When it comes to seeing opportunity and starting a successful business, Bill Bartmann is one of the best people to share insight on the many challenges and rewards that can be enjoyed. As a self-made billionaire who has started seven businesses in seven different industries, Bartmann created the Billionaire Business System, which is a series of books and seminars offering real-world tips and insight to help you succeed in any type of business. Bill has also thrived in the game of buying bad loans, which offers a huge number of opportunities.

Many factors need to be taken into account when starting and building a successful business. Self-starters need to undergo a process to meet their goals in business and need to fully comprehend the facts and misconceptions about starting a business.

Myth #1 – Being Your Own Boss

The number one myth is that being a boss is not as easy as it sounds. In some ways you may get to be your own boss, but in many other ways, you don’t. Many attempt to start their own business just to replace a boss that they do not like, only to realise down the line that things are not that simple.

Everyone from your employees to your customers, lenders and bankers, vendors and suppliers will all become your boss to some extent. They will all instruct you on what you should do, why you should do it and what the consequences will be if you don’t do it. You will need to keep your employees happy, otherwise they may not work very hard or they may even up and leave. Customers will also need to be kept happy in order to retain their business. Bankers and lenders need to be kept happy with regular loan payments, or else they may take you to court. Vendors and suppliers also need to be kept happy, or perhaps they may not be willing to give you credit.

You will need to develop and maintain a good relationship with a huge number of people in your business, and you will have to put rules in place and follow them in order to succeed.

Myth #2 – Freedom

Another common myth often seen when people start out on their own is the misguided belief that self-employment equals freedom and independence. Many assume that they can do whatever they want, whenever they want to do it once they start their own business.

This is one of the biggest myths out there however – the reality is that you will soon become extremely dependent on the success of your business. You may enjoy some freedom further down the line, but at first it takes hard work and a lot of time. If you have a full-time job, then you will have to start building your business after-hours and on weekends.

Now for the Good News

Whether you are taking advantage of the lucrative industry that allows you to start purchasing bad loans from banks in trouble, from which Bill Bartmann himself grew his fortune, or you have a business idea that you have always wanted to bring into fruition, there is no doubt that starting a business has its fair share of risks and rewards. You will have the chance to control your future when you run your own business, and the opportunities for wealth are massive – Most successful individuals agree that starting your own business is the only predictable way to get wealthy. While some are lucky enough to be born rich, marry rich, inherit rich or even win the lottery, not one of these paths to being rich is predictable.

If you think that you have what it takes, ask yourself the following questions to see if you really do have the right stuff to be a self-starter:

  • Are you Right for Business?
  • Is Business Right for You?
  • Are your Persistent?
  • Are you Confident in Yourself?
  • What will you do?
  • What type of Business industry?
  • Will you buy a Business? Buy a franchise?
  • Will you start a Business from Scratch?
  • How is the Market Demand for your Product or Service?

The research and planning that goes into starting your own business will take up a huge deal of time. You will also need to educate yourself in business fundamentals in order to succeed in your business. Running your own business is a full-time job, and you need to be able to make a solid commitment along with many sacrifices if you want to start seeing the rewards that you long for and deserve, advises Bill Bartmann.