Happy Holidays From WPO Chicago II Chapter (12/12/24)

©2024 Laurel J. Delaney.  All rights reserved.

Happy Holidays from WPO Chicago I Chapter (12/5/24)

©2024 Laurel J, Delaney.  All rights reserved.

Outlook for Women Business Owners Is Optimistic in 2025

As 2025 approaches, entrepreneurs remain optimistic about growth despite economic uncertainties. According to EY’s Entrepreneur Ecosystem Barometer, many entrepreneurs who experienced strong revenue growth in 2024 anticipate a stronger market next year.

Business owners are pursuing growth even in uncertain times.

One Million People Joined in a Day: Bluesky Rises

©2024 Laurel J. Delaney.  All rights reserved.

In early November, 1 million people joined Bluesky in a single day. Now, a live counter shows over 20 million users as of earlier this week. With 10-11 people joining per second, the social media startup seems to have no limit. Here’s what to know about the social media platform scaling faster than anyone expected.

Many point to multiple factors, rather than a random rise in popularity, for the success of Bluesky. X has been dealing with mass exoduses, the largest of which involved 115,000 people who left after the election.

The surge has coincided with not only the election month, but also a change in the X user agreement that went into effect Nov. 15, which includes legal ramifications.

I [Laurel Delaney] am on Twitter but I have also setup an account at Bluesky.

What would you do if your business took off?  Are you ready? 

How Do You Know When You've Made It As a Business Owner?

While more and more women have been opening their own businesses, women entrepreneurs still face challenges when branching out on their own and moving up in professional settings.

Fast Company spoke with six women entrepreneurs who have created thriving small businesses. Some of these businesses add a dash of beauty to the world through flowers or jewelry, some offer joy with artisanal treats, and still others make life easier for new moms through the cutest kids PJs or functional breast pumps.

But they all have commonalities that began when the women first turned their passion projects into viable incomes. 

Here, they share the stories of founding their businesses—and the moments they knew they’d made it.  It boils down to:  What does success as an entrepreneur look like? 

Passion. Collaboration. Community.

Passion, collaboration and community are key to running a successful business. That’s according to a recent survey of women business leaders as part of PNC’s bi-annual Economic Outlook Survey.

“Women entrepreneurs are leading with passion for their business, confidence, and optimism for the future,” Peterson-Sheptak, head of Business Banking at PNC, said. “We need to make sure we have the resources and people to support their success.”

APCO's Margery Kraus Offers Top Strategies for Women Founders

Margery Kraus (pictured), a globally recognized master storyteller and communications innovator, is the founder and executive chairman of APCO, a global advisory and advocacy consultancy headquartered in Washington, D.C.  She is also the former WPO Board Chair.

She has deep expertise in providing strategic counsel on issue-based communication, crisis management, market entry and corporate reputation across diverse industry groups.

Margery founded APCO in 1984 and transformed it from a company with one small Washington office to a multinational consulting firm in major cities throughout the Americas, Europe, the Middle East, Africa and Asia.

Read the interview with Margery conducted by Vanessa Ogle at Medium.  Rich in detailing and incredible insights are shared.

From Succession Planning to Building a Leadership Factory

Leading a global organization in today’s fragmented world is difficult—perhaps more difficult than ever.  Difficult times demand great leaders.

Here’s an overview of traits and practices required to succeed as a leader today and a look at the factory model that can help aspiring managers ascend.

What to Do When You Have to Deal with a Toxic Employee?

We often talk about how difficult it can be when you have a toxic manager. At Fast Company, they've shared plenty of advice on how to handle a micromanager, or what to do when your boss is absent or neglects to give you important feedback.

But bosses, too, can face their own share of challenges navigating tricky relationships with people they manage. So what do you do when you have to deal with a toxic employee?

Read on.

Be There Fast, Be There First, and You Win. WRONG.

©2024 Laurel Delaney.  All rights reserved.

From thought leader Jim Collins:  "I recently [2000] met with the CEO of a hot Internet company who described his concept for competing on the Web: “It’s a big land rush,” he explained. “It’s all about being the first to build critical mass and create a brand name.” Then, in a bizarre twist, he admitted that his company’s Web site didn’t work all that well and that customers might be disappointed by their early experiences. “But it doesn’t matter,” he said. “The whole game is to stake out your territory.” His strategy hinged on one simplistic idea: be there fast, be there first, and you win."  

When Jim asked to explain what would protect his company from the inevitable assault by huge companies with deep pockets and vast preexisting customer sets, he said: “Inertia! Our competitive advantage is their inertia. By the time they wake up, the game will be over, and we will have won.”

WRONG.

Jim states:  "It doesn’t really matter who gets there first, so long as you figure out a way to produce a better solution, doggedly persist in bringing that solution to the world, and continually improve. And if you happen to have the misfortune of being first, of being the early leader in market share, then keep in mind that someone—right now—is learning from your mistakes."

Read the full article here for context and understanding.

What Happens When You Always Want to Look Perfect?

“I had this crazy idea,” says Kim Kardashian. “My stylist is always like, ‘Don’t wear a bra!’ and I’m just like, ‘I can’t.’ I want to feel comfortable and secure. What if one boob’s over here and I’m dancing, you know?” she said with a laugh. “I just always want to look perfect.”

Thus the creation of the Nipple Bra, which the company released alongside a campy faux-educational climate video starring Kardashian, and a pledge that a one-time donation of 10 percent of sales would go to the charitable network One Percent for the Planet. The then $62 bra went viral and sold out in less than a month.

This is how you come up with an idea and launch.  Mind you we are not Kim Kardashian but we can still come up with great ideas and execute them.  Why just look at all the successful WPO members!

Read the entire article here.

Ensure Your Team Can Meet Challenges Head On

How do you ensure your team is prepared to meet challenges head on or even before they happen?

Here are four lessons leaders can take to guide their teams when disaster strikes.

How to Create Value Consciously For All Your Different Stakeholders

Whole Foods founder John Mackey said Whole Foods should have died in its first year due to a once in a hundred-year flood at his first store, and he didn’t have the words for it back then, but now he does: the stakeholders saved him. His customers, his team members, his suppliers, his investors, the bank, the community that he was a part of didn’t let him die.

He goes on to say, "I realized that we were an interdependent network of relationships. And they cared about us. They didn’t want us to die. It changed Whole Foods forever, because from that point onward, we began to take seriously each one of these different relationships and to try to do right by them, to create value consciously for all these different stakeholders."

Read the full interview here.

Super Success: 21st Annual WPO Chicago Summit 2024!

21st Annual WPO Chicago Summit 2024

WPO Chicago chapter members had a wonderful time networking and learning about what it takes to scale a a business, "Hyper Growth:  The 5 Phases to Scale Your Revenue, Profits and Team," from keynote speaker and CEO Allison Maslan (pictured in front row/center).

Allison Maslan, CEO of Pinnacle Global Network (https://pinnacleglobalnetwork.com), was recently named “One of the 10 Women Entrepreneurs to watch in 2023”, by Forbes Magazine. She is the Wall Street Journal Best Selling Author of, Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies over the last 40 years.

Here's what we learned from Allison:

Scaling doesn't come from working harder. It comes from thinking and acting strategically. 

If you, the CEO, are still rescuing projects, deadlines and micro-managing team members while chasing after clients, you are not going to be able to scale. Instead, you are choking the growth of your company.

It is critical that you become 'un-required' in your business and build a team-managed company that can flourish without you there. It is also important that you expand to a more scalable model that can multiply your impact, profits, and the number of people you serve.

In addition, she showed us:

• What Scaling Phase your Company is in right now and what needs to happen to elevate to the next level
• How to Hire for Growth so that each team member more than pays for themself
• How to Build a Team-Managed Company that can flourish without you in the day-to-day
• 15 Scalable Models that the most successful companies utilize to multiply their growth

I'd like to thank Foley & Lardner for hosting us – especially the extra assistance from Partners Lauren Loew (and Ellen Wheeler) along with their assistants Lorri Kilavos (and Cynthia Bailey).

Our Steering Committee members get a big shout out for their help:

1. Kim Robinson, President, FrontlineCo (Chicago I)
2. Angel Li, Founder & CEO, RISE Education (Chicago I)
3. Margo Jacquot, Chief Care Officer & Owner, the Juniper Center (Chicago II)
4. Nasutsa Mabwa, President, ServiceMaster by Simons (Chicago II)
5. Lauren Loew, Partner, Foley & Lardner (Chicago II chapter member)
6. Laurel Delaney, President, Women Entrepreneurs Grow Global (Chapter Chair)

Huge thank you to Allison for sharing her experience with us.

Gratitude to all for achieving a super success at our 21st Annual WPO Chicago Summit 2024!  A few photos can be found here.

Becoming Acquainted With Angel Li, Founder of RISE Education and WPO Chicago I Chapter Member

Discover how Angel Li (pictured), founder of RISE Education and WPO Chicago I chapter member came up with the idea for her business, how she manages her team, what resources have helped her prosper, and more.

Read the entire interview at Canvas Rebel.

21st Annual WPO Chicago Summit 9/12/24

As Jim Collins Says, "Begin With Who, Not What"

©2024 Laurel J. Delaney.  All rights reserved.

According to thought leader Jim Collins (pictured), "good-to-great leaders understood three simple truths. First, if you begin with “who,” rather than “what,” you can more easily adapt to a changing world. If people join the bus primarily because of where it is going, what happens if you get ten miles down the road and you need to change direction? 

Jim is all about getting the right people on the bus (and the wrong people off the bus).  Read on to learn the other two simple truths.

How Women Presidents Are Using and Leveraging Artificial Intelligence (AI)

AI is emerging as a powerful tool to level the playing field for women entrepreneurs. From enabling informed decisions to streamlining business operations, AI is proving to be a game-changer for women entrepreneurs in terms of running and growing their businesses.

AI has the potential to disrupt barriers and open up new pathways to success. Women business owners can use AI-powered tools to save time and money, an invaluable commodity when juggling a business and family life.  

Read the entire article on how women business owners and women Presidents, like WPO members, are using artificial intelligence (AI).

A Short Guide For Selling Your Business

There are many factors that must be considered when deciding whether to sell a small business: market conditions, personal timing for the owners, and when the business might be at peak value.

Small-business acquisitions increased by 10% in the first quarter of 2024 compared with the previous year, with more than 2,300 businesses sold for a total value of $1.8 billion.

Here is a short guide – all you need to know – for how to sell a small business from start to finish, including the complexities and implications. 

Will AI Revolutionize Every Industry?

Alphabet CEO Sundar Pichai said that he thinks AI will be more transformative than fire or electricity.

It’s very easy to get caught up in the excitement. But here’s the problem: Most of this buzz and hype is coming from multi-billion or trillion-dollar companies – like Alphabet or Microsoft - that have a vested interest in selling us on an AI-powered future.

Every day, it seems, we hear bolder and more grandiose claims about how AI is poised to change the world.

To what extent are these hyperbolic predictions realistic, and how much is simply marketing hype?  Find out here.

Habits and Routines of 5 Successful People

As a woman president, you understand the importance of creating good habits; your habits can either help or hurt your success in life. Habits form good, regular routines that put you on track to accomplish your significant life and business goals. 

Here are the habits and nighttime routines of successful people that you can incorporate into your own routine. End your night well-rested and, by extension, set yourself up for a successful start to your day. 

Borrow the success playbooks of these well-known leaders.  They may not all be presidents but they know a thing or two about motivating others and making each day count.

How Businesses Fail to Scale

The key to avoiding failure as a company grows is ensuring that business leaders agree from the very start on what its products, ideal customers, and internal processes are. Solidifying these is critical before scaling up, as they clearly define a company’s business model. 

Failing to do this step is one of the primary reasons some startups fail in the scaling process, as they didn’t have a clear vision of where their company should’ve gone before the unprecedented growth took place.

Here’s a closer look at what scaling means and its potential impact on your growing business.

Buying a Business With Zero Money Down

There are a lot of people who would like to be business owners, but there is one small problem that is keeping them from pursuing their dream: lack of available capital. The assumption is that without a large bank account, it is impossible to purchase an existing business.

Although it is not as easy, is possible to buy a business with little to no capital.

How can you buy a business with zero money down? The answer in short, is creativity.

You will likely need to find a seller who is willing to finance at least a portion of your purchase, and you will need to find other alternative forms of financing.

Read more here to learn the ropes. 

Are You Stuck In Your Own Head?

Ten years ago, happiness researcher Gretchen Rubin set out to find the framework for a happier life. Testing the wisdom of the ages with scientific research, she learned how to strengthen her relationships, increase energy and more.

But a few years ago, she started to notice that she felt stuck in her head — disconnected from other people and from herself. 

Suddenly, I [Gretchen] realized that I’d been treating my body like a car that my brain was driving around town. But it was actually my body — through my five senses — that was my essential con­nection to the world. I didn’t want to come to the end of my life and think, “So many things happened to me. I wish I’d been paying attention.”

Discover from Gretchen some surprising ways that our senses can help us to focus more deeply, live longer and spark happiness.

WPO Chicago I Member Denise Press Featured in Fox Business

A recent study done by Morning Consult for Visa that surveyed small business decision-makers found that just 52% of U.S. small businesses have adopted AI in their operations, while about half of non-adopters are planning to follow suit within the next two years. Of those that have implemented AI, 85% say their use of AI has increased compared to a year ago.

"There is a recognition that AI and the advancement of technology is important in small business," Denise Press (pictured), Visa's head of small business for North America, told FOX Business in an interview. "There was an equal weight of, 'I don't know how to get started' and not knowing how to get started and not being experts in AI and/or new technology."

Read full story here.

Quit Micromanaging Your Talent Instead of Trusting Them

If you learn one thing from Anne Mahlum’s eight-figure success with Solidcore, make it this: Your relationship with money could be holding back your business. If you have a scarcity mindset rather than trusting yourself to go out and make more funds when you need them, it’s going to be hard for you to scale up as an entrepreneur. Also, if you’re micromanaging your talent instead of trusting them, you’re wasting your time.

“Think about how you were spending your time six months ago,” Mahlum says. “If you’re trying to scale and you’re spending your time the exact same way, something’s wrong. You’re never going to get there.” 

Honoring WPO Chicago Member Ellen Wheeler, Partner at Foley & Lardner

WPO Chicago member Ellen Wheeler (pictured) has been nationally ranked in the 2024 edition of Chambers USA for her work as a derivatives enforcement attorney.  Ellen is a Partner at Foley & Lardner. 

Ellen says, "I’m especially thankful and grateful for the wonderful clients I’m honored to serve and support. Additionally, congratulations to my colleagues who also earned recognition from Chambers this year."

On behalf of the entire Women Presidents Organization, we congratulate Ellen for this prestigious honor.  We are so proud of her!  

WPO Chicago Member AJ Goehle's TEDx Talk – Leaving Imprints: The Transformative Power of In-Person Experiences

Favorite Moments at the Women Presidents Organization Entrepreneurial Excellence Forum (EEF) in Colorado Springs 2024

Photos/videos:  ©2024 Laurel J. Delaney.  All rights reserved.  Learn more about WPO.

Thought Leader Jim Collins Presents at the Women Presidents Organization Entrepreneurial Excellence Forum (EEF) in Colorado Springs

©2024 Laurel J. Delaney.  All rights reserved.

What a privilege to attend the Women Presidents Organization Entrepreneurial Excellence Forum (EEF) in Colorado Springs, Colorado.

I spent quality time with my Chicago members, listened to several amazing presentations, including one by thought leader Jim Collins (pictured), and connected with more than 700 women business owners who all aspire tremendous growth for their companies.

Our WPO CEO, Camille Burns, sums everything up nicely:

"As I head home from Colorado Springs, I’m reflecting on all the inspiring and extraordinary women who attended the #2024EEF. The collective energy, brilliance, and strength of these women from around the globe is truly unparalleled. Here's to the continued success and global impact of women business owners!"

Hear, hear!

See You In Colorado Springs, CO at the WPO Entrepreneurial Excellence Forum (EEF)!

See you at the Women Presidents Organization (WPO) Entrepreneurial Excellence Forum (EEF), the premier gathering of women entrepreneurs who lead multi-million-dollar businesses, May 15-17, 2024, at The Broadmoor in Colorado Springs!

How to Fund An Acquisition

How are you going to actually pay for a business acquisition? According to Josh Tolley, from his new book Acquisitional Wealth, there are really two elements to this question: 

1. How are you going to come up with the down payment?
2. How are you going to repay the monthly loan payment?

Step one is answering the first question. If you cannot answer where the down payment is coming from, then the second question becomes irrelevant.  Learn what else Tolley has to say here.

Create Value and Lasting Momentum Through Generative AI (GenAI)

The huge potential for disruption promised by the latest iterations of generative AI (GenAI) has sent shockwaves across industries. In PwC’s 27th Annual Global CEO Survey, published earlier this year, 70% of CEOs said they expected GenAI to significantly change the way their company creates, delivers, and captures value in the next three years. 

More than two-thirds of the surveyed CEOs who had already implemented some form of GenAI in their organization reported having changed their broader technology strategies as a result. 

Have you?

Do You Care If Your Email Was Written by AI?

AI can be a time-saver for those who struggle with writing. But there are telltale signs that AI was used—and some serious risks, as well.

Should you use it—and can the recipient tell if you’ve relied on a bot to do your writing for you?  Here are 4 signs your email was written by AI (requires subscription).

Find Your Own Path to an Extraordinary Life

Texas native Helene Sula shares her global adventures as the voice behind her eponymous blog and social media accounts, Helene in Between – with 566,000 Instagram followers and counting

She has shared culture shocks she’s experienced living abroad, not once, but twice. Her love for Christmas markets is contagious, with posts featuring steamy drinks and indulgent dishes oozing with cheese adding to her platform’s appeal. 

Is she a WPO member?  Don't know.  Could she be?  Will check. Meanwhile, check out her story, which includes a new book that encourages readers to find their own path to an extraordinary life.  Who doesn't want to achieve that?

You've Got This: Business Owners Have Monday's (4/8/24) Solar Eclipse Pathway Covered

Business owners within the 70-mile-wide swath of total darkness during the April 8, 2024 total solar eclipse are renting whatever rooms, cars, or anything else they still have left.  That said, owners of hotels, motels, bed and breakfasts, and any other type of lodging establishment are ready.

At this point, anyone in the path of totality without a place to stay ahead of the event should probably forget about it. Last-minute eclipse chasers will have to open their wallets wide, as prices for rooms have really lit up across Monday's trail of darkness.

It's going to be unbelievable.  Best places to see the eclipse in Chicago can be found here.  Be safe and enjoy the moment.

Why the World Needs Women Entrepreneurs

Women entrepreneurship needs to be addressed – because the preconditions might be different depending on the person’s gender – and for two main reasons, clearly identified by the OECD in its work about entrepreneurship promotion. 

The first reason is that, despite lower participation rates in entrepreneurship than men, women entrepreneurs are an important untapped source of economic growth. They create new jobs for themselves and others. And by being different they also provide society with different solutions to management, organization and business problems as well as to the exploitation of entrepreneurial opportunities. 

The second reason is that the topic of women entrepreneurship has been largely neglected both in society in general and in the social sciences. 

Women are faced with specific obstacles that have to be overcome in order to give them access to the same opportunities as men.

Why Businesses Need More Women at the Top

WPO members are already at the top by running their own businesses.  But let's take a look at gender imbalances in the corporate world.

Women are better educated and more active in the labour force than ever, and are increasingly working in managerial roles. Yet despite these gains, their representation in top positions in business still lags behind that of men.

Explore this InfoStory to find out why gender balance at all levels of business is better for companies and economies as a whole.

Happy St. Patrick's Day 2024 from WPO Chicago

©2024 Laurel J. Delaney.  All rights reserved.

“We Irish prefer embroideries to plain cloth. To us Irish, memory is a canvas—stretched, primed, and ready for painting on. We love the "story" part of the word "history," and we love it trimmed out with color and drama, ribbons and bows. Listen to our tunes, observe a Celtic scroll: we always decorate our essence.” ― Frank Delaney, Irish novelist, journalist, and broadcaster.

Where Are the Top Countries for Women Business Owners?

On a global level, the top three countries for female entrepreneurship include the United States, Australia and Canada. 

According to Business News Daily, the top five best places for women-owned businesses include:

1. Sante Fe, New Mexico
2. Boulder, Colorado
3. Monroe, Michigan
4. Racine, Wisconcin
5. Ocean City, New Jersey

But let' back up a bit.  Before there was Oprah, Ariana Huffington, and Sheryl Sandberg, there was Sarah Breedlove. Sarah – better known as Madam C.J. Walker – was the first woman entrepreneur in history.

This Women’s History Month, Grasshopper took a look back at her accomplishments and other women who have shaped the business world for women today.