The Girls' Guide to Building a Million-Dollar Business A book NOT just for women PDF
Preview The Girls' Guide to Building a Million-Dollar Business A book NOT just for women
GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page i THE GIRLS’ GUIDE TO BUILDING A MILLION-DOLLAR BUSINESS GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page ii This page intentionally left blank GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page iii GIRLS’ GUIDE THE BUILDING TO A MILLION-DOLLAR BUSINESS Susan Wilson Solovic AMERICAN MANAGEMENT ASSOCIATION New York ‰ Atlanta ‰ Brussels ‰ Chicago ‰ Mexico City ‰ San Francisco Shanghai ‰ Tokyo ‰ Toronto ‰ Washington, D. C. GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page iv Special discounts on bulk quantities of AMACOM books are available to corpo- rations, professional associations, and other organizations. For details, contact Special Sales Department, AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019. Tel: 212-903-8316. Fax: 212- 903-8083. E-mail: [email protected] Website: www.amacombooks.org/go/specialsales To view all AMACOM titles go to: www.amacombooks.org This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the pub- lisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent pro- fessional person should be sought. Libraryof Congress Cataloging-in-Publication Data Solovic, Susan Wilson. Girls’ guide to building a million-dollar business / Susan Wilson Solovic. p. cm. Includes index. ISBN 978-0-8144-7419-8 1. Businesswomen. 2. Women-owned business enterprises. 3. New business enter- prises. 4. Success in business. I. Title. HD6072.5.S65 2007 658.1'1082—dc22 2007027310 ©2008 Susan Wilson Solovic. All rights reserved. Printed in the United States of America. This publication may not be reproduced, stored in a retrieval system, or transmit- ted in whole or in part, in any form or by any means, electronic, mechanical, pho- tocopying, recording, or otherwise, without the prior written permission of AMACOM, a division of American Management Association, 1601 Broadway,New York, NY 10019. Printing number 10 9 8 7 6 5 4 3 2 1 GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page v To my wonderful father, Ray Wilson— I am the luckiest girl in the world. And to my granddaughters, Emma and Claire Solovic— I hope someday you are million-dollar girls. GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page vi This page intentionally left blank GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page vii CONTENTS Foreword by Michael E. Gerber xi Preface xiii Acknowledgments xv Introduction xvii PART ONE LAYING THE GROUNDWORK FOR A MILLION-DOLLAR BUSINESS 1 Start the Million-Dollar Journey 3 You Look Like a Million 3 Revealing a Well-Kept Secret: Knowing Whereto Look 4 If You Don’tBelieve in You, No One Else Can 8 You’ve Seen and Conquered Before 12 Grit Your Teeth and Go for It 16 2 Think Big and Bold 19 Shout It Out 20 Mind Over Money 22 Bigger Can Be Better 26 Take Action: Make It Happen 27 If at First You Don’t Succeed. . . 29 GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page viii viii contents 3 Get Ready, Get Set, Grow 33 Get Your House in Order 33 Relationships May Change: Be Prepared 37 Create a Peer Support Network 41 Mentors Can Guide Your Growth 43 PART TWO USING THE FOUR STRATEGIC KEYS TO GROWING YOUR BUSINESS 4 Create the Vision 49 Define the Vision of Your Company 49 Articulate Your Mission 51 Communicate the CoreValues 52 Create the Right Business Plan 55 Focus, Focus, Focus 59 Invest in Professional Resources and Advisors 60 Step Up to the Role of CEO 63 Build an AdvisoryBoard 65 5 Develop the Right Team 69 Let Go to Grow 70 Take Action Every Day 72 Hire the Right People 73 Hire the Best Candidate, Not the Best Job Seeker 75 Invest in Retention: Get Started on the Right Foot 77 Identify Your Company’sPink Cadillac 79 Attract the Best and the Brightest Through Innovation and Creativity 82 Take Emotions Out of the Workplace 83 GGUIDE_ FM_p00I-028.rev1 8/7/07 5:13 PM Page ix contents ix Tap into Hidden Talents 85 Create Systems to Ensure Consistent Results 86 Learn from Resignations to Help You Grow 87 6 Implement Key Marketing Strategies 91 Create a Killer Brand 91 Shake Things Up: Create a Unique Value Proposition 94 Cultivate and Connect with Customers and Clients 97 Create a Customer Advisory Board 99 Know Your Competition 100 Touch Your Customers in Unique Ways 102 Become a Media Maven 106 Apply for Awards 109 Enjoy the Rewards of Networking 112 Gofor the Gold 114 Bag the Big Business Deals 116 Don’t Put All Your Eggs into One Basket 120 7 Fund Your Business Growth 123 Obtain the Funding 126 Begin the Money Hunt 128 Get Credit When You Don’tNeed It 131 Get to Know People in the Investment Community 132 Perfect Your Pitch 134 Angel Investors 136 Venture Capital 137 Overcome Gender Bias 140 Develop an Exit Strategy 144 Leave a Legacy 147
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