Fundamentals for New Entrepreneurs – Seattle Management Consultant

May 12, 2011 - PRLog -- Stressful economy or not, it’s possible to successfully start a new business startup, according to Seattle business-performance consultant Terry Corbell.

“It’s important to imagine success as an entrepreneur while making sure it’s not a pipe dream, writes the profit professional on his business portal (http://www.bizcoachinfo.com).

“Business owners have all kinds of stress,” he points out.

Mr. Corbell says the list is long including fuel, energy and utility costs; taxes, regulatory costs; insurance costs; labor costs, banking fees, product development costs, capital expenses and facility costs.

Despite the downturn, he writes many launch entrepreneurs launch their small business with big ideas. He says the business and the owner are synonymous – everything is based on the person’s personality.

To ensure performance, the management consultant lists the five fundamental questions a budding entrepreneur must ask:

1. Do I understand my strengths and weaknesses? Know your limitations. A self-assessment is imperative. Every businessperson has fears, and wants to alleviate their uncertainties about business. The trick is to solve them.

2. Do I have a clear picture of my dream? It’s important that you have a clear, compelling vision of your market. Understand what your business will look like, who the customers are, and how you will manage your venture.

3. What is my business plan? Every business needs an action plan of marketing and operational strategies – a road map for its direction. That includes a break-even analysis for cash flow, and strategies to save time and money. Remember greener is leaner. Home businesses can be successful, but if you need outside space, consider subletting unused space. Allow for flexibility and marketplace changes. Be careful with your branding and value propositions – the reasons why customers would want to buy from you.

4. Will I go solo? Determine your structure. Consider the legal and financial necessities, including being a sole proprietor, an S-Corp., or LLC. Basically, there’s only one good reason for a partner – the other person must have strong skills you don’t have for success.

5. What will be my support system? Whether you elect to have a team of advisors – professionals knowledgeable about issues, including marketing, financial, human resources, and legal. The minimum I’d recommend is a successful mentor.

His business portal – The Biz Coach with Proven Solutions for Maximum Profits – publishes countless business coaching strategies: Planning, Operations, Marketing/Sales, Finance, Tech, Public Policy, Human Resources, and Wall Street.

With more than 30 years experience, his consulting-practice focuses on management services: http://www.bizcoachinfo.com/managemen-services.

Mr. Corbell is available to speak at various organizations, as a motivational or keynote speaker.

In human resources training, Mr. Corbell fully understands workplace diversity and cross-cultural communication are necessary for good business (he holds Tribal Citizenship in the Cherokee Nation).

# # #

Seattle management consultant Terry Corbell is a business-performance consultant and profit professional. He publishes performance-enhancing strategies at The Biz Coach: http://www.bizcoachinfo.com, Proven Solutions for Maximum Profits.