Starting A Business Or Buying A Business? Which One Is Better? – Boss In The Bentley

Starting A Business Or Buying A Business? Which One Is Better? – Boss In The Bentley


– This is a two folded question. First of all, do I encourage
people to start a business or buy an existing business? I do encourage for most
people buying a business is actually better, is a
better idea, I’ll explain why. (upbeat music) Just imagine this, let’s say
pretend that you want to fly to somewhere far away,
and you go to the airport, and imagine you go to the
airport and the person, the flight attendants at
the gate saying to you, hey, you know what sir, you
wanna fly to let’s say Hawaii, great, look out just in the runway there, you see all those parts there? You see the engine, you see
the wings, you see everything, yeah go ahead, just put that together, put the plane together
and then you can fly. That’s pretty much what
starting a business is like, when you don’t know what
you’re doing, you don’t know if it’s gonna work, you’re not
even sure of your destination and you’re not sure if
you’re gonna get there, and you don’t really know how to fly, you gotta put the whole thing
together, put a team together, put a system together, and
put fuel into it, gas it up, and hopefully it would go and
hopefully it doesn’t crash before anything goes wrong,
that’s starting a business. Now buying into an existing
business, on the other hand, is a different story. So imagine, same scenario,
but now this time you are actually on a plane with a pilot, that’s your existing business
owner, that you’re sitting as a copilot seat and you’re observing and he’s showing you the ropes. He’s like okay, you know, learn this is how the business works. The plane that has already been
flying for two, three, five, 10 years, it’s cruising,
it’s very comfortable, so chances of that plane
crashing is a lot less, and you know it works because
it’s already going some place, and then you’re slowly taking over and the owner’s showing you the ropes, and by the time you
finish the transaction, you took over the business and
now you’re flying the plane. Well, the chances of
succeeding is much much higher. Now I’m not gonna get into the
whole how to buy the business without a lot of your own
money or your starting out, how should you do that? I’m not gonna get into all of that, but I’m just saying if you
think of that scenario, that’s buying a business
versus starting your own. I think most people
underestimate what it takes to actually start a business from nothing, from just an idea, that from
execution, marketing, sales, system, teamwork and
people, raising capital, all these things that
people don’t think about, and most of the time they
don’t have the business skills to do any of those parts
or they only have the skill to do one of the parts,
and that’s the challenge. So it’s not the business that’s the issue, it’s the business person, the business man or business woman, that’s the issue. Now, going back, going
to your second question, second part of your question
is do I recommend investing in real estate? I invested in real estate,
that’s what I like, but you shouldn’t invest in
things that I like to invest in, you should invest in stuff
that you like to invest in, and by you asking that
question, it tells me that you haven’t done your
research or due diligence. You’re looking for okay, if
so and so, if Dan invested in stocks, I should do
stocks, if he doesn’t invest in stocks, I don’t invest
in stocks personally, then I shouldn’t do it. It has nothing to do with that. It has nothing to do with that. It has to do with you, how
educated you are as an investor, how sophisticated you are as an investor, that’s why there’s no such thing as oh, that’s the perfect investment. It all depends. The perfect investment for me may not be a perfect investment for you. You have people, let me
ask you this question, are there people makin’ a
lot of money with stocks? Absolutely. Are there people losing a
lot of money with stocks? Yes. Are there people making a lot
of money with real estate? Yes. Are there a lot of people
losing money with real estate? Yes. Are there people making a lot
of money with oil and gas? Yes. Are there people losing a lot
of money with oil and gas? Yes. So it all depends. It depends on how educated
you are as an investor and how much you know about the
investment, so no such thing as a risky investment,
there’s only risky investor. There’s an element of
risk when you are driving, but if you’re driving without training and you blindfold yourself
and you stick a knife in front of you and you go 100
miles an hour on a highway, that’s being stupid, that’s dangerous. Unfortunately, that’s how
a lot of people invest. Just like now people jumping
into the whole cryptocurrency and the Bitcoin and all this bullshit, and all these people oh
they’re raving about it. “I don’t want to miss out, “I gotta jump into this Bitcoin thing.” You know when it’s all over social media, when everybody’s jumping into it, that’s the time to get out. That is the time to get out. So, and how much do
you actually understand how all that works, right? Most people don’t, they
just buy into the whole hype or they buy into what
the media’s telling them and then they just invest,
that’s not what sophisticated or intelligent investor does. We know what we invest in,
we stick with what we know, and we don’t get distracted,
and we are very very focused. We are very very focused. So it’s not just investment
or should I start a business, all of that, all those questions Chris, it tells me you don’t know
what the fuck you want and you don’t have a foundation yet. When you do have a foundation,
you don’t ask those type of questions because you would know are you a business person, are you not. If you’re gonna invest,
you know your criteria, you know the investment type, you have your what I call
the investing principle that you follow that you don’t vary. All of the successful
investors, Warren Buffet, you look at anybody, they
all have their own principles that they follow and they never vary, that they just follow that and that’s how they get those returns. So that’s the answer, a long
answer, to your question. If you have a question for me, and you wanna ask me a
question, comment below. If it’s a good question
and I think it’s applicable for a lot of my viewers, I will
take the time and answer it kind of like this in the new
show, Boss in the Bentley. Also make sure, give us a thumbs up and click on the subscribe
button and turn on notifications. We upload multiple episodes per month, something like this whenever we have time. We do try to upload at least
one or two episodes per week, and if your question is good, you might see your question just pop up in one of these future videos. So stay tuned. Until next time, I’ll
see you in my Bentley.

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About the Author: Oren Garnes

55 Comments

  1. Enjoyed the video? Subscribe, Give it a Thumbs Up and Comment Below.
    (Dan actually reads EVERY single legit comment from his loyal fans)

    Don't like the video? If you would be so kind as to
    FUCK OFF, it would be very much appreciated.
    You don't have to watch any of Dan's videos.

  2. Awesome video! I'm really glad I found your channel, since then the way I think is so much different. Thank you Dan!

  3. Hi Dan, thanks for the valuable information you give us. My question is , what are the most important numbers I should look or track on my financial statements to run profitable business. Not only financial statement but also cost accounting numbers, or if any other financial reports.

  4. How would you go about selling a physical product in the range of the 5$ to business owners?

    In my case, with small budget (like every new business) and specifically selling wine to restaurants. Just asking to see if there is any creative way or something you would do differently than what I am thinking doing.

    Thanks Dan.

  5. Dan, in your opinion, how could an entrepreneur manage his fear for the future of his business: 'What if my solutions harm my business?' How to manage the stress and focus on joy of achieving success? Thank you.

  6. I hit your channel recently as i heard your name on some other channel..Your approach and mindset towards business is tremendous like no other .I haven't seen anyone being so just to the point.no fuss, no crap. practical and focused insight. I aspire to reach that position someday to be able to coached by you.

  7. Hi Dan, thanks for addressing the question about Crypto as well. Great point about there's no such thing as bad investments, but only bad investors. Do you have videos for how to come up with a checklist when formulating your first few team members? You know like your first co-founders etc.

  8. What do you think of females going into representing business??? Because i have seen many business doing that is making videos with females supporting the product so I’m wondering if it works

  9. Hello Dan, I'm committed to learn the skills you've learned in the past. I really hope you recommend to me an online trainer (because I live in Morrocco) so i can build up a valuable skill set and briefly show me the skills i need to learn.Thank you

  10. Hey Dan – love your energy and authenticity. What are the high ticket Items you would be teaching me to sale? I am very interested, and I am also into a Real Estate Wholesale program that just started. I love the idea of MSI's and leveraging skill sets across industries and programs.

  11. Damn You The Truth!🥇 You Keep SHIT! All The Way Real💯The Best Way To BE✔🤜💨💨💨🔥🔥🔥🔥🔥🔥🔥🔥🔥

  12. Question for anyone. Going back to that plane analogy, if you bought the business, wouldn't that make you the pilot? Sure, you may already have plenty of passengers, but you still don't know exactly how that plane has been running.

  13. Ive been working on my business name and brand what do you recommend on trade marks and ways to protect your buisness?

  14. I think investing in real estate is more low risks than real estate because in general asset is always growing.

  15. Hi dan,
    Does manufacturing sector in India or across the world does it have future?. If yes then which manufacturing sector you will suggest to work on it?.

  16. If you have been following Dan then you know that the the first and best investment you can ever make is in yourself. When you have learnt to invest in yourself first, then what to invest in will be a no brainer question.

  17. thats long answer, and this is the short answer from Dan..
    " there's no such thing as bad investments, but only bad investors" if you curious what is that mean, go finish the video u lazy ****#&@&#*@(*@($

  18. Dan, when evaluating the ROI for investing into an existing business, what are the best ways to determine how much the investment should be versus the potential income and over how long of a period?

  19. Hi Dan a Very relevant and honet assessment on How To Start a Business or Buying a Business? Which One is Better?

  20. Yes buying a business is better, but the good ones are expensive and nobody can afford them without being successful first…

  21. Hello Dan, what kind of experience should someone have before signing up for your HTCP, and can anyone who asserts himself use what you teach or is it extremely niche?

  22. Hey Dan , as u told when the whole social media is unto something it time for one to leave that thing … Can you please elaborate

  23. If you want to learn to buy and sell businesses- Dan Pena
    If you want to learn investments such as realestate- minority mindset, jaspreet sing
    Want to learn the skills of closing- Dan Lok
    These have been my three teachers and they all have two things in common- 1be prepared to fail sometimes a lot and 2go into something you're passionate about. If you don't go into something you like to do it will SUCK! It will feel like running a marathon where the entire road is wet concrete

  24. Hi Dan, what do you think Can I have the same success in starting a business anywhere in the world with hard working and a high income skill?   Thank you!

  25. Absolutely Sifu. My first few businesses failed and I never saw any success in business until I bought my first business and understood it's mechanics.

  26. Dan lok dont waste his time while travelling he make investment in people like us through his videos so thet we can change the world

  27. Hi Dan can you please offer some advice on buying an existing business and walk away with a win win outcome for everyone? Watched your other video on flower shop deal before but like to see some other best outcome deal(s) you have pulled off. THanks!

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