Built, Not Born

About the Author

Tom Golisano is a self-made billionaire and the founder and chairman of the board of Paychex, Inc. He served as Paychex’s president and CEO from its inception in 1971 until 2004. Golisano has been recognized among Forbes' top 10 bosses in the U.S. for three consecutive years starting in 2002. His dedication to civic issues and organizations is evident through the Golisano Foundation, established in 1985, which supports opportunities for individuals with intellectual disabilities.

Main Idea

In "Built, Not Born: A Self-Made Billionaire’s No-Nonsense Guide for Entrepreneurs," Tom Golisano provides a practical and candid guide to starting and running a successful business. Drawing from his experiences with Paychex, Golisano emphasizes the importance of understanding the business landscape, meticulous planning, and resilient leadership. He dispels common myths about entrepreneurship and offers actionable advice for navigating the complexities of building and sustaining a profitable business.

Table of Contents

1. Entrepreneurship: A Risk Worth Taking
2. What Makes a Good Entrepreneur?
3. Understand Your Business
4. Business Planning
5. Money Matters
6. Hire for Attitude, Train for Skill, Fire When Necessary
7. Lead, Follow, or Get Out of the Way
8. A Good Deal for Everyone
9. Building a Positive Public Image

Entrepreneurship: A Risk Worth Taking

Starting and growing a business is inherently risky, but Golisano argues that these risks are often exaggerated compared to the uncertainties of traditional employment. He believes that with the right knowledge and strategies, the dangers of entrepreneurship can be minimized.

"Those people who talk about the risks involved in starting and growing a business seem to imply that having a job is risk-free—get a job, be set for life. Was that ever true?" - Tom Golisano

Golisano understands that entrepreneurship is not for the faint-hearted, but he insists that the rewards can far outweigh the risks if approached with the right mindset and preparation. He points out that job security is not as guaranteed as it once was, citing the decline of major companies like Eastman Kodak as an example. The changing economic landscape and technological advancements make entrepreneurship a viable and potentially less risky alternative.

What Makes a Good Entrepreneur?

Successful entrepreneurs possess curiosity, industry experience, and a realistic sense of market potential. They continuously question and challenge business scenarios, always seeking improvements or new opportunities. Golisano advises aspiring entrepreneurs to critically assess their business acumen and strive for continuous improvement.

"To become a 10, you need to understand what makes businesses successful. You also need to have passion, commitment, and a little humility––a willingness to learn." - Tom Golisano

Golisano emphasizes that natural entrepreneurs are always thinking and planning, looking for angles to make things work better or to introduce new products or services. He highlights two key attributes of successful entrepreneurs: industry knowledge and a sense of reality. Experience in the industry provides the necessary understanding of the market, product, and customers, while a realistic approach prevents overestimation and helps manage expectations.