You are an entrepreneur … or small business owner … or aspiring small business owner … and you want a new venture. Do you buy an existing business?  Do you start your own business? 

Buying an existing business can be safer than starting your own business from start-up.  Business startups unfortunately have a fairly high  failure rate *  Many figures on failure  are passed around and it depends on what numbers to believe, but the rate is fairly high.   (*Statistics I’ve seen from the Small Business Administration (SBA) show that 56% fail within 4 years.) 

If you buy an existing business, you’ll have dramatically improved your chances of success.   Again, failure / success rates are up for interpretation but your odds are greatly increased.  Many businesses for sale have passed that  4 year mark.  The owners have run their business successfully for many years.  Why would someone want to sell a successful business?  There are many real reasons for people wanting to sell a successful business - Retirement, illness, relocation, burnout, etc.   There are a lot of good businesses available for sale  that have real value.  Not all businesses for sale are problem businesses, and I have had personal first hand experience with this fact.  Below list reasons and benefits in buying an existing business vs. starting your own business. 

Business  Startups versus Existing Business Acquisitions

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Creating Your Dream Business
Behind every successful company is a founder who had a dream that eventually became a reality.  Examine any of today’s prominent entrepreneurs and you will discover a shared thread of traits.  These are talent, vision, and perseverance in the face of all obstacles.  If you possess an idea that you believe would make a great business, there’s no time like the present to make that move.  Innovative business ideas are spun off into new enterprises all the time - both in good financial times and bad - so don’t abandon the fight due to a perceived weak economy.

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Creating a Viable Business Planning Strategy
New owners of businesses should feel compelled to engage in the business planning process, whether they are starting a brand new venture or taking over one that is already up and running.  Anyone who fails to take this all important step - akin to jumping out of an airplane before making sure that your parachute is working properly - is in for a big surprise at the end of that journey.  A business plan makes good sense for so many reasons, but primary among them is the fact that no one will loan you money unless a formal, written business plan is available - and one that realistically examines the pros and cons of your enterprise.  In its most basic form, a business plan serves two functions.  First, it must convince a banker or some other investor that your enterprise is worth their effort to put money into it.  Second, and more importantly, it is the master blueprint you will follow to achieve your financial success.

Business Plan Process: Small Goals Lead to Greater Achievements
There are some simple goals that every business owner shares.  They want to build an honest business that makes them proud to own it.  They want to make a comfortable living commensurate with the effort they expend.  They want to build something for the future.  They also believe in the product or service they are offering for sale, convinced that it will improve the lives of their customers in some large or small way.  Your business plan does not need to be hundreds or even dozens of pages long - unless you’re building the next Intel or Microsoft, in which case, best of luck!  Anywhere from four to ten pages should be enough to get your point across, both to your investors and yourself, especially if your goals are small and easily attainable early on.

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What Is an Entrepreneur?
The conventional definition of “entrepreneur” goes something like this: “A person who innovates while taking a risk in developing a product, service, or business.”  Another definition, a bit less precise but equally effective: “Someone who identifies an opportunity and creates a means to pursue it.”  Either way you look at it, the concept of entrepreneurship encompasses several traits.  Entrepreneurs want to create something of their own to bolster their feeling of personal achievement, and they do so with the knowledge that risk can sometimes equal failure.  For the new entrepreneur, he or she should concentrate on minimizing risk while maximizing opportunity.  How is this done?  The best way for new entrepreneurs to succeed is by following the life lessons laid out by those who have gone before.

Are You a New Business Entrepreneur?
Running your own business imparts great responsibility.  You will have employees who rely on you to provide a stable work environment.  You will have customers who expect you to deliver exactly as promised.  Suppliers want to be paid on time, and investors look to you as a source of profit for the money they have put into your company.  The successful entrepreneur takes calculated risks, not crazy ones.  By following the fifteen lessons below, you will have a leg up on the competition.

Fifteen Dynamic New Entrepreneur Ideas

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Personalities and Entrepreneurship
As any business owner knows, it takes a certain type of person to operate a successful business.  But did you know that experts have identified as many as nine different kinds of personalities that apply to entrepreneurship?  By looking at any list of entrepreneurs - business owners who have built successful companies from scratch - you can match at least one of the following traits to each of them.

Nine Types of Entrepreneurs
By knowing which kind of an entrepreneur you are, you will find greater success by knowing what kind of business you should operate.

1. The Developer
Your intention to run your own company involves using it as a means for improving the planet, helping humanity, or simply making life easier for the general populace.  This field runs the gamut from healthcare to creating new personal products (healthier food or a soothing body spray), and it is your belief that morally upstanding companies will reap great rewards for working on worthwhile causes.

2. The Advisor
By offering a high level of customer service in the form of outstanding assistance and advice, no matter what kind of product or service you sell, you will satisfy people’s need and build a great company.  Any business founded by this type of personality invariably ends up as a customer-focused enterprise.

3. The Magnetic Personality
Individuals with immense levels of high energy and charisma have the ability to attract equally committed workers who help them build important businesses.  Although there is a “workaholic” element to this type that can be detrimental if left unchecked, some of the world’s greatest companies have been founded by superstar entrepreneurs.

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Cashing In on a Business Start Up
More people than ever are deciding to start their own businesses, so why should you be any different?  Whether you choose to acquire an existing company, start one from scratch, or purchase a franchise, there are a number of costs associated with buying a business.  Knowing what they are and calculating in advance how much you’ll need for each item will save you tons of time, headaches, and even money down the road.

Primary Business Start Up Costs
Different small business start-ups will have all sorts of different start up costs.  For example, retail businesses need storefront locations and the people to run them during business hours.  Work from home businesses need none of that, but you will instead incur costs to remodel and stock the spot in your home from which business will be conducted - as well as investing in a secure lock to keep out the kids while you’re trying to close a big sale.  The business cost start up variables you will most likely encounter - no matter what kind of business you choose to own - include the following:

• Fees to professionals - Any owner of a new business requires the services of an attorney to draw up articles of incorporation or other company-forming materials, plus an accountant to keep the books straight and the I.R.S.

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Start a Small Business
Owning their own business is a dream many Americans share, and learning how to start a business is not that difficult.  There are certain steps that must be taken for legal and financial purposes, and other aspects that need to be addressed to ensure that you will be successful.  The following start business checklist should serve as a rough guideline; your specific needs may vary depending upon the type of business you plan to operate.

How to Start a Small Business

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Michael Jackson - Icon
Beginning with his recent death at age 50, there has been enough Michael Jackson news out there to satisfy even the hardest core fan.  Without question he enjoyed an iconic presence in the world of popular music, stretching back to at least the 1980s.  More than one music expert has declared him to be Michael Jackson, King of Pop.  The album, “Thriller,” has sold more copies than nearly any other recording, and there can be no argument that the concept of the music video - ushering in what became MTV culture - was the perfect medium to show off all of Jackson’s talents.  But few people realize that he was as much an entrepreneur as he was an entertainer.

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