OF SMA L L B U S I N E S S

BIG BOOK
THE
Y O U D O N ’ T H AV E T O R U N Y O U R B U S I N E S S B Y T H E S E AT O F Y O U R P A N T S

TO M G E GAX with Phil Bolsta
Previously published as By the Seat of Your Pants

This book is dedicated to my father, Bill, an old soldier who battles every day to overcome a horrendous stroke. He was a model enlightened entrepreneur, a fact that took me years to appreciate. His compassion with his employees and dedication to service inspired me to be a better businessman and a better person. When I was growing up, he liked to say, “Son, the most important word in the English language is ‘empathy.’ ” When I told him I was starting a business, his first words were, “Always treat your employees right.” He learned that appreciation the hard way, losing his father at a young age and countless war buddies in the trenches. But his love for God, country, and his fellow citizens never wavered. This one’s for you, Dad.

CONTENTS
Foreword by Richard Schulze,
Found er and Chair man, Best Buy

ix

Introduction: Living by the Seat of My Pants:
A Jour ney from Clueless to Cashing In

xi

PART I
Setting Up Shop:
What Ever y Budding Entrepreneur Needs to Know

1

1. Make Up Your Mind: Uncommon Factors to Consider

Before Quitting Your Day Job
2. Research the Market: Analyzing the Data to Determine Your Niche 3. Write the Business Plan: Building Your Blueprint for Success 4. Find Funding: Raising Capital Without Relinquishing Control 5. Position Yourself: Nailing Your Name, Location, and Differentiation 6. Line Up Your Legal Ducks: Protecting Your Business Interests

5 10 13 18 23 30

CONTENTS

7. Build a Strong Board: Getting Help, Not Headaches,

from Outside Advisers

43

PART II
Pouring the Foundation:
Laying In Your Mission, Vision, and Values

53 57 62 64 71

8. Mission Critical: Embodying