So you’ve decided you’re ready to run your own business.

That’s a tough enough call for most, but for you, it’s just the first of many. With every step down the road of entrepreneurship, you’ll face dilemmas that could break the average 9-5er. Now here’s a prime example. Would you rather:

a) put your blood, sweat and tears into starting your own business, or
b) take the risk of investing in one that’s already up and running?

“Starting a business” sounds as easy as flipping a switch, but it might be the hardest endeavor you ever undertake. Building a name, a client base, and a company will take unimaginable efforts. You’ll use time you never knew you had, money you never dreamed you’d see and skills you never thought you’d learn. But you’ll never be at the mercy of someone else’s past. At the end of the day, you can look back on it all and say what Sinatra said, “I did it my way.”

You might not be considering a buy-out for what sounds like a sensible enough reason — you don’t have the cash. But the fault in that logic is an important one — this business is bigger than you. It’ll take much more than just your own time, toil and money to make your business grow and thrive, and that starts at the beginning. A venture capitalist or angel investor might be one of the first and most valuable members of the entourage you’ll have to build around yourself to succeed. Also consider that though it may cost less initially, starting your own business is by no means cheap, and will likely meet or exceed the cost of a buy-out before you reach your goals.

With the challenge of the initial investment aside, buying a previously-owned business can be an attractive option — but make sure the business is a good buy. Are you buying into a solid foundation? A brand with equity? A great team? If the answers to these questions are yes, then this might be your best bet. There’s much less risk involved with buying an already great organization than trying to form your own — despite how dreamy it might sound to “do your own thing.” Dropping that ego might be a multi-million dollar move.

No matter which option you choose, the fundamental rules of running a great business are still the same. Plan thoroughly; it’s closest thing to predicting the future. Be ready to change your company to meet the changes around it; Darwinism works here — evolve or die. And always strive for perfection; you might just end up with excellence.