Buying an existing business does not automatically mean that the business will still be successful when it gets handed over to you. One of the pros in buying a business that is already thriving is that there are already policies, processes and standards in place. You'll just have to figure out if you will need to implement new ones or revise the existing company manuals and think of strategies for the future. However, you should take note that when buying an existing business, the previous owner or president has for sure established a good relationship with his stakeholders because no man can build an empire alone. If you takeover, consider the factor that you may experience retaliation for the new management. The previous owner might also have a different vision than you that's why it's important to maintain a good relationship with the previous key personnel of the business. Never burn bridges.

On the other hand, when you grow a business from scratch, you should be prepared with regards to the bumpy road ahead. You'll basically have no day offs if you want to seriously work on establishing your business because if you don't do something, the business will also be idle. You'll have to get your pocket ready for the capital or gather investments because money is the number 1 need in a startup. You will also have to learn a lot - even things that are out of your expertise. Prepare yourself for a lot of reading and do your research diligently beforehand. The positive aspect of growing your business from scratch though is that you'll gain a massive amount of knowledge and you will be very hands on that you will be in the loop in everything. Nobody can ever fool you when it comes to your business. The best thing that will come out of it is of course the joy and pride that you'll get when the time comes that you witness the success of the business that you built out of your own blood, sweat, tears, and money.