Built, Not Born audiobook cover - A Self-Made Billionaire's No-Nonsense Guide for Entrepreneurs

Built, Not Born

A Self-Made Billionaire's No-Nonsense Guide for Entrepreneurs

Tom Golisano

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Money & InvestmentsEntrepreneurship

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Built, Not Born
Entrepreneurial Mindset+
Business Planning & Management+
Funding & Financials+
Cash Flow & Sales+
Hiring & Culture+
Negotiation & Deals+
Reputation & Branding+
Exit Strategy+

Quiz — Test Your Understanding

Question 1 of 8
According to the text, what is a key factor in deciding whether to pursue entrepreneurship?
  • A. Having a completely unique, never-before-seen product idea.
  • B. One's personal appetite for risk, since even traditional jobs carry risks.
  • C. Securing venture capital funding before leaving a corporate job.
  • D. Possessing an advanced degree in business administration or finance.
Question 2 of 8
What fundamental business question does Golisano suggest you should be able to answer on a single page?
  • A. How many buyers you need to cover costs and make a profit.
  • B. What your five-year marketing and social media strategy will look like.
  • C. How you plan to take the company public through an IPO.
  • D. Which competitors currently hold the largest market share in your industry.
Question 3 of 8
Why does the author advise entrepreneurs to tread carefully when taking money from venture capitalists?
  • A. They generally require the founder to step down as CEO immediately.
  • B. They usually charge exorbitant hourly rates for their consulting services.
  • C. Their short-term return timelines and exit strategies likely differ from your long-term vision.
  • D. They rarely provide enough capital to fully fund a startup's initial operations.
Question 4 of 8
What is Golisano's rule of thumb regarding large clients and revenue?
  • A. Large clients should make up at least 80% of your revenue to ensure stability.
  • B. You should offer steep discounts to large clients to guarantee their lifetime loyalty.
  • C. You should never let big clients account for most of your revenue to avoid severe impact if they leave.
  • D. Large clients are the only reliable source of recurring subscription revenue.
Question 5 of 8
What is the purpose of using a 'pregnant pause' during a job interview or negotiation?
  • A. To give the interviewer time to thoroughly review the candidate's resume.
  • B. To test if the candidate has memorized their rehearsed answers.
  • C. To create an uncomfortable silence that might reveal a person's true self or prompt them to concede a point.
  • D. To transition smoothly and professionally between different phases of the meeting.
Question 6 of 8
When does the text suggest you should involve lawyers in a business deal?
  • A. At the very beginning, before any conversations with the other party occur.
  • B. Only after initial deal parameters and intent have been established between the parties.
  • C. When you need an external vendor to aggressively intimidate the competition.
  • D. Exclusively during the final signing of the paperwork.
Question 7 of 8
How does the author suggest a business owner should manage promises to build a stellar reputation?
  • A. Overcommit to impress clients, then negotiate deadlines later.
  • B. Undercommit and overdeliver consistently.
  • C. Make as many promises as possible to secure initial sales and market share.
  • D. Avoid making any promises unless they are legally binding.
Question 8 of 8
According to the text, when is the best time to plan for your exit or sell your business?
  • A. When the company is struggling, so you can cut your losses quickly.
  • B. Immediately after securing your first round of venture capital.
  • C. While you are still on top of your game and the business is performing well.
  • D. After you have signed several long-term commitments to guarantee future revenue for the buyer.

Built, Not Born — Full Chapter Overview

Built, Not Born Summary & Overview

Built, Not Born (2022) is an instruction manual that explores how to transform any promising business idea into a thriving enterprise. Detailing the key steps for success from early planning stages through exits and everything in between, it dismantles the myths of exclusivity surrounding entrepreneurship to prove that concrete and learnable principles can lead any determined person toward sustained success.

Who Should Listen to Built, Not Born?

  • Entrepreneurs trying to start, buy, and grow businesses
  • Managers intent on building profitable and performant departments within organizations
  • Any successful entrepreneur looking for a good exit strategy

About the Author: Tom Golisano

Tom Golisano is the founder and former CEO of Paychex, one of the world’s largest payroll processors. Leveraging expertise gleaned from overcoming initial startup hurdles and building Paychex into a multibillion-dollar firm, Golisano focuses today on investing, philanthropy, and advocating for entrepreneurship. His other works include The Italian Kid Did It!

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