School, Neighborhoods, Houses, Communities and Companies are bought, built and sold over time. Although the question is most often used in relation to housing, we all have the opportunity to buy or build certain aspects of our life and our community. For the items that are most important in your life: Are you buying or building?
Companies, especially in the tech sector, are often faced with the dilemma of when to build out a product or simply acquire a smaller company that is already doing or making something similar. While Apple often develops its products in-house, occasionally it buys firms and uses their skills and tools to expedite the developmental process. Apple purchased Siri, Inc in 2010 to help develop their voice recognition software. Although Apple could have started competently from scratch, they chose to take Siri, Inc’s product and develop it into their own iOS operating system. In essence, they chose to buy instead of build their own solution.
As individuals, we are often faced with balancing the satisfaction and customization of building with the conveniences and immediacy of buying. We don’t have the time, will and ability to build everything. So we are forced to make choices on what we are willing to build. The advantages to building are simple: you get just what you want, better customization, often less expensive (especially if you DIY), greater flexibility, and ownership satisfaction. The advantages to buying are: things are typically ‘move-in-ready’, less effort, convenient and known. Continue reading Are You Building Or Buying?