Business Talk Newsletter is conducting a four part interview with N. Michael Miller. Mr. Miller is a business owner, venture capitalist and published author. Mr. Miller can be contacted at StartYourBusinessHelp.com which advises new business owners with consulting, business plan preparation and other services.
This interview will consist of four parts:
(1) Start a new business now in this economy and the outlook for starting a business in early 2011 (in this Edition),
(2) Funding the startup of a new business (Oct 21st),
(3) Managing a new business and how to do it right (Oct 28th), and
(4) Understanding how to keep a new business financially healthy (Nov 4th).
Here is Part One of our Interview with N. Michael Miller.
BTN: Give us a quick summary of your background so our readers will understand where you are coming from.
NMM: Business owner, venture capitalist and author all come to mind in describing my background. If you wanted to know what really qualifies me in giving any new business owner advice about how to start a business, it would be that I have done it myself and worked with hundreds of people in helping them start new businesses. Additionally, I assist business owners in turning an existing business that is struggling into a profitable venture.
BTN: Our readers tend to be new business owners. The main question on every entrepreneur's mind is this; is now a good time to start a new business?
NMM: Absolutely. There are some qualifying factors to that statement, but overall the business environment for startups is very good now and looking good going into the fourth quarter of 2010. The outlook for business startups in 2011 is even better, especially in the first two quarters of the year.
BTN: What are the critical factors that a new business owner should consider when starting a business right now?
NMM: I would say that a new business owner should consider four critical factors in starting a new business in the next few months.
1. The business startup has to be well planned.
2. The business must be well funded from the very beginning.
3. The business has to be well managed.
4. There has to be an absolute understanding of managing all areas in the operation of the business.