The two major reasons people go into business for themselves is freedom and money; business ownership has its rewards and pitfalls
Tulsa, OK - In this segment of the interview series with Bill Bartmann, self-made billionaire, we learn that one of the leading causes of business failure is the market does not support the business. Bill Bartmann said, "A lot of entrepreneurs start their business without making sure that there is a demand and a need for their products and services. They fail to research the market to see if there will be a lot of competition; instead, they learn the hard way, after they have invested their time, work and capital into their new business venture."
Poor management skills, certain day-to-day operations and the inability to keep good financial records are more pitfalls of business ownership. Bill explained, "They have trouble making calls to collect on past due accounts. They are focused on developing the business rather than running the business."
When asked about forming a partnership to help with some of the business operations, for example, someone very skilled at keeping financial records or at collections, Bill said, "Partnerships can be rewarding, or they can be another pitfall. Never enter a partnership without a written contract and an agreement that covers each of your responsibilities. If your partner possesses a skill that you do not, and then decides to leave the business, you must have a plan in place or you will be in trouble.
So, we have learned, that like the pre-nuptial agreement in a marriage, a partnership agreement not only spells out each partners' role in the business and how they will be paid, but also how the relationship will be severed if one should decide to leave the business.
Bill Bartmann is a self-made billionaire who has created the Billionaire Business System, a series of books and seminars that teach you what you need to know running a business. Bill Bartmann has provided real business guidance to thousands of entrepreneurs to help them succeed in business, even during tough economic times. Visit Bill Bartmann's website http://www.billionaireu.com to learn more about the course.
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