Article of Interest: Who Are the Greatest Entrepreneurs of All Time?

We could spend a lifetime compiling a list without ever agreeing on who deserves a mention. From the pirates of Silicon Valley to the captains of industry, there are far too many figures to choose from to give anyone the final say.

BusinessWeek picked the brains of professors, authors, and its own staffers. Their criteria for entrepreneurs to be considered among the greatest was simple. If they had the vision to create new markets or tap into underserved markets, changing the way people lived in the process, then they were candidates on a list they whittled down to 30 players.

Find out who's a player here. Hint: Four (4) women made the list and one (pictured) is based in our sweet home town Chicago.

Sound Advice: Growing Fast and Smart

Much of the literature on entrepreneurship focuses on how to find and evaluate opportunities. But for many entrepreneurs and managers, seeing the opportunity is the easy part. The real challenge lies in seizing it.

Video: The benefits of standardizing everything.

News of Interest: Intuit Future of Small Business Report

Tomorrow's successful small business owners will be far more reliant on technology than their current counterparts. They'll be more connected in a mobile world, market to customers in ways only imagined today and blur the lines between the virtual and physical worlds as the hype surrounding today's technology becomes tomorrow's reality.

That's the vision of small business in the year 2017 as described in the second installment of the groundbreaking Intuit Future of Small Business Report™, a unique three-part study that looks ahead 10 years and examines the prospects, influences and profiles of small business.

The latest installment, sponsored by Intuit Inc. and authored by the Institute for the Future, (very fascinating I might add) was just released. It focuses on how technology will propel and transform the small business sector. The first installment, released in January, explored the changing face of entrepreneurship, the rise of personal businesses and the emergence of entrepreneurship education. The third installment, to be released later this year, will examine how small businesses will affect society and the economy through 2017.

Read more here and download the incredible study here.

News of Interest: Two WPO Chicago Members Win BIG Awards

Two WPO Chicago members are award winners:

1. INNOVATE Illinois 2007, third annual small business challenge, to recognize and assist some of the most innovative small companies that are contributing to our expanding economy. Thirteen winners were selected from approximately 100 companies who originally submitted applications and business plans from the Northern, Chicagoland, Central and Southern regions of the state. Finalists will now participate in an [intensive six-month program where they will have access to a variety of essential resources and expertise, including a $10,000 grant, to continue to grow their businesses. INNOVATE Illinois is funded by Gov. Blagojevich’s Opportunity Returns economic development program. And one of our Chicago downtown I chapter members is among the winners!

2. Women-owned businesses represent the fastest growing segment of the U.S. economy, yet many of them are under-funded and not performing to their full potential. It is not for a lack of vision, stamina or hard work on the part of their owners, who often do not have the support they need to get to the next level. The ATHENAPowerLink program is here to help. The ATHENAPowerLink is a mentoring program that connects a woman business owner with an advisory panel for a 12-month period. And one of our Chicago downtown II chapter members just won the ATHENAPowerLink award for 2007!

Congratulations to both Chicago members! We are very proud of you.

[Due to our member confidentiality policy, we do not mention specific names.]

Blog of Interest: Leaders In The Know

A fellow WPO member, Anne Pauker Kreitzberg, has started a blog, Leaders In the Know: Reinventing the Practice of Leadership. Anne, who is a New Jersey chapter member, encourages all WPO members (and prospects!) to participate as a guest author, share links to informative content, post comments, and maybe even begin your own blog!

Event of Interest: WPO Chicago Summit (8/9)

Please join us for our "4th Annual WPO Chicago Summit and No-Host Dinner" on Thursday, August 9 from 11:00 a.m - 9:00 p.m. at the IBM Innovation Center. The purpose of the Summit is to learn, grow and celebrate (10-year anniversary) together!

Our special guest speaker will be Cindy Solomon who rocked our world with so many insights at our recent WPO 10th Anniversary Conference in Scottsdale, AZ, that we decided to have her speak again at our private event which brings together WPO members from all three Chicago chapters.

To attend, you must be a WPO Chicago member in good standing. For further information or to register, please contact Laurel Delaney at 773-381-1700 or email her at ldelaney@globetrade.com. You need a special password to access our WPO Chicago Wiki where registration takes place.

Interview of Interest: Two of the Luckiest Guys on the Planet ...

... because they found what they love to do.

What's this? Talking up men on the Women Presidents' Organization Chicago blog? You bet. In case you missed it, this weekend (6/2) the WSJ ran a great interview with Steve Jobs and Bill Gates about how they paved the way for the personal computer revolution. Here's the question that was asked by the audience that I learned the most from:

You approached the same opportunity so very differently. What did you learn about running your own business that you wished you had thought of sooner or thought of first by watching the other guy?

Mr. Gates: I'd give a lot to have Steve's taste -- in terms of intuitive taste, both for people and products. We sat in Mac product reviews where there were questions about software choices, how things would be done, that I viewed as an engineering question -- that's just how my my mind works. And I'd see Steve make the decision based on a sense of people and product that is even hard for me to explain. The way he does things is just different, and I think it's magical.

Mr. Jobs: Because Woz and I started the company based on doing the whole banana, we weren't so good at partnering with people. And, you know, actually, the funny thing is, Microsoft's one of the few companies we were able to partner with that actually worked for both companies. And we weren't so good at that, where Bill and Microsoft were really good at it because they didn't make the whole thing in the early days, and they learned how to partner with people really well.

And I think if Apple could have had a little more of that in its DNA, it would have served it extremely well. And I don't think Apple learned that until a few decades later.

In looking back, what do you wish that you would have thought of sooner and taken action on? Do you feel like the luckiest gal on the planet?

Read more here including another interview, a podcast, other blog entries and transcripts from their talk.

Shortcut: Straight to The Wall Street Journal's D: All Things Digital executive conference.

Sound Advice: Venture Capital Forms

In case you are wondering what is involved when you receive venture capital, these documents are free and created using the “best of breed practices” and, in addition to the Venture Capital community, can be used by entrepreneurs to prepare themselves for the onslaught of due diligence and general paperwork required for almost any financing.

Sound Advice: Pitfalls To Avoid When Operating a Family-Run Business

Family-owned businesses face unique issues—succession planning, marriages and divorces, complicated relationships—as well as routine issues that emerge around turf battles, shareholder control, compensation structures, and processes for strategic decision-making.

Without proper documentation in place to help address these and other issues when they arise, the family-owned business is at risk from an operational, management and financial perspective. Regardless of its legal structure (e.g., corporation, limited liability company, or partnership), the family-owned business can avoid many problems down the line and better position itself for success if relationships between business owners are carefully documented.

Find out more here.

Sound Advice: The Semantics of "Work"

Here's the author's lead:

Workforce Crisis had just been published; my coauthors and I had dedicated the book to our five teenage children.

“Hey, Mom! Do you want to hear something funny?” my then-16-year-old daughter asked. “You guys have just dedicated a book on the workforce to people who never plan to be in it!”

Now, despite what it sounds like, I’m (reasonably) confident that she is not planning a life of leisure. She’s an energetic and ambitious young woman. But whatever the word “workforce” triggers in her mind, it does not describe a club she wants to join.

The ways young people respond to the language of work give us some interesting clues on the preferences of our newest adults.

Read more here. Hint: The most enlightening part is the comment area. What's your reaction?

Sound Advice: How Global Is Your Business?

How global is your business, really? Put your company to the test with Pankaj Ghemawat's Globalization Survey, and after completing it, download a free PDF of his 2006 McKinsey Award-winning article, "Regional Strategies for Global Leadership."

I completed the test and it takes about 8-10 minutes. Very substantial and well-thought out. Make sure you answer all the questions -- otherwise it won't take -- and include an email address (at the beginning) to receive the free PDF article!

The Race To Creativity. Will You Win?

As you know, companies simply can't survive, let alone grow, without ingenuity and originality. UPS (who happens to be a WPO national sponsor!) understands this and today kicked off a program that seeks the best small businesses across the globe -- from Alabama to Argentina and from Zimbabwe to New Zealand.

Dubbed the UPS Best “Out-of-the-Box” Small Business Contest, the program is designed for companies with annual 2006 revenues of at least $250,000 but not more than $10 million -- you do not have to be a WPO member to register -- and is a way for UPS to reward small businesses using creative, innovative ideas and concepts.

Prizes for the winners range from $5,000 to $25,000 in cash, plus an IBM (also a WPO national sponsor) small business package. This is the first year that small businesses from around the world -- not just those in the United States -- are eligible to participate.

I participated in this event last year as a global small business expert panelist and it was a mind-liberating experience. I met so many innovative small business owners and still wear the decorative pin that one of the winners made at her small business.

First, you must register. And there is a special registration area set up for small business owners operating in different parts of the world. For example, if you are located in Canada, register here where all the information is provided in French. If you are selected as a winner, let's plan to connect at the award ceremony. I am always eager to meet the best and brightest idea generators!

Better hurry because contest application period ends September 1. In case you skipped the previous links, begin the online registration process here.

P.S. Just in (5/9) ... I have been asked to be a judge on the program and it's official:

The entries will be judged by an international panel of renowned small business experts, including: Laurel Delaney, President and Founder, Global TradeSource, Ltd.; Joshua Lau, Founder and CEO of YesAsia; Juan Antonio "Oso" Oseguera, editor of Entrepreneur en Español and Hayden Bradshaw, publisher and editor of Enterprise Magazine.

Read the press release here. I am honored and cannot wait. See you there!

Sound Advice: Book of Interest

Ever wonder where successful people get their ideas from and how startups are really created? Well this book, Founders At Work: Stories of Startups' Early Days, by Jessica Livingston will give you the answers you've been searching for and is a must-read. I could not put it down. Out of 32 founders profiled, three are women: Caterina Fake of Flickr, Mena Trott co-founder of Six Apart and Ann Winblad of Open Systems, and Hummer Winblad.

Jessica is a founding partner of Y Combinator, a seed-stage venture firm based in Cambridge, MA, and Mountain View, CA.

If you want to understand business, go buy yourself a copy.

Article of Interest: A Nation of Entrepreneurs

30 years ago, huge corporations dominated the business world. Read about the seismic shifts that turned America into a nation of entrepreneurs.

The late 1970s were a time of bright miniskirts, mirrored disco balls and platform shoes. But the wild changes taking place 30 years ago weren't all in music and fashion.

Inside office suites, workers were learning to type memos into their Altair personal computers while hoping to become an important cog in a big, corporate wheel. But as the 1980s arrived, career goals were shifting for those who found cubicle life stifling and who were bold enough to take risks.

An entrepreneurial age was coming, fueled by social change, new sources of capital and new technologies. While some jumped at the chance to start a business, others were pushed by mass corporate layoffs, mergers and growing anxiety about job security.

Whatever the reason, entrepreneurship has become a popular aspiration.

Donald F. Kuratko, executive director of the Johnson Center for Entrepreneurship and Innovation at Indiana University in Bloomington, perhaps summed it up best in the Baylor study: Entrepreneurship, he wrote, has emerged over the last two decades as arguably the most potent economic force the world has ever experienced.

Read more of Carol Tice's article here.

Sound Advice: Is Innovation Everything?

In case you missed it, Harvard Business Review announced the 2006 McKinsey Award winners and our keynote speaker at last year's WPO conference in Chicago -- Gary Hamel -- is a winner! Read more here and then visit John Hagel's blog for a commentary on Gary's contribution.

Gary's article in HBR, "The Why, What, and How of Management Innovation," is a available for purchase online.

Event of Interest: WPO 10th Anniversary Conference

More testimonials from our conference in Scottsdale, AZ April 19-21, 2007:

I have to second it. The speakers and workshops were outstanding. My head is still reeling and I am once again reviewing all of my notes. They also did a great job with the food and logistics.

All the speakers were so terrific that I can't really say one was better than another! I'm really glad I did take notes!! And, the sequence of the speakers was terrific ... all the way to the end for banging the drums!

Event of Interest: WPO 10th Anniversary Conference

The first testimonial from a Chicago member regarding last week's conference in Scottsdale, AZ:

Hi all,

I am still reeling from all of the wonderful information the conference offered. It has been such a great decision to join WPO and the conference was well worth the trip. I met so many outstanding ladies – especially those from our three (3) chapters in Chicago!

Some of the things I was most impressed about were:

1. As a former speech teacher, I was so impressed with the common thread of the sessions. In every session I was in, the speaker mentioned another previous speaker’s words whether agreeing or disagreeing and added many good thoughts in as well. Out of all the conferences I have been to, I thought this was a special added bonus that spoke to our group and the enthusiasm the speaker’s clearly felt as well.

2. The quality of the speakers. I have been to conferences where I am reading a book because the sessions are so boring. This was definitely not the case.

3. How warmly I was welcomed and how warmly my mother, who is also my associate, was welcomed. In the opening session we were asked to stand with other mother/daughter teams and I thought that was just great. My mother, all teary-eyed, told me how much that meant to her!

Anyway, thanks to all who met me and I look forward to next year’s conference in Boston!

Kim

Kim Kleeman
President
Shakespeare Squared

More to follow. Stay tuned.

Event of Interest: WPO 10th Anniversary Conference

This week we take off to attend our WPO annual conference in sunny Scottsdale, Arizona (April 19-21) to celebrate ten phenomenal years of learning, growth and success. We hope to see you there!

Read more about the conference here and learn what our founder, Dr. Marsha Firestone, has to say about this special point in time.

News of Interest: President of WPO Receives Signature Award

Marsha Firestone, Ph.D., president and founder of the Women Presidents’ Organization (WPO), has received the 2007 Social Entrepreneur Award by the National Association of Women Business Owners New York City Chapter. The Social Entrepreneur Award recognizes the innovation, resourcefulness and the successful impact made by women in the nonprofit sector who use business methods to find practical solutions to social problems or needs related to their nonprofit organization. Firestone was honored for her dedication and support of the small business community.

Read more here.

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?