We interrupt our regularly scheduled program to bring you a little book review…
I have no time to read books as a mom of a 16-month old and as an entrepreneur trying to do full-time work half-time. But I’ve been skimming through Susan Wilson Solovic’s new book The Girls’ Guide to Building a Million-Dollar Business. She is also the author of The Girls’ Guide to Power and Success and the owner of SBTV.com.
So here are some of the main points Susan makes in her new book and some of my thoughts.
1. Create the Vision - I totally agree with Susan’s assessment of the important of a vision statement, something to keep you focused on the big picture of your business. The mission statement, of course, is articulating the purpose of your company. Both are important statements to spend time crafting. They are also part of the language used in a business plan.
2. Develop the Right Team - Susan says as CEO, you need to “let go so you can work on the business, not in the business.” Yes, yes, yes. Entrepreneurs often have a hard time letting go and delegating. Bring on people you can trust. Nobody will ever do it the way you do it, but give them room to try. Susan gives some great tips about bringing on the right people for the job.
3. Implement Key Marketing Strategies - Susan talks about the value proposition of your company - what makes your company unique in its product or service offerings? She also talks about connecting with customers but includes the concept of “cultivating” customers. If you want to stay in business, your customers must come first.
4. Fund Your Business Growth - Starting a business is taking a risk and that risk involves money. One of the biggest reasons companies fail is that entrepreneurs underestimate how much it will take to stay in business. Others fail because business owners do not charge enough for their products or services. Knowing how to obtain the capital you need to keep your business afloat is key to moving toward success. Susan outlines the various ways of obtaining capital for your company in her book.
Susan also addresses the “intangibles” of running a business including passion and staying true to yourself. Her book quotes a number of very successful female entrepreneurs giving real-life anecdotes and advice.
I can’t say that if you read her book or follow her instructions you’ll actually end up with a million-dollar business - there are so many factors that come into play to take a company from thousands to millions - but the fundamentals of business covered in her book can lead you in the right direction. The rest is up to a lot of hard work, a lot of luck and being at the right place at the right time!