Subsequent to this chapter, we will

Subsequent to this chapter, we will look at entrepreneurial opportunities that exist in a franchise (Chapter 6) and a family business (Chapter 7). But before directing our attention to these two options, let's consider an even more basic decision that has to be made whether to start a new business or to buy an existing one. Creating a business from scratch a startup is the option frequently associated with the term entrepreneurship. And there is no question that startups represent a significant opportunity for many entrepreneurs. But entrepreneurs may also realize their dreams by purchasing an existing firm a buyout. We will first look at the startup process and then consider what is involved in buying a business.