Sound Advice: What Your Direct Reports Expect of You

Larry Bossidy, one of my personal favorite leaders (and author of a book I devoured, Execution: The Discipline of Getting Things Done), penned a great article in the current Harvard Business Review entitled, What Your Leader Expects of You. You can download the electronic PDF file for U.S. $6.00 here.

The essence of the article is that success of an executive team depends heavily on the relationships the boss has with his or her direct reports. Yet the leadership literature has had little to say about what is expected in those relationships -- on either side.

Larry Bossidy, formerly the chairman and CEO of Honeywell, and before that of AlliedSignal, shares what he calls "the CEO compact," detailing the behaviors a leader should look for in subordinates and what they should be able to expect in return. A CEO's best people, he says, know these eight points:

1. When a situation calls for them to get involved.
2. They generate ideas -- remembering that some of the best ones may sound crazy at first.
3. They are willing to collaborate, putting the long-term good of the company above short-term goals of their divisions.
4. They step up to lead initiatives, even if the outcome is uncertain.
5. They develop leaders among their people, especially through direct involvement in performance appraisals.
6. They stay current on world events and anticipate how those events may affect the company and its competition.
7. They drive their own growth by exposing themselves to new people and ideas and by accepting demanding assignments.
8. And they sustain these behaviors in bad times as well as good.

On the other side of the compact, the boss should:

a. Provide clarity of direction; set goals and objectives;
b. Give frequent, specific, and immediate feedback;
c. Be decisive and timely;
d. Demonstrate honesty and candor; and ...
e. Offer an equitable compensation plan.

Executives who aren't lucky enough to have such a boss can create a compact with their own subordinates, Bossidy says, and demonstrate by example. The result will be to improve team and company performance and accelerate individual growth.

Are you a leader? Are you grooming your direct reports for leadership?

Commentary of Interest: Female CEOs still rare sight

My colleague Judith Dobrzynski wrote a fabulous commentary -- Female CEOs still rare sight -- that's published in the Chicago Tribune today (3/28).

Find out what's happening in Corporate Chicago with businesswomen and be glad you run a business!

Sound Advice: Entrepreneurship for Everyone

Since entrepreneurs are such significant contributors to our nation’s fiscal health, it is an economic imperative that anyone and everyone seeking to start and grow their own business be given the utmost opportunities to succeed. But in the current environment, minorities and women do not keep pace with the general entrepreneurial population.

The Kauffman Foundation is working to better understand these gaps and to develop programs to help ensure minority and women entrepreneurs are successful. Find out where women stand on entrepreneurial activity, angel investing and capital access here.

Podcast of Interest: CEO of Google Talks About Leading Innovation

Listen to what Eric Schmidt, the CEO of Google, has to say about leading innovation, entrepreneurship (how you can tell when someone is an entrepreneur!) and career advice.

Interview of Interest: Men Dominate, Women Orchestrate

Author Margaret Heffernan explains how women entrepreneurs are altering the course, and the culture, of business today.

By every conceivable measurement, women continue to comprise one of the fastest growing segments in entrepreneurship. According to the Center for Women's Business Research, between 1997 and 2004, privately held, woman-owned businesses grew at three times the rate of all U.S. privately held firms, and woman-owned businesses created jobs at twice the rate of all other firms.

Furthermore, women did all of this with less than 1% of the venture capital that's invested in small businesses.

Margaret Heffernan, having run five different businesses in the U.S. and Britain, including Icast, Infomation, and Marlin Gas and Trading, has some thoughts on why women are altering the course of business today. In How She Does It: How Women Entrepreneurs Are Changing the Rules of Business (Viking 2007) Heffernan has compiled not only her own wisdom on the subject, but the collective experiences of such successful businesswomen as Geraldine Laybourne of the Oxygen Network and Mona Eliassen of the Eliassen Group to describe what she calls one of the most profound developments in the business world today—the female entrepreneur.

Recently, BusinessWeek.com staff writer Stacy Perman spoke with Heffernan, who is also a visiting professor of entrepreneurship at the Simmons College School of Managemen in Boston. Edited excerpts of their conversation can be found here.

Also noteworthy is that Margaret is one of our keynote speakers at our upcoming WPO conference in Scottsdale April 19-21. Further, I am just finishing up her book and will be talking it up here next week.

News of Interest: Office Depot Businesswoman of the Year is a WPO Chicago Member!

WPO member Francine Manilow, of Manilow Suites, wins Office Depot Businesswoman of the Year in our region. We are very proud of her. This is such a prestigious honor.

Here's what some of her peers had to say after hearing the news:

That is so wonderful and you certainly deserve it! 1000 Congratulations!

You are so deserving! God bless you!

I’m so happy for you! Congratulations!

Congratulations Francine ... WAY TO GO GIRL!

The recognition could not go to anyone who deserves it more than you!

Congratulations! Well deserved!

News release:

Office Depot Awards Francine Manilow, CEO and Founder of Manilow Suites, 2007 Chicago Businesswoman of the Year

Office Depot is proud to honor the Francine Manilow, CEO and Founder of Manilow Suites, as Chicago's 2007 Businesswoman of the Year. Francine was nominated by Office Depot's supporting professional women's association, Women Presidents' Organization, in recognition of her exceptional leadership, entrepreneurial spirit and support for women in business.

Francine was the first person in the United States to offer upscale short-term housing incorporating hotel services, numerous amenities and flexibility with arrival and departure dates. Manilow Suites offers beautiful apartments in 12 luxury high-rise buildings within the downtown Chicago area. In March 2007, the company will celebrate its 27th anniversary.

When she was 15 years old, Francine began her career with the formation of the International Van Cliburn Music Club to promote classical music among young adults. There were 15 chapters in the U.S. and numerous chapters throughout the world including Japan, Bangkok, London and Paris. In 1966, she formed her first corporation, employing stewardesses to work exhibit booths at trade shows in 16 different cities. She was also the first to offer secretarial services for the exhibitors at the trade shows with only the help of her little desk, two chairs, a typewriter and a small copy machine. Today, exhibit halls offer elaborate business centers.

From there, she was the first in Chicago to offer 24-hour film developing and then same-day film developing through various retail outlets. Francine also formed the largest company which provided housewives to offer food tasting in supermarkets on the weekends. Along the way, she acquired a stock photo company called "Piles and Files of Photos."

The award will be presented to Francine at Office Depot's Success Strategies for Businesswomen Conference in Chicago on Wednesday, March 20, 2007 at the Wyndham O'Hare. For more information or to register, visit www.officedepotsuccess.com

###

Please join us in celebrating Francine's award on March 20th at the Office Depot Conference in Chicago. WPO will be represented by Sheila Liao of Pointe International. Please look for the WPO table, Sheila and of course, Francine! See you there.

Sound Advice: Books to Build Your Business

Here's what we are reading:

Made to Stick (featured and it's my absolute favorite this year!)

The Long Tail

The Definitive Drucker (a must-read)

The Three Tensions

Cut to the Chase: and 99 Other Rules to Liberate Yourself and Gain Back the Gift of Time

Article of Interest: Catfight in the Boardroom

I was reading the latest edition of Psychology Today last night and stumbled upon the article "Catfight in the Boardroom." Whether it's reality or perception, says Judith Sills, Ph.D., office pressures can make women uncooperative.

While digesting the information, I could not help but think how different the author's perspective is versus what we experience day-to-day at WPO. For example, the article begins with:

A gentleman complained recently that, though his private club had committed itself to increasing female membership, the admissions committee had thus far been unsuccessful. "No matter which woman is proposed," he said, "some other woman blackballs her."

Let me ask you this: Do you think a woman's worst workplace enemy is another woman? Do you think women hold other women back?

I don't. And at WPO, we are all about helping other businesswomen succeed. But read the article yourself and let us know what you think.

News of Interest: Enterprising Women of the Year Awards

And two of the winners are Chicago members! Congratulations to Linda and Shelly! Read more about the winners here.

Event of Interest: Affiliates Reception

Please join us at the National Association of Women Business Owners Chicago Area for their Affiliates Reception, February 22, 2007 from 5:30-8:00 p.m.


Details as follows:

Maggiano's Little Italy
516 N. Clark Street
Chicago

Participating Organization Members: $40
General Public: $55

Register online here or call 312-609-1300.

See you there and look for the Women Presidents' Organization (WPO) table!

Speech of Interest: Women on the World Symposium

Today, women are uniquely positioned to benefit from the strength of our country's economy, which is the envy of the world.

We are contributing to our nation's economy in so many ways. Women-owned businesses are growing at twice the rate of businesses owned by men. And small businesses are very important to workers and to the U.S. economy. Two-thirds of the new jobs created in this country in the last decade have been created by small businesses.

And women are playing an increasingly important role in public life. Over the past six years, President George W. Bush has appointed a record number of women to high level positions in his Administration, including five women to his current Cabinet. Today, the U.S. Senate has 16 women and the U.S. House of Representatives has 71 women. And to date, women have been elected statewide to executive offices in 49 out of our nation's 50 states. And there are 1,734 women state legislators.

This Administration supports many initiatives to help women succeed and balance work and family life. All of us have something in common, regardless of which position we hold. In any survey of working women, one of the most sought-after benefits is time: time to care for a child, or a loved one, or other important family matters.

Read more of this speech given by Secretary Elaine L. Chao, here.

Blog Post of Interest: Love Thine Enemy?

Do you want your competitors to thrive? Do you welcome their presence at industry trade shows, social situations or even in the reception area calling on the same customer? Read this provocative blog entry posted by Tom Peters. See what 56 other people had to say about it. While you're there, add your own opinion. Maybe you will reconsider the power of love, especially with your competitors.

Illustration courtesy of GapingVoid.

Event of Interest: Linking Professionals to Nonprofit Boards (3/8)

Join The University of Chicago Women's Business Group -- a WPO partner -- for an evening of networking on March 8 with representatives of Chicago-area and national nonprofit organizations and other Chicago professionals. Explore how your skills and interests will satisfy the needs of these organizations.

The speaker this year is Deborah R. Card, President of the Chicago Symphony Orchestra.

In the past they’ve had over 300 participants at this event and dozens of nonprofit organizations represented.

UCWBG Members: $60, Non-Members $80

For more information and to register, go here.

Article of Interest: Cross-Cultural Study of Entrepreneurs Has Surprising Findings

Do you think gender affects the revenues, growth, and profits of new ventures?

Find out here. Surprise. Surprise.

And I emailed the author, Corydon Ireland, to let him know about the Women Presidents' Organization. I also don't agree with all his findings. See what you think and let us know.

Article of Interest: The Best Boss For These Women? Themselves!

Ambitious young women (such as Emily Fitzgerald pictured) today are striking out on their own by starting their own businesses (and eventually joining WPO I might add!), and each day, a few more join their ranks.

They make up a good portion of the economic pie that embodies young, energetic entrepreneurs in this 21st century. In fact, according to the U.S. Small Business Administration, 10.6 million businesses across the United States are women-owned. These small businesses employ a large number of workers and contribute $2.3 trillion dollars in sales annually.

According to a study by UCLA's Graduate School of Education and Information Studies, one out of every 11 women in the nation is a business owner, and they account for almost half of all privately held firms.

While women-owned businesses have become a major economic force, their creation and growth can be bittersweet to the women running them. Passion and hard work are just two elements necessary for a business' success, but there are myriad other reasons some women-owned businesses succeed and others fail.

The Midwest (that's us!) is no stranger to women-owned businesses.

Read more, here.

IdeaCast: Brought To You By Harvard Business School

Harvard Business School Publishing’s online editorial director Paul Michelman sits down with Chris Trimble, co-author, with Vijay Govindarajan, of Ten Rules for Strategic Innovators: From Idea to Execution. As Trimble explains, even world-class companies, with powerful and proven business models, eventually discover limits to their growth. That’s what makes the ongoing process of strategic innovation so important.

But constructing tomorrow’s businesses while simultaneously sustaining excellence in today’s competitive environment demands a delicate balance. Trimble helps us understand the barriers faced by strategic innovators and how to get around them.

Listen here.

Report of Interest: Intuit Future of Small Business Report

The face of small business will dramatically change in 2017 as seasoned baby boomers, kids fresh out of high school, mid-career women, "mompreneurs" and new immigrants come together to create the most diverse pool of entrepreneurs ever. Those are among the key findings of the groundbreaking Intuit Future of Small Business Report(TM), a unique study that looks forward 10 years and examines the prospects, influences and profiles of small business.

Press release is here.

BusinessWeek article here.

Download report here.

Sound Advice: Can Focusing Too Much on the Competition Harm Profitability?

It is a common practice of many companies to focus their attention on grabbing market share from their competitors. But such efforts can actually be detrimental to the firm's profitability, according to Wharton marketing professor J. Scott Armstrong.

For years, Armstrong has been conducting research showing that competitor-oriented objectives, such as setting market-share targets, are counterproductive. After co-authoring a paper in 1996 that reached this conclusion, he and a different co-author, Kesten C. Green of Monash University in Australia, have written another paper summarizing 12 new studies that add additional weight to the original conclusion. Their study is titled, "Competitor-oriented Objectives: The Myth of Market Share."

Read more here and then ask yourself, "Has your objective always been to beat your competitor?"

Article of Interest: Smart Startup Ideas for '07

It's never too late to be where the action is. Check out this article where experts pinpoint emerging trends and tell entrepreneurs planning their next ventures which opportunities to consider.

If it's too much to digest at once, skip to the part at the end that reads: Click here for a slide show on nine-promising small-business opportunities on and off the Web. That will get you where you need to be.

Article of Interest: Women Entrepreneurs and Risk

Do you think women lack ambition?

Read the article, see what you think and weigh-in with your comments.

Article of Interest: Growing A Business Is Difficult, But Satisfying

Women face substantial handicaps, even self-imposed ones, and some advantages when they own businesses. Here's a snapshot from the article:

Of the roughly 23 million privately owned businesses in the U.S., just more than 1 million of them generate $1 million in sales or more, says Erin Fuller, executive director of the National Association of Women Business Owners. Of those companies, something like 850,000 are owned by men, and around 250,000 are owned by women, she said.

Learn more, here.

What Is Your Dream?

We know Dr. Martin Luther King's:
I Have A Dream.

Does your dream embrace courage? Have hope in the face of despair? Live up to your ideals?

If not, then start over to build a better you, a better business and better life for all.

Sound Advice: Management Innovation

Gary Hamel, our keynote speaker for the WPO Chicago Conference 2006, is back bigger and bolder than ever.

Here he talks about twelve noteworthy management innovations from 1900 - 2000. You'll also find a PowerPoint slide toolkit that you can download. If that's not enough, order his recent HBR article that was considered one of the must reads in 2006. And while you are at it, ask yourself this: Are you applying any of the innovation techniques he mentions to your business?

Report of Interest: Global Entrepreneurship Monitor

The Global Entrepreneurship Monitor is the largest and longest-standing globally focused entrepreneurship research. Researchers from Babson College, the London Business School, and a university team for each participating country, explore the role of entrepreneurship in national economic growth. More than 200 scholars and researchers are currently participating in the GEM project. The results of GEM data analysis are used as a key benchmarking indicator by a number of distinguished regional, national and supranational authorities around the world.

GEM’s unique ability to provide information on the entrepreneurial landscape of countries in a global context makes its data a necessary resource for any serious attempt to study and track entrepreneurial behavior worldwide. GEM’s renewed vision will allow researchers to further increase their ability to educate policy makers and make a difference in our economies.

Click here to download the report.

Blog Post of Interest: Tom Peters Sounds Off

A great post by our friend Tom Peters. Bottom line: "Put women leaders in charge!" And one of the authors he mentions is Marti Barletta who will be speaking at our annual conference in Scottsdale, AZ in April! Read more here on Tom telling it like it is.

Sound Advice: Einstein Is Right

May 2007 be disciplined, committed, and focused on fearless growth.

Best wishes from all of us at the Women Presidents' Organization!

Article of Interest: New Small-Biz Agendas in Congress

Seven incoming members of Congress with entrepreneurial experience, and the presumptive chair of the House Small Business Committee, Nydia Velázquez, discuss what to expect. Read all about it here.

Season's Greetings

Wishing you a wonderful Holiday Season
with happiness and prosperity
throughout the new year.

Books of Interest: Recommended Reading on the Secrets of Success

It's becoming a rite of passage for retired or ousted chief executives to publish their memoirs, touting their leadership acumen and detailing their rise to the corner office. Here's a review of eight books that will challenge the way you think about leadership, risk-taking and self-knowledge -- and how those themes shape success and failure later in life.

What are you currently reading to clear your path for success?

Books That Analyze Secrets of Success

Article of Interest: Evaluating and Selecting a Strategic Partner

For effective strategic partner recruitment, the author recommends an eight-step plan, which includes identifying your target market, developing partner selection criteria, and developing an alliance plan with a selected partner.

Step One: Clearly define and validate your market.

Read more here.

Article of Interest: Gratitude At Work

Gratitude is not just a "feel good" emotion when it comes to organizational life. When an employee believes his or her superiors are grateful for his or her work, the employee will benefit by having an improved sense of worth to the organization. This improved sense of worth can lead to performance improvement, thereby benefiting the organization.

Hint: A person expressing gratitude benefits from that expression, which also may positively impact the organization. For instance, research has shown that persons who are genuinely grateful may be more optimistic, experience improved health, and perhaps even have extended life spans.

Gratefulness matters. Find out why here.

Books of Interest: Best Business Books 2006

Taken as a whole, the Best Business Books of 2006, assembled into eleven categories by the folks at strategy+business (Booz Allen Hamilton Inc.), reflect the political, social, technological, and economic churn that is reshaping the way business is done. Find out why here and start reading. Requires brief registration but it's worth it.

Sneak peek at the "future" category:

Yochai Benkler,
The Wealth of Networks: How Social Production Transforms Markets and Freedom
(Yale University Press, 2006)

Henry Jenkins,
Convergence Culture: Where Old and New Media Collide
(New York University Press, 2006)

Robert Neuwirth,
Shadow Cities: A Billion Squatters, A New Urban World
(Routledge, 2005)

AnnaLee Saxenian,
The New Argonauts: Regional Advantage in a Global Economy
(Harvard University Press, 2006)

Tim Flannery,
The Weather Makers: How Man Is Changing the Climate and What It Means for Life on Earth
(Atlantic Monthly Press, 2005)

Sound Advice: Opinions Can Be Powerful Sales Tools

When online gardening retailer Burpee.com began asking customers to post reviews of the products they purchased, company management imagined it would take several months to collect enough reviews to help boost the site's business. But they reaped some positive results much sooner than they expected. Find out how here.

Opinions Can Be Powerful Sales Tools.

It only seems fitting to now ask you ... how we are doing? Take one-minute to let us know.

Report of Interest: Ladies First

This is the first special report from SmartMoney.com on eleven successful women business owners, including Bobbi Brown (pictured) who offer advice to women looking to start a business. They highlight their accomplishments, while underscoring some of the obstacles they've faced. Their compelling stories offer all entrepreneurs inspiration and a road map to success.

Worth the read. Advice from some of America's most successful female entrepreneurs.

News: Marsha Firestone Finalist for E&Y Award

Marsha Firestone, Ph.D. (pictured), president of our Women Presidents’ Organization (WPO), was recognized as a national finalist for the Ernst & Young Entrepreneur of the Year 2006 awards in the Supporter of Entrepreneurship category. Marsha was among three finalists selected from approximately 300 regional award winners by an independent panel of judges.

She was cited for her work as president and founder of the WPO, which connects top women entrepreneurs at the million and multimillion-dollar level ($2 million in gross annual sales or $1 million for service-based business) for greater personal and professional success.

Read more here.

Survey of Interest: Small Biz Spirits High

Entrepreneurs are increasingly exuberant about the U.S. economy, according to a monthly survey released this morning from credit card outfit Discover, a unit of Morgan Stanley.

According to the survey, called the Discover Small Business Watch, owners' confidence in the economy rose for the fourth straight month (see results below). Because small businesses represent such a large chunk of the economy, their owners' sentiments can signal good or bad things to come.

To take entrepreneurs' collective pulse, Discover -- with the help of Rasmussen Reports -- polled 1,000 randomly selected small businesses, each with no more than five employees. The result is a confidence index, calculated by assigning weights to the answers to the following six consistent questions. In November, the index jumped ten points, to 130.

1. Are economic conditions for your business better or worse?

2. Have you had temporary cash flow problems in the last 90 days?

3. Next few months, will you be hiring more, laying off or no change?

4. How would you rate the economy these days?

5. Generally, are economic conditions getting better or worse?

6. Over the next six months, will your company increase or decrease spending on business development activities?

Find out whether you are keeping the holiday biz blahs at bay here.

A Word From WPO Headquarter Office

What we're thankful for.

And a special thank you to those of you who have so generously supported us on a local level in Chicago. Happy Thanksgiving!

Video of Interest: Funding Your Dream

Find out what venture capitalists have to say about funding a dream -- from how many deals they have done to how long your business plan should be to what mistakes entrepreneurs make when presenting.

It's all here on video.

Article of Interest: The Art of the Barter

A growing number of Web sites are trying to lure small firms and independent contractors to swap goods and services. Does your firm barter? If so, how?

Online Sites Promote The Art of the Barter.

News: Weekly Informational "Marsha Minutes"

Want a minute with our founder, Dr. Marsha Firestone? Well now you've got it! Find out more here.

News: ATHENA Award Luncheon Recipient (11/6)

I had the honor of serving on the 2006 ATHENA Award Selection Committee and attending the luncheon today. What an amazing group of gifted women. Here's the list of nominees:

• Cheryl Burton, Anchor/Reporter, ABC 7 Chciago, WLS-TV
• Julie Murphy Casserly, Owner, President, JMC Wealth Management
• Eileen Durkn, CEO, Neumann Association
• Janet Froetscher, President and CEO, United Way of Metropolitan Chicago
• Susan Fullman, Corporate Vice President, Director, Consumer Solutions and Innovation, Motorola
• Kathy Hopinkah Hannan, Area Managing Partner, Tax Services, KPMG, LLP
• Judy McCaskey, Board Chairperson, State Treasurer's Advisory Board for Women's Issues
• Sarah Pang, Senior Vice President, CNA Corporate Communications
• Alice Peterson, President, Syrus Global

And the award winner is ... Kathy Hopinkah Hannan, Area Managing Partner, Tax Services, KPMG, LLP! She is shown second from the right on the stage. Click on the picture to get a closer look.

On behalf of the Women Presidents' Organization, congratulations to all the nominess and in particular to Kathy for her well-deserved honor.

For more information on ATHENA International and how to get involved, click here.

Event Reminder: Chicago Athena Award Luncheon (11/6)

ATHENA Award Recipients are individuals who:

• Demonstrate excellence, creativity, and initiative in their business or profession.

• Provide valuable service by contributing time and energy to improve the quality of life for others in the community.

• Actively assist women in realizing their full leadership potential.

Find out who becomes the next award recipient on Monday, November 6 at the Palmer House Hilton Hotel. Startup time is 11:30 a.m. For more information visit: Athena International Organization.

The Women Presidents' Organization is a proud partner to ATHENA International. We hope to see you there!

Video of Interest: WPO Chicago Conference

Many of you have been asking what's so great about WPO, why should you become a member and what's the fuss about the WPO annual conference especially next year's in Phoenix (April 19-21) celebrating our 10th anniversary. We've got answers.

Watch the video and learn more about WPO here.

Site of Interest: Social Innovation Conversations

Yes, we are busy building our companies. But in addition to focusing on the bottom line, are you at least thinking about changing the world and the importance of the human connection to everything you do, day in and day out?

You can be a social entrepreneur -- a creative and inspiring leader -- and also be a WPO member. They are not mutually exclusive.

Read more here >> Social Innovation Conversations: Reinventing the World Together One Conversation At a Time.

And if you are making the world a better place, let us know about it. We welcome hearing from you.

Site of Interest: Second Life

As business owners, one of the things we have to always prepare for is how to see through and stay ahead of trends, challenges and opportunities. Here we present a glimpse of the future. Second Life is a 3D online digital world imagined, created and owned by its residents. Soon, your single greatest competitor won't be in China or India but at Second Life. Yes, you read that right.

Read more here >> Your world. Your imagination.

>> Wired Travel Guide: Second Life.

>> Popular Science: Your Second Life is Ready

Welcome to a new world of endless reinvention.

Article of Interest: Women Have Room to Grow Companies

In September, the Center for Women's Business Research projected that as of this year, there are an estimated 10.4 million privately held, women-owned firms in the United States. This accounts for two in five of all businesses in the country. These firms generate $1.9 trillion in annual sales and employ 12.8 million people nationwide.

Yet at our recent Women Presidents' Organization 2006 annual conference in Chicago, participants in a Key4Women focus group identified undercapitalization as a common mistake women business owners should avoid. Undercapitalization can create a host of challenges for a company -- not only is it more difficult to get an undercapitalized business off the ground, but it creates obstacles while trying to secure funding from banks.

While access to capital may have been a challenge for women 30 years ago, today's woman business owner has a wide range of banking resources readily available to her. Some banks have created specific opportunities for women-owned businesses.
Don't wait until it's too late.

Key4Women is an initiative of KeyBank, a corporate sponsor to the Women Presidents' Organization.

Read more here >> Women Have Room to Grow Companies

News: There's No Glass Ceiling for Women Entrepreneurs

Where is the glass ceiling when you’re a woman entrepreneur of a multi-million dollar company? A Compensation Survey of members of the Women Presidents’ Organization (WPO) suggests that there is none.

Highlights from the survey are as follows:

• More than half of respondents (56%) believe their salary is the same as their male counterparts.
• Over half (53%) of respondents believe their total compensation is the same as their male counterparts.
• More than half (57%) of respondents routinely investigate and adjust salaries to ensure gender pay equity for positions of equal qualification and responsibility.
• Over half (51)% plan to increase their salary and/or their bonus, benefits, commissions, partnerships distributions, or compensation.
• Being able to provide themselves and their employees equitable compensation for work performed was an important issue for respondents when they started their companies.

Learn more here.

Event Reminder: Women's Summit (October 17)

The Women Presidents' Organization has agreed to partner with the University of Chicago Women’s Business Group to support the second annual Women’s Summit, to be held on October 17, 2006 from 3:00 to 9:00 p.m. This year's theme is: "Creating a Shared Vision."

The Women’s Summit will provide a venue for diverse leadership from corporations, law, medicine, economics, public policy, education, journalism, science, technology and non-profit organizations in the Chicago area to join together. In addition to celebrating successes and connections, we will develop a collective vision for increasing the contribution and success of women and minorities to the community in which we live and work.

In honor of this occasion, Cherie Booth, QC will be the featured speaker at the event. Her husband, Prime Minister of the United Kingdom Tony Blair, has given his wife credit for being "... an enormous source of strength and an extraordinary person in her own right. I never know how she manages with all the different things she does -- the work, the family." ~ The New York Times.

The Summit will start with facilitated visioning sessions to explore important topics for women today. Each session will have a thought leader with expertise on the topic and a professional facilitator. You are invited to share your thoughts and ideas and get involved. Our goal is for the community to come together, create a shared vision, and shape our future.

The breakout sessions will be followed by a networking opportunity, and by dinner and the keynote address.

"The Women Presidents' Organization is delighted to be a part of the UCWBG's Women's Summit. And with the United Kingdom being such a strong and loyal ally to the United States, we are thrilled to have Ms. Booth share her wisdom with us." -- Laurel Delaney, Chicago Chapter Facilitator

All Women Presidents' Organization members will be entitled to the member rate ($125), so please click the appropriate option -- Friends of the Summit -- when registering.

For more information and to register please visit:
the UCWBG's website.

Article of Interest: Women Entrepreneurs Reach for $1M Level

And when they arrive, WPO supports their very next step.

Read more >> here.

FYI: Activities Offered By The National Women's Business Council

Areas of interest and activities going on through the NWBC:

• NWBC Public Policy Web Cast
• Council Meeting
• USHCC Conference
• OPIC Global Markets Workshops
• Longaberger Interviewed in SCORE Newsletter
• New WOB Legislation
• Center Releases New Data
• National Preparedness Month

Check out further here: National Women's Business Council -- ENGAGE!

Sound Advice: Recommended Reading on Sales and Marketing

Most entrepreneurs recognize that marketing is integral to the success of their business. WSJ's StartupJournal spoke to Michael Port, 35, the author of "Book Yourself Solid: The Fastest, Easiest, and Most Reliable System for Getting More Clients Than You Can Handle Even if You Hate Marketing and Selling," for a list of his favorite marketing and sales books. Mr. Port says that he is surprised by the small business owners that he meets who don't read consistently.

"There is no better way to continuously invest in your professional development than reading," says Mr. Port.

Below are some of his top picks, comments on each and an understanding as to why we featured a picture of Elvis:

Top Picks

Thought Piece: Dream It. Do It.

You've come a long way baby and this thought piece will prove it. How many of you have gone from rags to riches by following your dream and doing something about it?

Take a peek at the childhoods of 14 self-made members of the Forbes 400 who did just that. Find out if your dreams, mistakes, routines and motivations are the same as these world elite entrepreneurs.

Read more here >> Secrets Of The Self-Made

Thought Piece: How Strategy Guru C.K. Prahalad Is Changing the Way CEOs Think

Against all logic.

Take a cab ride through Bombay, and these are the scenes that will likely strike you first: raggedly dressed homeless families sprawled on blankets amid shacks. Traffic hopelessly clogged with every manner of soot-belching vehicle and wooden cart. Gaunt hawkers and beggars tapping on your window at red lights. For foreign visitors, such jarring images of poverty and desperation are hard to shake.

View those same streets through the eyes of C.K. Prahalad, however, and they become a beehive of entrepreneurialism and creativity.

Read more >> Business Prophet.

Article of Interest: Origin of Million Dollar Ideas

Million dollar business ideas have no boundaries, age limits, race restrictions, time lines, or economic class. They can occur when you least expect them. And searching for the million dollar business idea is less a product of business planning and market research and more born from observation and frustration.

What else can we tell you? How about a big hint: The final and most important connection between a million dollar idea and a regular idea is the response of the marketplace. Even if others see it as a great idea, the consumer must want to buy it.

Read more >> here.

Event of Interest: WBDC's 20th Anniversary Conference (September 27-28)

Save the date: September 27-28, 2006 at Navy Pier in Chicago. To download the 2006 Conference brochure and to register, visit: Women's Business Development Center's 20th Anniversary Entrepreneurial Woman's Conference

The Women Presidents' Organization is a proud partner to the WBDC in Chicago. Please stop by our Booth No. 527. See you there!

Article of Interest: What Makes A Good Leader?

When discussing business leadership, the distinction between good management and good leadership is often made.

Managers are thought to be the budgeters, the organizers, the controllers — the ants, as one observer puts it — while leaders are the charismatic, big-picture visionaries, the ones who change the whole ant farm. But such a construction, those interviewed for this Harvard Business School Working Knowledge article agree, erroneously leads to a bimodal way of looking at something that should really be evaluated on two separate scales.

Read more ... here. And what do you think?

Happy Labor Day

Labor Day is a celebration and a tribute to the contributions of workers who have made our country stronger. Enjoy.

P.S. I took this photo near my home.