone.

Entrepreneurs are not born with the perquisite qualities to conduct a business although some might have their hearts and souls into it and they are ready to give it all it takes to be a successful businessman. Certain personality traits are possessed and some are developed through time to be able to enhance your capabilities to effectively run a business and become an entrepreneur.

While there isn’t a foolproof method to determine if you are fit for a certain business or you can handle it without experiencing any downfalls but a few things are supposed to be consistent and they can help you to succeed in your chosen path. If you lack these qualities, chances are that you might drown before you learn how to swim through the ocean of the business world:

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Top things to consider before buying an existing business

Being your own boss is a tempting decision to make for you to rush through it but with great authority comes greater responsibility. Besides the time and efforts involved to initiate a start-up, the cost of setting up a business can make you think twice about your decision.

It is a well-known fact that start-ups face a lot of issues including the difficulty of building a customer base, establishing cash flow, hiring a competent staff, marketing the new business etc. before they are able to generate profits to support you.

A wiser, better and convenient alternative to avoid all this hassle is to buy an existing business which holds numerous advantages and fewer risks over the previous option.

There is no gain without pain though; it is extremely important for you to carefully analyze your options and do your bit of homework to ensure that the business you are going to invest in is the right one and you are paying a fair price for it.

A reasonable amount of research for your new venture can save you from sinking all your resources, so what are the things you need to look out for when you have decided to buy a business? Following are a few basic things that you can consider:

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8 Reasons to be an Entrepreneur (Infographic)

“When the going gets tough, the tough get going!”

Is your 9-5 ritual taking a toll on your well-being? Did you always want to do something challenging and that too, for yourself? If you have the desire to experience freedom and generate a decent income, entrepreneurship is the way to go. It not only can give you a lifestyle of your choice but there are many other added benefits to it. The most appealing advantage of being an entrepreneur is to be by yourself and not at the mercy of your boss- you get to rule yourself! Here are the top 8 reasons for considering to spend the 40 hours a week for something you love and can help you lead an amazing life too.

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How to Become a Reputed Business Broker

Multiple variables play a role when it comes to selling a business online and in most cases. The owners seek expert and professional advice for this out-of-the-turn decision. A business owner, usually, has a clear idea about his market and establishes a framework for the business exit. He may even have an established time frame for doing it based on the understanding of the current market value and the generated sales revenue of the past. But, there may be unavoidable glitches when it comes to selling a business that the owner is not aware of, causing friction in the entire process. This is where a professional and an expert business broker can help with the evaluation and sale of business online on time and in the most desirable way possible.

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Be an Octopus, Not a Shark – Grow Your Business

These are not times when one leads or survives the goldmines or vagaries of the business world by swimming alone. You would either be chewed or would die of starvation.

The answer to staying relevant and competent in the current era is simple – use the network effect.

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