News of Interest: WPO Chicago Member Honored by NWE

We felt privileged to attend the inspiring celebration for WPO Chicago downtown II chapter member Mary Bahr on her being honored by the Network of Women Entrepreneurs (NWE) at their 15th Annual Entrepreneurial Achievement Awards Breakfast February 22nd.

The lovely photo captures the essence of the moment. (L-R: Miriam Sturm, Musician-Violin Player, Composer and Rock Star with The John Mellencamp Band, Mary Bahr, President and Creative Director, MAB Advertising Inc., Diane Middlebrooks, Vice President & Women's Initiative Coordinator, Itasca Bank & Trust Co. and Hedy Ratner, Founder and Co-President of the Women's Business Development (WBDC).

And we agree with what the NWE said in their brochure about Mary:

... an intelligent, giving and hands-on leadership style.

Congratulations Mary. We are very proud of you!

Article of Interest: More Firms Create Own Social Networks

Facebook and MySpace have made social networking famous -- but do you need to be a social-networking company to make use of social networks? A growing number of companies don't think so, and are beginning to create their own. What's their appeal and how will it help grow your business? Find out here.

News of Interest: 22 WPO Members Named Enterprising Women of the Year

Enterprising Women Magazine has announced the 2008 Women of the Year award winners. Out of the 76 winners, 22 of them are members of the WPO -- and two are from Chicago. We are so proud!

See who won here.

Blog Post of Interest: Analysis of a Superbowl Ad Rating Experiment Using Twitter

There has been a tremendous amount of chatter about social media and social networking over the past couple of months. Both mediums bring content and information sharing from a passive to an active experience for everyone from a President (like you) to an individual who makes coffee at your local Starbucks. Think Facebook, MySpace, YouTube, Twitter and Kaneva.

At any given moment, someone you know is someone you really don't know in the social Internet world (for example, they may be an Avatar on Second Life under a name you don't recognize). We are empowered by the way in which information can be and is being disseminated to one another anywhere at anytime and at a lightening speed.

So what's this have to do with an analysis of a Superbowl ad rating experiment using Twitter? Everything. After you read this fascinating post from Forrester Research, you might think twice about ignoring the social Internet revolution that's taking place as I write this. The Forrester post begins like this:

Josh Bernoff and I conducted an interesting experiment. I (Jeremiah) encouraged the twitter community (social media, marketing, advertising mavens) to join in on providing real-time ratings about ads during the superbowl.

The experiment was a huge success. They had over 2000 responses from over 70 people over a 4 hour period.

They then shift over to what's going on with Super Tuesday (2/5/08) and report this:

Coincidently, today is Super Tuesday where many Americans will be voting, and I see that Google and Twitter are working together to create a map mashup (read what a mashup is here) to show real-time voices of which user is voting for who.

Expect this trend of real-time rating through social media to continue, and by this time next year, I hope to work with a sophisticated group who can take our little experiment to the next level.

We encourage you to use these platforms as a way to grow your business, build meaningful user-generated content, interaction and long-lasting value for your clients, vendors, constituents, partners, visitors and shareholders. And if you are already, please let us know what you are doing and how you are doing it. We'd welcome a chance to share your success stories with the world.

News of Interest: New Rule Hurts Not Helps Women-Owned Businesses

The Women Presidents' Organization headquarter office in New York has responded against the enactment of the new proposed rule from the Small Business Administration that limits contracting opportunities for women-owned small businesses. Though there are 7.7 million businesses that are 51% owned and controlled by women (approximately one-third of all privately-held companies), only a mere 3.4% of federal procurement contracts are awarded to women- owned businesses.

The new rule is a flawed amendment to Public Law 106-554. Public Law 106-544 was passed in 2000 to give federal contracting officers the ability to restrict competition for up to 5% of all prime contracts to women-owned businesses whose industries are under- represented. The amendment is flawed because it only identifies four industries in which women-owned businesses are under-represented in contracting: cabinetmaking, engraving, other motor vehicle dealers, and national security and international affairs.

Read more here.

Event of Interest: Accelerating the Growth of Businesses Owned By Women of Color

In honor of Dr. Martin Luther King, Jr. Day, I will be out of the office but wanted to take a moment to remind you of an important event coming up on Wednesday, January 23rd.

The Center for Women's Business Research's groundbreaking 3-year study -- Accelerating the Growth of Businesses Owned by Women of Color -- centers around a series of focused research forums across the country, where women business owners of color will participate, educate, network, and learn.

One of our very own WPO Chicago members, Tracey Alston, will be serving as a panelist.

More information can be found here. Hope to see you there!

News of Interest: Global Entrepreneurship Monitor (GEM) 2007 Report Released

The latest Global Entrepreneurship Monitor (GEM) 2007 Report has been released.

Download it here.

News of Interest: WPO Annual International Conference in Boston April 24-26

Read more about it here. We will report additional information at the end of the month. Stay tuned.

Malcolm Gladwell (pictured) is one of our keynote speakers!

Sound Advice: Trend Toolkit for 2008

Happy New Year!

To help you focus on now and the future, we have put together a batch of trends -- better referred to as a "trend toolkit" -- to watch and capitalize on in the coming year.

From the WPO Chicago hub we say this: Make it great in ’08!

Prediction for 2008: Business and Website Globalization, Technology, and Business Models

Web Globalization Predictions: 2008 and Beyond

Resolutions To Do Business Globally in 2008

Eight Business Technology Trends To Watch

Advertising Trends to Watch in 2008

Top 10 Marketing Trends for 2008 (look for the listing and PDF file to download)

10 Media Trends to Watch in 2008

2008 Top Hotel and Restaurant Trends to Watch

Ten Wine Trends to Watch in 2008

Six Enterprise Application Trends to Watch in 2008

5 Wireless Trends to Watch in 2008

Small Business Trends (constantly updated)

Five Tech Trends to Watch in 2008

8 Important Consumer Trends for 2008

Seven Virtualization Trends to Watch in 2008

E-commerce Trends to Watch in 2008

E-business Trends to Watch in 2008

Packaging Trends to Watch in 2008

Pantone Fashion Color Report for Spring 2008

Financial Trends for 2008 by Wall Street & Technology

Stuck? Visit Google's Trends Lab

Have we missed your trend report? Let us know and we will post it.

Season's Greetings from WPO Chicago!

To our members, friends, colleagues, partners, hosts, and sponsors ... we extend our heartfelt best wishes for a joyous holiday season and successful new year!

Together ... let us grow, let us grow, let us grow!

Article of Interest: Leading Clever People

To make sure clever people do their best work at your company, you must harness their talents.

Who most determines your company’s success? Clever people—employees whose knowledge and skills enable them to produce disproportionate value for your firm. Think the pharmaceutical researcher who formulates a new drug, or the programmer who creates a new piece of code. Their single innovation may bankroll their entire organization for a decade.

To make sure clever people do their best work at your company, you must harness their talents. But that isn’t easy: Clever people don’t want to be led. They don’t care about titles or promotions. And they’re easily bored.

What to do? Find out more here.

Sound Advice: What Is a Wiki?

Cross-referencing to our headquarter blog. Interesting post. We have also created a private wiki (wetpaint) for WPO Chicago members and use it to communicate important events and share knowledge.

Are you using a wiki? If so, how?

Sound Advice: Books To Read in 2008

Strategy & Business published its seventh annual survey of the year’s Best Business Books in 2007, where noted business practitioners, scholars, and journalists select and judge the most significant and useful books in their areas of expertise. This is one of my favorite things to track.

See what you missed and get busy reading in 2008! Go here for list (may require quick registration).

Article of Interest: Do You Need To Redesign Your Organization for 2008?

Why is this different from the other articles you have read on organizational design?

First, it is clearly focused on communicating a process for creating any new or different organization. The emphasis is on how you get there, not what it looks like when the process is done.

Second, this process is flexible and can be used in large or small organizations.

Third, the authors (Diane Beakey, Phd, Kathleen Wells Webster, MBA and Jackie Rubin, PhD) have integrated the thinking of both those who emphasize process improvement (working from the bottom up) and those who operate from a more strategic perspective (working from the top down).

Start at the beginning. Take the "Pop Quiz" and find out if you need to redesign your organization.

Hint: Focus on "excellence."

Sound Advice: Books and Web Sites To Build Your Business

Recently, the Wall Street Journal featured books and Web sites to help business owners prepare for an eventual transfer. Here are a few:

1. Family Business Succession: The Final Test of Greatness

Respects the time of a busy entrepreneur who's got to start thinking about succession.

2. Exit Strategy Planning: Grooming Your Business for Sale or Succession

Talks about the reality of selling versus succession.

3. Family Firm Institute

A broad resource for issues of business continuity, family-management strategies and ownership transfer.

4. National Center for Employee Ownership

A valuable resource when an Employee Stock Ownership Plan is a viable alternative.

To see more on this post, go to the WSJ's Independent Street.

Article of Interest: For CEOs, Off-Duty Isn't an Option

For priests, police officers and doctors, it isn't really possible to be completely off-duty. They may enjoy uninterrupted breaks when times are calm. But if a big enough crisis arises, it doesn't matter whether they are holding a tennis racket or taking a nap, they are expected to get back in action right away.

It's time to add big-company chief executives, small business owners and entrepreneurs to the list of jobs that involve always being "on." Regardless of whether bosses favor laid-back or intense management styles during normal times, they need to take command -- fast and in person -- when trouble hits, no matter how much it may disrupt their lives away from the office.

How true, how true. See for yourself here.

Article of Interest: Making Change

It isn't easy to manage change. That's true whether it be a change in a company's business, the way an organization is structured, people's responsibilities or compensation, or anything else that disturbs the status quo.

Among other things, an effective "change manager" has to know how to set up informal networks and delegate responsibilities, empowering people throughout the organization.

But perhaps the first step in managing change is to eliminate some common assumptions about the way change works. Here are eight of them:

1. Don't assume that individuals have a natural aptitude to adapt.
2. Don't assume that individuals will function rationally.
3. Don't assume that change is automatic.
4. Don't assume that organizations are naturally dynamic.
5. Don't assume that company culture is easy to change.
6. Don't assume that every aspect of the project will work out exactly as planned.
7. Don't assume the change manager can be effective without explicit authority.
8. Don't assume that anyone can improvise being a change manager.

To read the recommendations on steps companies should take to more effectively manage change, read the entire article here.

News of Interest: Sarah Stopek Hirsch Is Award Winner!

We extend our heartfelt congratulations to WPO member Sarah Stopek Hirsch, president of Sublime Promotions, Inc., in Chicago for her 2007 Entrepreneurial Woman of the Year Rising Star award. She is pictured holding roses (presented to her by her WPO sisters) and surrounded by her extremely proud family. She received her award at the 2007 Women's Business Development Center Conference in Chicago.

Article of Interest: Women and the Labyrinth of Leadership

When you put all the pieces together, a new picture (the cartoon says it all) emerges for why women don’t make it into the C-suite (and, of course, why they start businesses). It’s not the glass ceiling, but the sum of many obstacles along the way.

Here's a quick clip:

In 1986 the Wall Street Journal’s Carol Hymowitz and Timothy Schellhardt gave the world an answer: “Even those few women who rose steadily through the ranks eventually crashed into an invisible barrier. The executive suite seemed within their grasp, but they just couldn’t break through the glass ceiling.” The metaphor, driven home by the article’s accompanying illustration, resonated; it captured the frustration of a goal within sight but somehow unattainable. To be sure, there was a time when the barriers were absolute. Even within the career spans of 1980s-era executives, access to top posts had been explicitly denied. Consider comments made by President Richard Nixon, recorded on White House audiotapes and made public through the Freedom of Information Act. When explaining why he would not appoint a woman to the U.S. Supreme Court, Nixon said, “I don’t think a woman should be in any government job whatsoever…mainly because they are erratic. And emotional. Men are erratic and emotional, too, but the point is a woman is more likely to be.” In a culture where such opinions were widely held, women had virtually no chance of attaining influential leadership roles.

Times have changed, however, and the glass ceiling metaphor is now more wrong than right.

Read more here at the Harvard Business Review article, Women and the Labyrinth of Leadership, authored by Alice H. Eagly and Linda L. Carli.

Let us know what you think.

Survey of Interest: Digital Marketing -- From Web Sites To Wikis

A global survey shows that marketers already regard digital tools as very important for advertising and for managing sales and service—but frequently don’t use them. Why? Although respondents to this McKinsey study are applying both established and Web 2.0 technologies to reach customers at every stage of decision making, they complain about a shortage of skilled people to run online vehicles and about a lack of metrics to assess them. Learn “How companies are marketing online” and how they expect to be doing so in 2010. Highly recommend. It requires a quick (free) registration but it's worth it.

And if you would like a simpler version to McKinsey's analysis, try this one on for size. It's a story, "Who Moved My Client Base?," about how a business owner who is faced with a slowing small business uses social media to turn things around and grow his business by tapping into a global client base. See if it strikes a chord with you. Feel free to comment and forward the story to whoever you think might benefit.