Happy New Year from WPO Chicago!

WPO Chicago Wishes You a Wonderful Holiday Season and a Happy New Year

©2018 Laurel J. Delaney.  All rights reserved.

The Final Mile Concept

The final mile concept -- the distance between a product or service’s final distribution outlet and its ultimate destination—is typically the most expensive and, in many cases, the most complex to solve.

And it isn’t limited to logistics, however. As Fast Company says:

Social platforms are also trying to figure out how to get their users to interact in person in order to strengthen bonds that were often initiated and developed digitally. And it isn’t only tech giants like Facebook and Pinterest that are interested in learning how to turn digital communities into analog ones. Companies including Lincoln are also looking at how technology can bring people together in the flesh. “Technology is a great connection enabler,” says Becca Anderson, client experience manager at Lincoln. “But I don’t think anything replaces the human, personal connection.

Read more about the final mile concept and the importance of bringing people together in flesh.

Large Gender Gap in Fundraising

Funding is what gives most startups the ability to compete with more established companies for talent.

When all of your competitors are raising money, the amount you raise matters.  And women still aren't getting enough of it.

So, if women founders are earning a higher return on investment than men [Quartz's analysis], why is there still such a large gender gap in fundraising?

Learn more about how female founders deserve to be funded, period.

Architectural Digest Features Shea Soucie of Soucie Horner

We love when our Chicago members are featured in the news!  And this article says it all about WPO Chicago member and designer Shea Soucie of Chicago-based Soucie Horner, Ltd.

"Shiir, for us, from a design standpoint, has been an exploration of material, technique, and texture," Soucie tells AD PRO. "As a designer, when we started on the line, I wanted to come up with something that was unique in the marketplace. To me, texture had to drive that conversation. Then we found different techniques and fibers to translate those textures and bring them to life. After four years of exploring woven fiber, leather was another material that we could take on."

Read the article, "Shiir Rugs's Newest Line Presents a Fresh Take on Leather," published in Architectural Digest.

Screenshot credit.

Great Success In Business Grows From a Tiny Seed

There’s no silver bullet that effortlessly launches you out of your cubicle confinement and into the free world of entrepreneurship.  For some, the dream to be your own boss grows for a long time, even years, before it finally comes to fruition.

The truth is, great success in business grows from just one, tiny seed.

Find out how a few successful women entrepreneurs got their start and grew their businesses over the years.

And we will leave you with a little quotation gem:

“My desire to build, create, and learn, surpasses my fear. Every challenge I’m faced with now, becomes a greater experience of learning my true power.”

Photo courtesy here.

2018 Women of Color Achievement Awards

100 Black Men of Seattle, Inc., in partnership with the Women Presidents’ Organization (WPO), announce the honorees of the 2018 Women of Color Achievement Awards. A total of eleven women were recognized for outstanding professional achievement and demonstrating exemplary customer service.

This year’s honorees included: Phyllis Campbell, Meredith Everist, Naomi Gonzalez, Tanya Jimale, Trish Millines-Dziko,Trena Payton, Mary Pugh, Angela Shen, Sheryl Willert, Claudia Mitchell, and Jessie Woolley-Wilson.

“We are very proud to continue our ongoing partnership with 100 Black Men to acknowledge a distinguished group of influential women business leaders,” said Dr. Marsha Firestone, President and Founder of the Women Presidents’ Organization.

Read the entire article highlighting and honoring outstanding women entrepreneurs.

Want to Get Better at Something?

If you believe that anyone can get better at anything, then ask yourself these two questions.

Learning anything new is, by its nature, uncomfortable. You will need to act in ways that are unfamiliar. Take risks that are new. Try things that, in may cases, will be initially frustrating because they won’t work the first time. You are guaranteed to feel awkward. You will make mistakes. 

Now that we know all that, read on to unveil the two questions and to start improving instantly.

How to Inspire Your Employees to Become Leaders

Aspiring leaders need help realizing their potential. Some simple day-to-day actions from managers can help.  Here are 4 ways that management teams can support developing leaders on a daily basis.

1. Know who they are
2. Get good conflict resolution
3. Empower them
4. Get comfortable with coaching

Read the entire article on how to inspire your employees to become leaders.

Meeting Other Businesswomen Enhances Growth Potential

Being a a business owner can be lonely, hence meeting other women who understand you, both professionally and personally, can make a difference to your business’ success.  That's why the Women Presidents' Organization business model works so well for so many female business owners.  When they become a part of WPO, the business owners are far more likely to forecast growth and remain on that trajectory for a very long time.

But beyond WPO, there are other women's networks around the world.  In the article below, the author concentrates on a few located in the UK.

Check it out.

Never Let Failure Stop You

A 2017 study by the Small Business Administration found that about 79 percent of small business startups survive their first year, 51 percent survive five years and 33 percent survive ten years. Don't be a statistic--learn how to be one of the successful businesses by following these three key guidelines.

1. Anticipate failure.
2. Adapt to change.
3. Innovate to stay ahead.

Read the entire article, "Failure Is Inevitable.  It's How you Move Forward That Counts."

WPO Chicago Summit 2018 Hosted at Radio Flyer

©2018 Radio Flyer.  Used with permission.  All rights reserved.

WPO Chicago Chapter members had the opportunity to network, learn and be hosted at Chicago-based Radio Flyer, recent recipient of the World's Largest Toy Wagon by Guinness Book of World Records and of more than 30 other workplace awards to date.

The focus at the 15th Annual WPO Chicago Summit, a strategic engagement program specifically designed for WPO Chicago members, was to Build a Great Company Culture.

Achieving Success Through a Value-Driven Enterprise

Robert Reiss, contributor for Forbes, writes that women are the future of leadership.

Below he asks 7 great women leaders two questions: how values drive their organization and their advice on communicating values. They are:

1. Laura Blair, CEO, In Villas Veritas
2. Lorna Donatone, CEO, Sodexo North America
3. Dr. Marsha Firestone, President, Women Presidents' Organization
4. Carolee Lee, Founder, Carolee Designs & CEO, AccessCircles
5. Judith Glaser, CEO, Benchmark Communications
6. Dottie Herman, CEO, Douglas Elliman
7. Michelle Peluso, CMO, IBM

Read more from women leaders on how value drives success.

About Robert Reiss:  He is the host of the nationally syndicated Am/Fm radio show The CEO Show with Robert Reiss; co-author, “The Transformative CEO,” and he shares insights by giving keynote speeches on the topic, “What we can learn from America’s top CEOs.”

Glitches Are Opportunities

The State of Female Entrepreneurship in 2018

Starting any fast-growing business is difficult. Starting one while female can seem nearly impossible, although we have proof at the Women Presidents' Organization that it is doable.

To fully understand the female entrepreneurial experience in 2018, Inc. and their sister publication Fast Company asked women who have started all kinds of companies just how they do it.

Find out here.

15th Annual WPO Chicago Summit Was Insanely Great!

We thank Amy Bastuga (second from bottom photo), Senior Vice President, Human Resources, at Radio Flyer and her great team for hosting the WPO Chicago members at the 15th Annual WPO Chicago Summit on Thursday, September 13, 2018.  The pictures tell all.

Biggest takeaway from the insanely great program:  Building a great company culture is purposeful and intentional.

Are you not a WPO Chicago member yet?  Perhaps you should consider.  Visit the Women Presidents' Organization and then, if you pre-qualify, contact Laurel Delaney, ldelaney@globetrade.com.

If You Run a Multimillion-Dollar Business, Please Join Us 9/13 in Chicago

The Healing Power of Sleep

How much sleep do you get every night?  If you are like me, no two nights are ever the same.  Yet sleep is vital to leading people and managing a business.

Although the ranks of sleep advocates are no doubt growing—led by the likes of Arianna Huffington and Jeff Bezos—a significant percentage of people, and U.S. executives in particular, don’t seem to be getting the sleep they need.

Why is that?

A first step for sleep-deprived leaders is to come to terms with just how damaging your fatigue can be—not only to you but also to those who work for you.

Next, follow these steps to ensure you get better rest.

Women Start Nearly 2,000 Businesses a Day

In its eighth annual State of Women-Owned Businesses Report, American Express found that women-owned businesses now employ 9.2 million people and generate $1.8 trillion in revenue.  Further, women started new businesses at the rate of 1,821 a day between 2017 and 2018.

Businesses started by women that generated revenues of more than $1 million a year increased 46 percent in the last 11 years, compared to a 12 percent increase for all businesses, per AMEX.

Read more ...

How to Reward and Recognize Your Employees in Meaningful Ways

Are you honest with your employees when it comes to performance review time?  Here are four ways you can show your employees that you appreciate them—even if you can’t offer a raise or promotion.

1. Get candid with your direct reports
2. Ask questions
3. Recognize them in a way that resonates
4. Advocate for your employees

Read more about how to motivate your star employees here.

Success On Their Own Terms

Whether they're embracing entrepreneurship because of a grand vision or to have greater control over their lives, women business owners still face obstacles. Yet, when it comes to economic impact, women are all business.

They are the primary or sole breadwinner in 40 percent of U.S. households with children, according to the Pew Research Center.[i] And they're increasingly striking out on their own. Roughly 36 percent of all businesses are women-owned (51 percent or more), and another 9 percent are equally owned by women and men, according to U.S. Census data.

Read more about how women business owners overcame obstacles to success on their own terms.

Why Collaborative Work Looks Different Depending on a Variety of Factors

As Renee Cullinan, chief executive officer and co-founder of Stop Meeting Like This, says in the Harvard Business Review: "In any organization, people apply unspoken rules and understood norms to get collective work done — in other words, they collaborate."

The value people place on relationships is a strong influencing factor on whether and how they collaborate. Relationship-heavy cultures are marked by inclusion, personal connection, and relationship-based decision making. They tend to be friendly, warm places to work. 

Read more how in collaborative work cultures, women carry more of the weight.

Sana Amanat is Making Marvel More Diverse

More and more female and minority superheroes have found their way into Marvel’s comic books, an effort spearheaded by the company’s VP of content and character development, Sana Amanat.

Watch the video here.

Join Us: 15th Annual WPO Chicago Summit 2018

Why Women Love Female-Only Groups

Women-only networking and peer-to-peer groups are an increasingly appealing option and a growing trend. From The Wing, a high-end coworking space in New York and D.C., to the home-based Quilt in L.A., San Francisco and New York, to the NY-based Women Presidents' Organization non-profit membership organization for women presidents, female founders are finding their tribe, making authentic connections and discovering the power of #womensupportingwomen.

Find out more about the benefits to women-only networking and groups.

Are Your Strategic Plans Strategic?

In Graham Kenny's article, "Your Strategic Plans Probably Aren’t Strategic, or Even Plans," he talks exactly about that.

At the start of my public seminars on strategic planning I ask attendees, who rank from board members and CEOs to middle management, to write down an example of a strategy on a sheet of paper. They look at me quizzically at first as they realize that this is a tough assignment. I reassure them that this is indeed a hard question and they plow ahead.

Learn what he discovers on responses here and pay particular attention to the reader's comments, oftentimes more telling than the article.

How to Overcome Business Ownership Anxiety

Owning a business can be extremely stressful and exhausting. The owner's resulting anxiety can be crippling to their business.

Usually stepping back and disconnecting from big issues to calm down is helpful. Try these 6 strategies to cool your nerves.

Read more about overcoming business ownership anxiety.

Humor Builds Resiliency

So you are running a multimillion dollar business.  What can be funny about that?  Plenty.  That is, if you lighten up a bit because humor builds resiliency.  Here's what Eleanor Beaton from Inc. says:

And while you might be tempted to write off "having fun" as a performance strategy more applicable to entertainers than business leaders, a number of leadership heavyweights -- from noted psychologists to high-performing business leaders -- echo  [new comic Tiffany] Haddish's belief that having fun boosts the performance of both leaders and the companies they helm.

No kidding.  Read more here.

Storytelling for Business

When it comes to getting people engaged and willing to act, storytelling is one of the keys of success in business.

Stories engage people in various ways – not just in their minds but also in their emotions, values and imaginations.

Read more about 3 companies that excel in utilizing storytelling as their key tool of communication.

Review the infographic here.

Taking Care of Your Mental Health as an Entrepreneur

With the recent deaths of creative entrepreneur Kate Spade and celebrity chef and journalist Andy Bourdain, there is no better time then NOW to focus on maintaining a healthy lifestyle while, at the same time, driving results at your business.

For example, how can you recognize when our determination is leading you down a path towards depression?

Find out here.

2018 WPO 50 Fastest Facts

"Since 2007, the WPO launched the listing of the 50 Fastest-Growing Women-Owned/Led Companies to focus much-needed attention on the vital role that women-owned/led companies have in boosting the economy and enhancing overall job growth,” notes WPO President and Founder Dr. Marsha Firestone.

Facts about the 2018 WPO 50 Fastest:

• Average age of women-owner/leader is 51; with half of the winners in their 30’s and 40’s
• Aggregate revenue is $8.3 billion, up $1 billion from last year
• Average 2017 revenue was $165.3 million
• Average number of employees on first day: 13; projected average for 2018: 799

Funding sources at company start:

• 70% with their own funds
• 12% with funds from friends and family
• 4% with a bank loan
• 8% with a line of credit
• 4% with a credit card
• 4% with private investors/angels

Read more about the 2018 Winners of 50 Fastest Growing Women-Owned/Led Companies Announced by Women Presidents’ Organization

Moving Beyond Startup Stage

For two decades the Women Presidents' Organization has brought together women pioneers spearheading multimillion-dollar businesses to continue that journey of success.

“In 1955 there were 500 corporations on the Fortune list. Today only 61 of those companies still exist. Typically, the only time an organization changes is when it’s backed into a corner. The old adage ‘Innovate or Die’ still applies. Don’t be one of these unfortunate enterprises left by the side of the road. Disruptive thinking has revolutionised the business landscape,” said Dr Marsha Firestone, WPO President and Founder.

Learn more about the Women Presidents' Organization.

Most Powerful Women International Summit in London

The Fortune Most Powerful Women (MPW) International Summit, which is taking place in London on June 11-12, includes Lloyd's of London CEO Inga Beale on how she leads the company culture to promote inclusion, World Bank CEO Kristalina Georgieva on global economies, Bank of America vice chairman Anne Finucane on the bank's outlook on Brexit, and U.S. Ambassador to NATO Kay Bailey Hutchinson on her top priorities of military cooperation, intelligence-gathering, and combating terrorism.

The MPW International Summit is the cornerstone of the global expansion of Fortune Most Powerful Women, which started as a conference and has evolved into the preeminent community of women leaders in business and beyond.

Learn more here.

Giving Thanks to all the Mom Entrepreneurs and Presidents

With Mother’s Day yesterday, it’s a perfect time to give thanks for all that moms have done. There are plenty of moms who have made a huge mark on the business world as well.

Here are some successful mom entrepreneurs and presidents who might provide some inspiration for others the day after Mother's Day.

21 Successful Mom Entrepreneurs to Inspire You

WPO Conference 2018: Huge Success!

©2018 Laurel Delaney.  (L-R) AJ Goehle, Sandy Marsico (center) and Kim Robinson

The WPO Conference 2018 held at the Westin Bonaventure in Los Angeles was a huge success.  Nearly 1,000 women CEOs attended to share business strategies and experience with other successful women from all over the world, as well as learn from interactive seminars and speakers.

Next year's conference takes place in North Carolina from May 1-3, 2019.  Stay with us to learn more.

WPO Conference 2018: Disruption and the Future of Business

The Women Presidents’ Organization 21st Annual Conference will be held from Wednesday, May 2nd – Friday, May 4th 2018 at The Westin Bonaventure in Los Angeles.

The conference encourages WPO members to share business strategies and experience with other successful women from all over the world, as well as learn from interactive seminars and speakers.

Additionally, it will provide potential members who qualify a unique opportunity to experience the impact the WPO has on women business owners professionally and personally.

Lear more here.  And to those who plan to attend, I will see you there!

Female Founders Are Taking Wine Mainstream

Winemaker Sonja Magdevski founded Casa Dumetz, one of the leading boutique labels in natural wine, and that's despite the fact that the industry has long been considered a “boys club.”

Now, though, that’s changing. Magdevski, along with dozens of other female founders, is working to redefine who and what constitutes a winemaker, specifically through the emerging market dedicated to organic ingredients and sustainable practices.

Women are not just closing the gender gap, but adding their own take on a market that has been mostly dominated by male tastes and sensibilities.

Read the entire article here, which claims there has been an uptick in female leadership in the wine industry.

Build a Network

Six winners of the 2018 Skoll Awards for Social Entrepreneurship, five are women, share their lessons learned along the path to success.

One is:

The lesson she [Jennifer Pahlka, head of Code for America] has learned, she says, is "when you start out, it can be lonely. You need a network. A network is beautiful. You need support [think of the Women Presidents' Organization], you need emotional support during the tough times." It can be colleagues, other entrepreneurs, friends and family: "Nobody does this alone."

Other lessons range from leading with love to learning something new.  Read them all here.

VCs Evaluate Entrepreneurs Differently When It Comes to Gender

In a two-part study, authors Malin Malmstrom, Aija Voitkane, Jeaneth Johansson and Joakim Wincent observed that venture capitalists adopt markedly different stereotypical notions of female and male entrepreneurs during their decision-making processes.

These stereotypical notions, which cast men as having traits better suited to starting successful companies, don’t hold up when compared with venture performance data from annual reports. In other words, there is no statistical evidence that a host of myths about female entrepreneurs is true.

Learn more here.

Zero Limits

Lisa Schiffman, Global Leader and Founder, EY Entrepreneurial Winning Women™, identifies six steps the most successful women entrepreneurs undertake to break through to scale.  Her insights come from a decade of working with female entrepreneurs.  Every growth-minded entrepreneur can benefit from heeding this advice.

One point she makes is to consider outside funding.

Historically, women have lacked access to outside cash to fuel their companies’ growth. This is one reason they are more likely than men to bootstrap. In fact, according to the 2017 Women Presidents’ Organization (WPO) Business Outlook Survey, 68% of female CEOs and owners of multimillion-dollar companies used their personal savings to launch their businesses.

Learn more here.