Small Business 101

Established Business Owner

If you are thinking about starting your own business, you probably have tons of questions about where to start. Get advice from Small Business 101 to learn more about the basics of entrepreneurship.

In July 1993, Tom Gardner and his brother David founded The Motley Fool as a printed newsletter. Today, "The Fool" has grown into an international multimedia company offering financial information to individual investors of all kinds.

Tom and his brother have co-authored several best-selling books, including The Motley Fool Investment Guide, The Motley Fool You Have More Than You Think and The Motley Fool Personal Finance Workbook. They also oversee The Motley Fool's nationally syndicated newspaper column and write a monthly investing newsletter.

Tom was online to discuss his experience with starting a small business.

The transcript follows below.

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Alexandria, Va.: Tom, kudos to you and your brother, David, for building a strong personal finance brand. In the late 1990s, you guys were on the verge of going public and did not. What is the gist of your business model, and what are the long-term plans for the Fool?

Tom Gardner: Thanks for the kind words. After beginning our business as a paper newsletter in the early 1990s, America Online e-mailed us and asked if we'd be interested in starting a service. AOL was a great early partner of ours, but in the end, as successful as we were on AOL, we only had one customer: AOL wrote our checks. That made negotiation pretty tough. Toward the mid-1990s, we launched our Web site -- www.fool.com -- with the primary revenue source being outside advertising. At the peak, our revenue growth rates were excellent, but we truly only had 6-10 major customers. When the bottom fell out of the market and online advertising dried up, we were forced to re-evaluate. This was the most grueling time of my lift. It took time for us to figure it out. But finally, the light bulbs were going off, sirens were whirring, bells were ringing. . and we awoke to the power of a business model focused on the millions of people who were enjoying our work. We now run just more than a half dozen membership services, ranging in price from $99 - $299 per year. The benefits of our business model today are: a) tens of thousands of customers; b) cash paid upfront for an advisory membership (helping people build investment portfolios and retirement plans); c) very low material costs to the business; d) a vastly superior experience for our paying members. I ramble on because the most powerful lesson we learned was the value of a business with tens or hundreds of thousands of paying customers rather than just ten (in our case, advertising) or one (in our case, the early AOL partnership).

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Alexandria, Va.: Did your newsletter start out as a paper newsletter or was it online only? Today would you start a paper newsletter or go straight to online publishing?

Tom Gardner: As noted above, we started as a print newsletter. However, were I start the same business today, I'd definitely begin online. The ability to publish rich HTML or Adobe PDF files renders the print and mailing costs unnecessary. In our case, online community is a key part of our model. When I recommend small-cap stocks in our Hidden Gems service, our members immediately jump out in the community to debate the merits of my selection. This broadens the experience dramatically. You are no longer a passive reader, studying my recommendations in isolation in your den. Instead, you're an active member, conversing with investors across the world about my investment philosophy, my latest recommendation, as well as any investment ideas you bring to the digital table. I would begin a business like this online today, without question.

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Big Stone Gap, Va.: Did you get a grant to start your business?

Tom Gardner: Thankfully, the cost of starting our business rounded to zero. Our 12 years in business has taught me that a number of Warren Buffett's teachings are right on the money. In this case, Buffett favors businesses that don't cost a lot of money to run. In our case, The Motley Fool started as a print newsletter (very inexpensive) and then became an online site in our partnership with AOL, costing us no more than expense of owning desktop computers linked to phone lines. For someone thinking of starting a company, I encourage them to get started as inexpensively as possible.

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Washingotn, D.C.: Tom, this may be outside the frame of this chat -- but thought I would ask anyway. What are three or four stocks you are currently looking at and why?

Tom Gardner: WDC,

You're trying to get our investment advice for free -- very bold of you! Because I love The Washington Post (our father's greatest investment. . it sent us to college and gave us the independence to start The Motley Fool in our mid-20s). . I'll give in and mention a few names. I continue to be intrigued by the world of healthcare. I think companies like United Health (UNH), Coventry Healthcare (CVH), and American Healthways (AMHC) are compelling investment opportunities for people with a 5-10 year time horizon. That last point is important. I have no idea what these stocks will do over the next 1-12 months. Long term, though, I feel confident that the rising demand for health coverage, the solid management teams at these companies, and their excellent financial models (and sterling balance sheets) will lead to great things for their patient shareowners.

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Rockville, Md.: How do you get other people to invest in to your company?

Tom Gardner: I think it starts with getting people in your base of friends and family to consider an investment. This can obviously be dangerous, as you don't want to foul up close ties because of business dealings. That way can lead to tragedy. However, at least getting your friends and family to look over your business plan and share their opinions is a great first start. Then, network. In every major urban area in America, there are angel investors (wealthy individuals that make investments in private companies) as well as private equity firms. The key is to meet with as many of these people as possible. . . always seeking their advice, first, and their investment, second. It is important to treat the starting of a business (the launch of anything, in fact) as a learning process. Walk the aisles of Barnes & Noble, looking for start-up business books. Make calls to business leaders and investors in your local area. Ask questions. And what you'll find is that the very best investors will absolutely demand that you be truly passionate about the business. Peter Drucker, one of the greatest business writers in history (who just passed away at the age of 95) cites as the single most important trait of the great business leader -- an abiding love for the customer (which begins from a real passion for the product/service and industry).

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Bethesda, Md. : Was there ever a time when you and David were tempted to just "pack it in," so to speak, and sell out or try a different company or anything like that? If so, why didn't you?

Tom Gardner: Great question. At the turn of the century, we were simply crushed. Why didn't we pack it in? Some very simple reasons. We had a mission and core values which had led us to hire a particular type of person. When we looked around the office, in the darkest days, all we saw were people who had signed up as employees of The Motley Fool because they believed in what we were doing. There was so much value at the core of our enterprise. What was lacking? Sound business thinking on the part of the founders (since David isn't here, I'll take the blame). The truth is that we so loved what we were doing that we didn't actually spend much time strategizing on the best way to build a business for the next 50 years. We weren't hungry for cash-out profits, to take a bushel of money out to a rural area and lay around in a hammock all day. We loved our people and our mission. Now, because of that, we had to make some very very difficult decisions -- decisions which, frankly, were crushing. We were exhausted. But the mission, the values, and the people drove us to stay focused. It certainly didn't hurt that we're brothers. We had and have complete trust of each other, and we were able to pick each other up at times along the way. I credit my brother David for really pounding the table on remaining independent. He followed through the words with deeds.

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Arlington, Va.: Tom,

Who was the Fool's first "stranger" hire? Was it tough to pull the trigger, so to speak? I am in love with my own small business, and have a really hard time ceding control (even a small bit) to someone I find "off the street." This hurts me, because I take on too much work myself -- I know I need the assistance. Any advice?

Tom Gardner: Great question. We hired some summer interns first, from Georgetown University. We were working out of David's house. We finally moved into office space when we had six employees. That experience actually shaped how we hire. We treat our office like a home. We are very careful with hiring decisions, which can cause us to go slow at times. But I believe in this approach. Typically, we'll have as many as 12-15 people interview and decide on a candidate at The Motley Fool. Core to our decision is -- do we feel comfortable having this person into the home that is our office -- into the center of our work lives? Will they represent our ideals? Again, it can cause us to go slow at times. But when you are hiring people who will put your financials together each month, or represent you to potential customers, or negotiate business deals on your behalf when you can't be present. . . I think that demands care. My recommendation is that your first "outsider" hire be someone that you feel intuitively comfortable with as a person. Hire for character, first -- not certification.

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Boston, Mass.: Tom:

When do you know that a business idea is a dog -- that it's time to cut your losses? Conversely, when did you know that Motley Fool had something going and would be a big hit?

Tom Gardner: Great question.

A business idea is a dog if the founder is clearly just trying to make money and has no natural interest in or passion for the business. A business idea is often a dog if it requires a tremendous upfront investment, relies on less than 5 core customers, and comes in an industry swept up in competition. I knew that we had something special with The Motley Fool the first day we welcome people into our online site back in 1994. Why? Because I saw instantly that our customers were talking to each other. (Incidentally, if the customers of a major Wall Street firm were able to speak with each other, published on an Internet site, I have no doubt these firms would quickly fall apart). Once I saw transparency, live debate, and bonds being formed between people based on the merit of their ideas, I knew we had something very special. From there, it was just a question of getting the business model right. In our case, it truly took eight solid years of business before we realized -- heck, our paying customers should be the 4 million+ people that are coming into our site each month. Yes, advertising is important to us. But the heart and soul of our business is helping people across the world make better financial decisions. It took us awhile to realize, though, that developing services for this massive number of people (much larger than we ever expected) was the right decision for our company. I'd say by the close of 2002, I knew we were built to last, ready to outperform as a business.

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Alexandria, Va.: Tom, if you had to pick, would you rather invest in a flawed business with superior management OR a superior business with flawed management? What's more important -- the horse OR the jockey?

Tom Gardner: Terrific question. Because there are more than 10,000 public companies just in America. . I typically wouldn't settle for either of your options. But since you are forcing me into it, I'll be on the jockey. I think of Southwest Airlines -- in a terrible industry with heavy cap-ex, difficult to develop a brand, high fuel costs, etc. Southwest's Herb Kelleher is one of the greatest CEOs in American history. How? He learned obsessively about the industry. He created a unique culture. Southwest is one of the most unionized airlines -- Kelleher took the time to negotiate very long-term contracts with the unions because he knew this was an inevitable part of the business. He was a brilliant jockey riding the horse of a broken industry. And I believe that between 1970 and 2000, there was no better performing investment in America than Southwest Airlines (better than Berkshire Hathaway, Microsoft, General Electric, you name it). In great jockeys, I look for passion; honesty; a committment to conservative accounting; and a clear demonstration that they feel a duty to serve customers, employees and shareholders equally for the very long term. When you hear Costco CEO Jim Sinegal talk about his goal of building a great company for the next 100 years (not for Wall Street over the next 100 days), you have a great jockey riding against a fierce opponent in Wal-Mart. Costco is a company and stock I believe in.

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Washington, D.C.: Tom, after 10 years what if any are your main "If I could do it again..." moments as a businessman? And have you used any of that learning/thinking moving forward? If so, how?

Tom Gardner: Great question. I would hire as many numbers people as possible. Gary Hill -- our early CFO and head of business development today -- is brilliant. He's a D.C. native. I've known him for 25 years. He negotiated all of our contracts and deals with outside investors. He is analytical, driven, and has the highest integrity. We would not be here today without him. From there, Scott Schedler -- our president today -- was a CFO inside of GE Capital subsidiaries. He has brought even more financial rigor/discipline to our business. We would be nothing without our mission and core values. This is a crtical piece of starting and running any company for the long term. However, running a close second is getting people involved in your organization that are highly analytical, numbers-driven, and that have the highest integrity.

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Brown U.: What's Lisa Loeb like in person?

Tom Gardner: Lisa Loeb is a remarkable person. I went on a date with her for the E! Network. Ha. I believe I may be the first bald man to have made it on the Entertainment Network. I think the show airs in the next few weeks. My opinion of Lisa Loeb is that she's authentic and that she will endure as a performer.

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Arlington, Va. : The Motley Fool gets a lot of press about its workplace environment -- very casual, even by modern standards. Why, in your opinion, does that work? Is its success a reflection of the policy, or the people you hire?

Tom Gardner: Great question. The reason that it works for us is because, as I said, our office is like a home. We want people to feel comfortable being here and to care about the place, as owners. We also started The Motley Fool nearly out of college (I was in graduate school). David and I had attended summer camps througout our childhood. And we got a remarkable education thanks to our parents (St. Albans, Groton, St. Marks, Brown, Univ of North Carolina, Univ of Montana). Those experiences planted the seeds of our culture -- teamwork, optimism, forthrightness, a desire to solve problems rather than to create them, a desire to win, and the importance of having fun. After all, most of us spend something like half of our waking hours at work. The organizations that do not realize this, that do not make the office place truly enjoyable, are doomed as competition heats up around the world.

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New Haven, Conn.: How do you recruit top quality talent to work for your small business -- a company they've never heard of?

At what point in the business cycle do you allow outside investors in?

Did you ever have moments when you didn't think you'd make it?

Tom Gardner: All great questions, New Haven. Let me tick them off one by one. 1) You recruit top talent by talking to the top talent in your workplace. Who are they? How did they come to you? Do they know anyone like them? Start in your circles of employees, friends, family members, as well industry contacts you've made. Then try to get people involved as volunteers or contract employees. Start with part time work. If they've never heard of you and are resistant to leaving their place of employment, keep them involved as an active customer (giving them free samples of products/services). Keep them engaged as a volunteer or part-timer. 2) When should you allow outside investors in? In our case, we believe you should strive to take on investors from a position of strength. That means holding costs way down at the start. It means not taking any major gamble that would put your organization at risk. It means working your way to profitability quickly -- knowing that that is your goal and getting to it. The Motley Fool was profitable within 6 months of our inception. . out of necessity. When it was time to negotiate with investors, we didn't need them. We weren't desperate in negotiation. Yes, we were a TINY company. But we were a tiny company with the resources to survive had we been unable to bring investors in on our terms. Negotiate from a position of strength. 3) As noted earlier, at the turn of the century, we got pummeled. There were a few months of real ambiguity. Without that time, we would not be 1/10th the organization we are now. We had to buckle down. We had to realize just how much we loved this. We then had to fight day by day toward security. It was brutal. I very nearly sizzled into burn out. But the experience taught us how to focus on what matters and how to largely or completely ignore what doesn't. Focus is absolutely critical to success. Focus, focus, focus is what got us to where we are.

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Chevy Chase, Md.: Thanks for taking questions.

How does one learn to become an effective manager? Is this something you're just born with, or can it be learned through study and practice?

I've just been given responsibility for someone who reports to me. I'm honored and I take the responsibility seriously. At the same time, however, it's an intimidating concept.

Tom Gardner: Excellent question. The tone of your question suggests to me that you will succeed. The worst managers are arrogant. By virtue of earning the title, they believe it typical that they're right. This is a wonderful way to destroy credibility, ruin a team, and deliver submediocre results. You, on the other hand, have emphasized your sense of duty, the anxiety it brings with it, and a curiosity for how to do things right. I strongly recommend Peter Drucker's writings to you -- the management theorist/business philosopher that counseled everyone from Winston Churchill to Bill Gates. Drucker wrote nearly 40 books in his 6+ decades of writing. It's all there for you. Some of his core principles: a) get your teammates concentrated on what thet excel at (don't ask the C student in Science to spend less time on History, where she got an A -- instead, help her get focused on being the greatest historian of the 21st century) b) be honest in assessing your own weaknesses and fessing them upfront to your team; c) abide an open-door policy -- communication is the key to building great relationships at home and at work. I wish you the best of luck. Peter Drucker's work can really help you.

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Laurel, Md.: I just got my annual price list from one of my wife's extended relatives for things like scented soap and bath oil that she makes in her basement. They've told me their sales cover expenses and give her something she likes doing, but that's about it.

How many truly profitable (i.e. make a living wage) home-based businesses grow out of enjoyable hobbies?

Tom Gardner: Very few do. The primary reason they don't is that the creators don't force business disciplines on their work. In the end, this isn't the greatest of tragedies. They are able to do what they love and to break even. But I do think it's unfortunate. With even just a little fine tuning, many more of these small enterprises can flourish. Here again I'll cite Peter Drucker, who simply and eloquently explains the importance of finding where you make your profit, and doubling done. Against that, Drucker would have your family member look carefully at where they're spending time at work unprofitably, and to cut back at it. This is a generalized suggestion, but it works in the vast majority of cases. The lesson for your relative is to double down where the profits are and step back from where they aren't. It may sound easier than it really is. I've found that isn't the case. It's just a question of looking through the numbers carefully, and then focusing on the strengths.

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Bowie, Md.: Unlike most small businesses whose products and services can be evaluated after a couple of uses, your businesses takes years to really evaluate.

Telling people to "buy stocks" beginning in 1994 seems like a classic case of "confusing a bull market with brains" unless you changed your tunes sometime around 1999-2001.

Were you giving any different advice then as opposed to five years earlier?

Tom Gardner: Great question. It is as true of finance as it is of medicine and health. How do we know that the advice we're getting (or giving) is sustainably great? I think our core competitive advantage is that we actually want people like you to ask questions like this in our community. The online debates about our investment philosophy are critically important. They've certainly helped me to evolve my investment approach over the last decade. I think looking at performance over five-year periods is the way to understand whether your money manager (or medicine man) is improving your results in life. In our case, David and I are engaged in a head-to-head battle in our service, Stock Advisor, in which we recommend two stocks each month. The service began in 2002. Six months after the launch, the market was down 20%. It was easy to give up then. Most of our members didn't -- because we had emphasized Warren Buffett's great investment principle: Be fearful when others are greedy, and greedy when others are fearful. Our total average returns are now: Tom + 78% David + 50% S&P 500 + 20% I believe in our fundamental approach for two reasons. It makes logical sense AND it is an approach practiced by the masters: Peter Lynch, Warren Buffett, Benjamin Graham, Martin Whitman, et al. In my case, I am merely standing on the shoulders of giants (standing on the shoulders of other giants) and picking stocks with a clear view because of it.

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Vienna, Va.: What's the best way to network?

Tom Gardner: The best way to network is simply to be curious. Intellectual curiosity is one of the most underrated qualities in this world. There is no question in my mind that every high school student should be required to take a full-year course entitled INTELLECTUAL CURIOSITY, in which they learn how to pursue their interests, in which they learn how to learn. It is simply disgraceful and indicative of a lack of imagination in our schools today that such a course doesn't exist (or is very, very rare if it does). Mind you, there are GREAT teachers across the nation. I just question the level of imagination used by curriculum builders and school administrators Um, back to your question! Hehehe. Your networking efforts should be driven by your curiosity. I wouldn't have you network in the furniture industry if furniture making didn't much interest you. I know that's obvious but it bears mention. Find what you love, then double and triple and quadruple down your efforts. Today, more so than ever before, you can find experts in any field. Google away. Email professionals and teachers in the field. Read relevant articles online. Buy books on the subject at Amazon.com. It starts with your passion, demands your intellectual curiosity. . and will all flow from that. Because when you mix passion and curiosity, you can't help but engage people across the city, across the country, and across the world (given the technology).

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Philadelphia, Penn.: How does one learn all that is needed to survive? For instance, if I want to start a magazine, how does one learn how to get distributors to accept it? I am worried that I could know the most about a skill, but getting someone to buy may be a big risk. Isn't it true that many good ideas fold? How could that be avoided?

Tom Gardner: Indeed, it is true. Most businesses fail. Why? In my experience, it's because their founders gamble (often without knowing it). They make big bets before they've ever mastered the small bet. Focus, instead, on making small bets. If you want to start a magazine, how about creating a single abbreviated issue in an online format and emailing it to friends and family. This is precisely how The Motley Fool started. I don't want to blunder by using the hammer-nail analogy (once you learn how to use a hammer, everything looks like a nail), but in this case, my experience and my observations have aligned. Starting small, proving out the concept, seeing whether you really love the undertaking. . . this approach leads to far many more and far greater successes than the decision to go big or go home at the outset.

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Washington, D.C.: Let's say you had a few million dollars of funding and were directed to start a business in the investing space from scratch today. What kind of business do you think would provide the most growth over the next 10 years -- Advisory? Publishing? Money management? Technology? Services? Something else?

Tom Gardner: Great question. I think there are amazing opportunities in the following fields: a) Preventive medical care; b) Online education/advice; c) Innovations in health insurance; d) Online community-driven rating services; I think the areas of medicine, finance, and education will flourish, spawning hundreds of great new companies over the next 20 years.

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Harrisburg, Penn.: One problem I note that some new small business operators face is that they don't know what they don't know: they start a business without knowing about zoning restrictions or the laws regarding workers compensation, unemployment compensation, and making payroll deductions. Is there a good resource for small business owners to learn what they need to know about the legaliies of owning a business?

Tom Gardner: NOLO Press often has useful information. I don't know if it would be useful for local concerns. But take a look: www.nolo.com Very useful.

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New York, N.Y.: What kind of business is good to start that does not cost a lot?

Tom Gardner: Honestly, the best business to start is the one in a field that you love. Always start there. Then look for where there are inconviences, shortcomings in service, even practices that abuse the customer. You can imagine that in the world of finance, there are tremendous problems with the Wall Street model (in terms of service, convenience, and integrity). Finding what you love. . and then obsessively learning about the industry that serves your fascination. . then solving the problems in that industry with a business is a great approach. There's a wonderful story of a tinkering owner of an RV, who developed all sorts of little tweaks for his recreational vehicle (put shelves here, build an automated staircase, etc). He ultimately sold his business for millions to Drew Industries (DW), a truly great company. How did he start his business? Out of focusing on what he loved and trying to improve it, profitably.

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Rockville, Md.: If you're building a business, what kind of profit margins are the minimum you would accept as a manager -- both on a gross and net basis? I understand there are many more ways to evaluate the financials of a company, but would be interested in your opinion here.

Tom Gardner: I used to feel that only companies with 10% profit margins or higher were worthy of my investment dollars. That typically means that the company has a brand, loyal customers, and pricing power. However, major competitive advantages can be won by volume players. Would you rather own a small hardware company with 22% margins in 1990. . or Home Depot with 7% margins, opening up superstores around the country (and a half mile from that small hardware store, while undercutting its prices by 20%) There really is no baseline margin I look for. I do like to find businesses that fund themselves from operational cashflow. I do like companies with double-digit sales growth. The margins at Costco, Wal-Mart, and Southwest Airlines. . three of the greatest stocks of the last 20 years, creating millionaires over and over again. . . are all companies with single-digit margins.

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Chantilly, Va.: If you had to pick three stocks to make money in the year 2006, which companies would you choose and why?

Tom Gardner: Berkshire Hathaway, Johnson & Johnson, and United Health. You have forced me to pick stocks for only a year. That's a dangerous game. The markets are volatile from one year to the next. On average, the overall market declines 1 out of every 3 years. For this reason, I never invest with less than 5 years to remain invested (ideally 10. . and the greatest investments are made over 20-50 year periods. . talk to the 1955 owners of Johnson & Johnson that have simply held. . they are all multi-multi-millionaires now) But since you held me to a year. . I picked three stalwart companies at reasonable valuations with great leadership groups. I hope, though, that I've persuaded you to think longer-term, Fool (a word with positive associations for us).

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Bethesda, Md.: Hello Tom,

I would like to open a small marketing, advertising, and public relations firm all in one. How should I start?

Thank you.

Tom Gardner: I've answered this question in a few ways. But first of all, let me applaud your enterprising spirit. I think you should start by aggressively researching the industry. Try to talk to as many people in leadership positions at comparable companies as you can. This world is still crying out for a marketing/advertising/PR firm that is client-centric, that builds plans to serve rather than to bill, that cares about the long-term success of the client not the short-term rewards of a high contract. Read as much as you can about Leo Burnette. There is some useful background information on the firm in a fine Harvard Press book entitled The Loyalty Effect (Reichheld). Follow in the footsteps of the masters in your industry, then tweak in new innovations to suit the 21st century (i.e. online marketing, advertising, and PR are huge opportunities demanding imaginative, unconventional approaches).

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Forestville, Md.: I recently moved to the Maryland area and as a contracting software trainer, I need to have a business advisor for business creation/development advice and/or tax information. How does one source one that is reputable, since I really don't have a lot of collegues to ask in this area?

Tom Gardner: Learn more about the small business association (SBA). Check out www.nolo.com. But also, just drop by a local business you love and ask their manager. There are undoubtedly some CPAs with experience in this area in your neighborhood.

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Washington, D.C.: As a small business owner, how can I manage my money in the beginning of the business? What are the best ways to do that?

Thanks.

Tom Gardner: If I take your question correctly, I think the most important thing you can do is to build a plan for your retirement which allows you to take some calculated risks in your new venture. I recommend going to our 13 Steps educational work on getting started toward a sound financial plan. That can be reached at this link: http://www.fool.com/school.htm?ref=G02A06

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Alexandria, Va.: When you started the company with your newsletter, were you and your brother working other jobs full-time? How did you get the funds to start and when and how did you make the leap to running the business full-time? Financially, it's pretty scary to run a business if it requires full-time effort if you need a full-time job at the beginning to finance the business and your own living expenses. Any advice would be appreciated.

Tom Gardner: And now for the final question. When we started The Motley Fool, I was in the graduate program for linguistics at The University of Montana (where I went to enjoy another part of the country, to spend more time outdoors, and to double down on my education). David had just resigned his position at Louis Rukeyser's newsletter. We launched The Motley Fool as a monthly print newsletter, costing $48 per year, mailed primarily to friends and family. It was a dalliance. I am colored by my experience, but I think that's a great way to start a business -- as a hobby, while doing full-time work elsewhere (my full time work was teaching and preparing to make that my career). That lowers the anxiety. Prove your concepts out as a hobby, and then as it builds toward profitability (and starts taking up too much of your free time), prepare to make the jump. I think a great way to prepare for all this is to work at a company with less than 200 employees. See what it's like to work at a small firm. Learn about all the different aspects of running a small business. If you work at a small company while developing concepts around your hobbies/natural interests, I think you'll improve your chances of success. Thanks to everyone for your great questions. Thanks to The Washington Post for being a great local company, for covering our story so well, and for funding my college education. And I look forward to teaching and learning from all of you over at www.fool.com. _______________________

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