Out of the Cubicle and into Business: 114 Questions to Answer Before You Make the Move from a Corporation or University Job into Your Own Business!

By Lea A. Strickland

< Out of the Cubicle and Into Business is written primarily for the person that is considering owning a business. Individuals who have a business that isnt living up to its potential will also find this book informative and an aid to getting things on trackThe format is designed to walk the reader through critical questions about the business they envision what they think, want, and can do; what resources are needed; and what things need to happen to open the doors. If you are working for someone else and think you can do it better, if you have a dream of calling the shots, if you are considering exiting the corporate or academic world, or if you have a business that hasnt achieved the level of success you desire, then this book is for you.
Answering questions from What type of business do I want? to How much money do I need? the reader is lead through a process of learning about the elements of a business, planning the business, and some of the key financial questions that need to be answered on the way to establishing a successful (profitable) business. Beyond the learning process, the book challenges the reader to think through and document what he or she believes to be true versus what they can validate as true through research, observation, and working on the business design.
This isnt theory, but practical insights, questions, and information on the realities of starting your own business and laying the foundation for success. The questions presented are fundamental and proven questions that businesses need to have answers to in order to succeed.The questions are often deceptively simple, but these questions have been proven through practice to make the difference in success for new companies.

• Language: English
• Publisher: AuthorHouse
• Release date: Feb 9, 2005
• ISBN: 9781420831313

Lea A. Strickland

Lea A. Strickland, MBA CMA CFM CBM, is President/CEO of F.O.C.U.S. Resources (located in Cary, North Carolina) a strategic business consulting practice that emphasize financial performance as a result of getting the business focused and aligned to achieve success. Her extensive business experience includes operational and financial leadership roles in companies that include Fortune 5, Global 100, and technology start-ups. She has worked in banking, automotive manufacturing, retail, electronics manufacturing, as well as industrial textile and consumer goods manufacturing. Her current clients include start-ups, emerging fast businesses, and established industry leaders in bio-technology, insurance, software, electronics, and other growth sectors. Her credentials include an MBA from The Ohio State University in Accounting, Marketing, and Human Resources (Change Management), a Bachelor of Science degree in Management and Finance from The University of Charleston, and certifications in management accounting, financial management, and business management. Ms. Strickland has a combination of experience and education, practical application and proven results that has led to her role as a thought leader in the business community. In addition to her consulting role, Ms. Strickland is a writer/columnist for numerous publications, including the national publication Small Business Technology Magazine, as well as Carolina Newswire and the NC Journal for Women. She is also active in municipal government; serves on several not-for-profit and community organization boards; and is a frequent speaker and expert panelist on business issues and processes. Ms. Stricklands areas of expertise include: financial and business strategy, project accounting, cost accounting, government grant accounting and funding compliance, financial modeling and forecasting, strategic human resources, and business process alignment. She can be reached via her website at www.focusresourcesinc.com.

Book preview

Out of the Cubicle

and Into Business

114 Questions to Answer Before You Make the Move from a Corporation or University Job into Your Own Business!

By

Lea A. Strickland, MBA CMA CFM CBM

Title_Page_Logo.ai

© 2005 Lea A. Strickland, MBA CMA CFM CBM. All Rights Reserved.

No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author.

First published by AuthorHouse 02/04/05

ISBN: 1-4208-3131-3 (e)

ISBN: 1-4208-3130-5 (sc)

ISBN: 9781420831313(ebk)

Library of Congress Control Number: 2005900948

Printed in the United States of America

Bloomington, Indiana

Contents

OVERVIEW / FOREWORD

MAKING THE DECISION

Taking the First Step

Identifying Resources

Selecting Your Expert Team

Gathering Your Thoughts

Validating Your Business Concept

Planning Your Business

THE BUSINESS PLAN

Establishing the Structure

Adding Dimensions

Operating Decisions

Planning Time Horizons

Projecting Financial Performance

Defining the Marketing Message

SETTING UP THE BUSINESS

Selecting the Legal and Tax Structure

Operating the Business

Maintaining a Positive Attitude

Establishing Strategic Goals

Defining Success

SUMMING IT ALL UP

APPENDICES

GLOSSARY OF TERMS

This book is dedicated to

My mother, Ruth Strickland, for always believing in me, providing guidance and support;

My father, the late Charles W. Strickland, Jr., who believed in, supported, and shared my dreams.

To both of my parents for their unconditional love and for reinforcing that ethics and character are more important than a regular paycheck.

AND

John Boggess, entrepreneur, business leader, and my

uncle – for his example, his experience, his insights, and his love.

OVERVIEW / FOREWORD

Before you take the plunge into owning a business, it is important to examine the what, why, and how of running a business. Running your own business requires a tremendous commitment to the business – sometimes to the exclusion of every other aspect of your life. The business takes on a life of its own and in initial stages requires you and your resources - time, money, commitment, and passion – to be successful. Many people liken starting a business to giving birth – it can be slow and painful or fast and painful. The life cycles of business are also similar to the stages of life – birth, infancy, toddler, child, youth, teenager, young adult, mid-life, senior citizen, and death. Each stage has its own unique issues, needs, and challenges. You and your business will experience many lessons, both positive and negative, on the road to success. For your business to have a long and prosperous life, it takes thought, commitment, resources, and time (an overnight success is rare at best).

Throughout this book you will be challenged to:

• Answer questions

• Clarify your vision

• Capture your ideas and thoughts

• Learn what it takes to succeed

To get the most out of the materials, you need to participate actively – write your answers, gather information, and do the WORK of getting your ideas together. You are about to embark on a journey to discover if you truly have the desire to make the commitment to owning a successful business. The activities throughout this book are part of the process of defining your business and laying its foundation BEFORE you invest the first dollar in assets, wages, or other operating expenses (all the things that you spend money on – rent, utilities…). This book provides the guidance. You make this the time and place to identify and quantify the resources and capital (money) it will take to start and own a business.

You may be tempted to stop, give up, or think this is too big for you. Keep in mind that every entrepreneur has doubts along the way (anyone who says that is untrue isn’t telling the whole story!). Your ability to succeed isn’t a product of having no doubts. It is a product of working through the doubts and laying a solid foundation. It is also about taking time to learn the things you don’t understand or know about business, finding resources to support your own efforts, and seeking out as much information as you can gather on the ins and outs of the business you envision.

For most people, even thinking about starting a business is intimidating. It can also be overwhelming. There is so much that you know you don't know and there is so much that you may not know you don't know. The combination of the two can seem insurmountable. Take a deep breath and try to relax. You begin your journey to your own business by gathering information, answering questions, and using a pen (or pencil). This book takes you through the process of exploration of possibilities and challenges you to put them on paper. The one thing you are asked to commit to is the process: to write down your ideas, to answer questions, and to identify additional questions to which you need to find answers.

This is an opportunity to gather your thoughts and information; to build your collection of reference materials and to formulate your ideas. To get the most from it, get organized. As you work to make your decision, you will generate many pieces of paper related to research and ideas. When you decide the answer is yes to your own business, then you will have drafts of your business plan, marketing message, and all of the other elements of your business. So it is important to be organized from the beginning.

As you progress through the book, and as you determine if you want your own business, you begin to lay the foundation for actually setting up your business. The process of developing a business plan is made easier when you establish a system for filing, organizing, and compiling your information. Get a three-ring binder or some file folders – get something that will enable you to be organized and to gather the bits and pieces of your business plan into one place.

Whatever system you choose, begin by establishing sections, folders, tabs, and other tools of your chosen organization system that correspond with the following areas that you will be working on in this book:

• Why

• Who

• What

• Where

• When

• How much

Throughout the book there are places to write. Plan to use this book as a place to capture the ideas and threads of the business concept. There is space for your answer after each question. There are spaces for notes throughout the book. The writing space is provided to enable you to jot down your thoughts as you read. Use it! Write in the margin provided or in the NOTES spaces throughout the book. No one is going to be critiquing your writing skills – just get everything down on paper.

This is a learning process. There is no time limit on how long you take. There is no requirement to do this all at once. Don’t allow yourself to be overwhelmed by all the things that you need to do, need to learn, and are trying to find information on. Just take your time and stay on track.

This is a process for making your decision to own a business and for actually setting up a business, if that is the decision you make. You can revisit any material in the book or re-write any answer to any or all of the questions. In fact, I believe you will go back to the various questions again and again as you learn more, understand more, and your vision evolves. So, use a pencil and keep an eraser handy for revisions; use a pen and keep track of the evolution of your ideas and how far you come from the beginning of the process to when you are ready to launch your business.

You are working on your ideas in a way that enables you to understand and evaluate your options before you start down a path that can lead to expensive lessons. (You will still have some expensive lessons. Every business owner does. Hopefully the more obvious ones will be avoided through a thorough approach to getting your business going.)

Get ready for the journey to your own business to begin!

MAKING THE DECISION

Taking the First Step

The first step is to determine if you are really ready and willing to take on the challenges and demands of your own business. Taking on a business of your own – starting it from scratch, purchasing a license or a franchise, or buying an existing business – is a significant commitment of time, energy, money, and, for many, a shift in the work/life balance. The rewards can be many, including the ability to realize a dream and the financial