Starting A Company Without Raising Money

I put this question out to the NextNY e-mail list and will follow this post up with any answers I come up with. In the meantime, feel free to leave a comment if you have something to add. This question, of course, applies to something I'm working on, but I'm not quite ready to get into specifics.

Hi All,

Maybe this is a silly question, but I'm looking for a little direction...

On the finance and legal side of things, there are a ton of great
resources out there for entrepreneurs, including this e-mail list, but
I'm finding information hard to come by for companies that haven't
raised money and don't plan to in the near future (or ever). So my
question is fairly simple...

We have 2 founders and we're self funded, but I would like to bring on
an advisory board and offer equity, as discussed recently here. How do
we do that if we haven't been valuated by a Series A or angel
investment?

Besides the advisory board there are other many other reason we would
like to have a pool of shares to leverage. Without outside investment
how do we determine the number of shares, their value and what does it
all mean? I don't want to just pull it out of my ass - it has to mean
something.

Thanks in advance,

Andrew