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Which is more difficult between starting a business and managing the business?

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There are various stages in business. The first stage is always the process of starting the business. And the second stage is managing the business to keep it running.

Between these two stages, which do you think is more difficult in the life cycle of a business?
 
Though but can be pretty difficult, but i think managing the business is a lot harder as there are lots of factors to consider to ensure the business grows and continues to grow.
 
Both are challenging. But I think managing the company is more difficult. You have to oversee the operation of the company on a daily basis, stay alert of the changing market situation, and think of ways to sustain the company in the long run.
 
Both are not easy for I experienced it personally. But I observed that starting a business is the hardest for there are many things to comply while managing is easier for you are just there monitoring and planning while sitting.
 
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