The Girls' Guide to Building a Million-Dollar Business A book NOT just for women

239 Pages·2007·0.6 MB·English

by  Susan Wilson Solovic

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THE GIRLS’ GUIDE TO BUILDING
A MILLION-DOLLAR BUSINESS
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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.
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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
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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.
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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
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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
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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