Table of Contents
Acknowledgments xiii
Preface xv
Introduction xvii
Chapter 1 Entrepreneurship: A Risk Worth Taking 1
The Risk Explored 1
Being Employed Is Not Risk-Free 2
Do You Question Every Business You See? If Not, You Need to Start 3
Why Do You Want to Become an Entrepreneur and Should You? 6
Are You Cut Out for the Lifestyle? 7
Becoming a Better Entrepreneur 9
The Rewards of an Entrepreneurial Life 10
How Do I Spot a Good Entrepreneur? 11
Entrepreneurial Employees 11
Takeaways 12
Chapter 2 Understand Your Business 15
Viability on One Page 15
Business Planning 17
Business Structures-I'm Not Talking Buildings 25
Buying a Business 28
Buying a Franchise 35
Buying a Job 36
Takeaways 36
Chapter 3 Money Matters 39
How Much Money Do You Need? 39
Sources of Financing 40
Going Public 43
Understanding Financial Statements 46
Managing Your Financials 48
Understanding Profitability 49
Pricing 51
Get a Pre- or Postnuptial 52
Takeaways 53
Chapter 4 Would You Buy What You Sell? 55
Six Key Questions 57
Is There a Large Enough Market? 57
Can You Make a Decent Profit Margin? 59
Can Your Company Deliver? 60
Does It Have Longevity? 61
Do You Have Enough Capital? 62
Can You Keep Up with Technological Change? 62
Product Diversification 63
How Multiple Product-Related Mistakes Can Kill a Business 64
Takeaways 65
Chapter 5 It's Not a Cash Flow Problem-It's a Sales Problem 67
Understanding Sales 68
Understanding Your Competition 73
Hiring Salespeople 76
Managing a Sales Force 78
Training Salespeople 81
Takeaways 82
Chapter 6 Hire for Attitude, Train for Skill, Fire When Necessary 85
My HR Philosophy 87
Corporate Culture and the Growing Company 88
Hiring the Right People 91
Nepotism-Notes 97
Employment Contracts 97
The Importance of Training 99
Firing When Necessary 104
Takeaways 106
Chapter 7 Lead, Follow, or Get Out of the Way 109
Integrity and Respect, the Bedrock of Business 111
Business Knowledge-What Should You Know? 113
You Have to Be Confident, Not Arrogant 114
Management 115
Utilizing Advisors 118
Leadership 119
Persistence Pays 120
Get Noticed for Good Management 121
Takeaways 122
Chapter 8 A Good Deal for Everyone 125
Divorce: The Ultimate Negotiation 127
The Day I Broke the "Never Negotiate from an Ultimatum" Rule 128
No-Nonsense Negotiating 130
Working with Vendors 132
Negotiation and the Pregnant Pause 133
Asking Direct Questions 136
Winning Graciously 137
Fun and Responsibility 138
Takeaways 141
Chapter 9 Building a Positive Public Image 143
Picking a Name 144
A Positive Profile Starts at Home 145
Act Professionally 146
Vendor Relationships 147
A Professional Image 147
Get on Board with Social Media 148
Inexpensive Profile Boosting 148
The Best Form of Advertising 148
Media Relationships 149
Networking Builds Profile 149
Politics and Business-Can They Mix? 150
Be Charitable When You Can 150
Takeaways 151
Chapter 10 Only Diamonds Are Forever 153
Managing Your Success 154
When Is It Time to Leave? 155
Before You Sell 156
Selling Your Business 157
Forget the Stock Options-I'll Take My Credenza 163
Takeaways 165
Chapter 11 Regrets, I've Had a Few 167
Too Many Players 167
Nor Bringing EAS on Board 168
A Monster Mistake 169
I Paid to Play 170
Not Keeping My Poise 170
Hanging In for Too Long 171
Hiring the Wrong Person 172
Missing Family 173
Takeaways 173
Chapter 12 What Can We All Do Better? 175
Education 176
Government in All Its Guises 177
Media 180
Business Associations 181
A Final Word 182
Takeaways 183
Notes 185
