Overdrive December 2009 - View All Articles 

The results show that while EO members are concerned about financing, costs of doing business and the impact of the U.S. presidential election, they are also confident in their ability to survive the economic downturn.

The EO 2009 Global Economic Forecast Survey has officially been released. The results show that while EO members are concerned about financing, costs of doing business and the impact of the U.S. presidential election, they are also confident in their ability to survive the economic downturn and their contribution to economic recovery.

This annual survey reveals your business perspectives, and the outlook for this year rings with a tone of optimism in the face of economic hardship. This data serves as an outstanding global barometer for entrepreneurial concerns and priorities in the coming year.

Major findings include:

• Nearly nine out of 10 global entrepreneurs are concerned about the current economic climate
• More than half of all entrepreneurs are very concerned or concerned about obtaining funding
• Seventy percent of surveyed entrepreneurs are highly confident or confident about surviving the economic crisis
• More than 80 percent of those surveyed believe that entrepreneurs will play a significant role in economic recovery
• One in five entrepreneurs is more likely to start a business now than they were last year, and more than half are equally as likely
• Almost half of respondents anticipate an increase in revenues in 2009, and a quarter expect revenue levels to remain the same as 2008

Thank you to all who took the time to complete this survey. A total of 894 EO members from around the world responded— that's a response rate of approximately 13.6 percent! This is outstanding news, and it will add credibility in our efforts to position EO as the global voice of entrepreneurship.

EO members can see a summary report of the entire survey, in addition to the report released to the media. Also, congratulations to EO Cleveland member Brendan Anderson, who was randomly selected from all survey respondents to receive two round-trip Continental Airlines tickets.

Is your chapter a leader of the EO learning pack? If so, you can nominate your chapter for one of EO’s prestigious learning awards. It’s really very easy.

Is your chapter a leader of the EO learning pack? 

If so, you can nominate your chapter for one of EO’s prestigious learning awards. It’s really very easy. Just ask Sander Coovert, EO St. Louis’ Learning Chair. Encouraged by his chapter board, Sander applied for the first time and "took a shot in the dark." He wound up winning Best Overall Calendar (more than 60 members) and Best Multi-Chapter Event!

What did this do to his chapter? For one, they received a full year’s worth of bragging rights, and they proudly advertised the award to prospective members. EO Silicon Valley Learning Chair Randy Zechman and Sander have also noticed that the award helped increase their member retention numbers. Better yet, their events reached all-time highs in attendance and excitement!

Your Learning Chair has created an amazing calendar for your chapter. This calendar is filled with learning events, WOW events and numerous chapter-bonding opportunities. Help get your Learning Chair the recognition he or she deserves by encouraging them to submit an application today.

This year we've added three new categories (making it a total of nine awards) to be presented at the 2009 Global Leadership Conferences (GLCs). In addition to the new awards, there is a new application format. Award applications are due Wednesday, 25 March 2009. Please review the application overview before filling out your application.

• Best Overall Calendar
  - Less than 60 members
  - More than 60 members
• Best Business Development
• Best Personal Development
• Best Joint Chapter Event
• Best Area Event or Tour
• Best WOW or Exclusive Access Event
• Best Social Event
• Most Creative Marketing Piece

If you have any questions, please contact Joy Hayes, EO Learning Manager.

While there are many ways to get employees involved, I discovered a unique way to promote a healthy work/life balance while keeping company morale high: Running.

While there are many ways to get employees involved, I discovered a unique way to promote a healthy work/life balance while keeping company morale high: Running.

I ran my first marathon on 7 December 2008, and what an experience it was! What was more impressive than finishing the race was that I was able to turn it into a event that built on our company culture. You see, every month we hold a fun out-of-office event. It’s an opportunity for staff to mingle and strengthen their friendships. These events are suggested by employees, and then my company subsidizes some part of them. We’ve done everything from attending sports games and playing paintball in the woods to watching Monster truck races.

Five months ago an employee suggested we get in shape and run a marathon as a company event.  I thought it was an interesting suggestion, because running a marathon had long been on my list of things to do in life. After some brainstorming over a few beers at our “Thirsty Thursday” happy hour, we decided to make it our December event.

After conducting some research, I decided on the Las Vegas Marathon, because it was held in early December and it gave us plenty of time to train. Also, it was Las Vegas, and many of my employees had never visited the famous city. As an incentive to join this endeavor, I decided to cover the hotel costs for each employee who ran either the half or full marathon. The only requirement was that the employee had to do several runs with me prior to the marathon so that I could make sure they were training.

This requirement proved incredibly beneficial as a business owner. While we ran outdoors in preparation for the marathon, I found I could have wonderful one-on-one meetings with each employee. Not only was I able to connect with them outside of work, but they were able to provide feedback that would not have otherwise surfaced in normal sit-down meetings. As a result, this helped me better understand my staff’s needs and continue to grow my business.

Over the course of the five-month training, I could not believe how my employees’ mindsets changed. They were eating better, exercising during lunch and they had an overall higher energy level. That was great, because they were producing more results and were more focused than ever before. Their enthusiasm and energy even spread to those employees not running in the race! Leading up to the marathon, there was a buzz around the office that was just incredible.

When all was said and done, we had 10 employees out of 70 that made the trip to Las Vegas. To look and feel like a real running team, I had custom, dry-fit shirts and traveling bags made. Ultimately, everyone completed the race, and the time spent was well worth the cost. Looking back, I wish I could have convinced more employees to run and provided a more structured training schedule, as it was truly a once-in-a-lifetime event. 

Everyone returned from the race feeling like winners. What’s more, since they crossed the finish line, my employees have remained energized and are working stronger as a team. I believe they took the mental challenge of running a marathon and transitioned that mindset to how they attack their workload. Honestly, it’s amazing how eating healthy and exercising can change how you approach work!

Rumor has it the staff is looking to get a group together to do a sprint triathlon. If that’s the case, it’s time to re-lace my sneakers.

Last year I booked an end-of-the-year trip to Costa Rica for my wife and me. We had found a quaint and rustic place that looked great and had good reviews in the guidebooks.

Last year I booked an end-of-the-year trip to Costa Rica for my wife and me. We had found a quaint and rustic place that looked great and had good reviews in the guidebooks.

Two weeks before our departure, I decided to visit TripAdvisor.com to get some insight into our destination. After reading four comments, I became very worried. In the past few months, it seemed, our vacation spot had gone downhill. I started to panic. I wondered what I could do to ensure my wife and I had a great time. Then I recalled all of the stories about the EO network!

I logged on to the Global Web site and found the President of the Costa Rica chapter. I e-mailed him my story and expressed my concerns, hoping he could shed some light on what we could do. He responded immediately, and I was connected to another member who owns a travel agency. Less than 36 hours later, I confirmed a reservation at one of the best places on the Pacific coast!

We just returned from the trip, and it was wonderful, to say the least. We stayed in a beautiful location, and the beach was only 10 feet from our back door. Everything went smoothly, and it was all very enjoyable. It wouldn't have happened without the help of my EO peers!

My perception of the value of the EO network has been raised as a result of this experience. I see the regular e-mails in our chapter asking for input and help, and I've been impressed by the local network. To some extent, I have experience with the US network through Universities, but this was by far the most impressive network experience I have had.

I was lucky to have connected with EO peers, and I now find myself thinking of bigger challenges to pose to the EO network. Also, I am eager to give back to my EO peers in the same fashion. I know how helpful other members were when I needed them, so hopefully I can be of assistance in the future.

Leverage the network. It's got juice.

I can’t stop thinking about new businesses to start. In order to sleep at night, I forced myself to come up with a filter that lets me narrow in on business ideas that have sticking power. I have started three businesses in all, two using this filter.

I, like most entrepreneurs, have “entrepreneurial ADD.”

I can’t stop thinking about new businesses to start. In order to sleep at night, I forced myself to come up with a filter that lets me narrow in on business ideas that have sticking power. I have started three businesses in all, two using this filter.

The first portion of this filter is focused on making sure I have the vision and emotional commitment to the idea. I must bring all of these commitments to anything I consider pursuing:

• A clear Conception of what I want, a vivid vision, a goal clearly imagined.
• A strong Confidence that I can attain my goal.
• A focused Concentration on what it takes to reach my goal.
• A stubborn Consistency in pursuing my vision.
• An emotional Commitment to the importance of what I’m doing.
• A good Character to guide me and keep me on proper course.
• A Capacity to enjoy the process along the way.

I then add to that list the following criteria that are more focused on the business dynamics of the opportunity:

• Fast to start and test
• Can start with little or no outside funding
• Payback of initial investment within 18-24 months – businesses in which you “work once, earn many times” (initial sale leads to many repeat purchases and initial product/service creation can be leveraged in multiple formats)
• Ideally automatic, recurring revenue
• Can be managed from anywhere— ideally Web-based
• Something that I’ll still find fun five or 10 years from now, and that other people think is fun, too!

This has been a great filter for me, and it forces me to find ideas that will really be productive. More importantly, it helps me decide which ideas have “sticking” power and which are simply musings. I hope my EO peers find this as helpful as I do!

On 3-6 December 2008, the Entrepreneurs' Organization held its inaugural Global Leadership Academy in Washington, D.C., USA.

On 3-6 December 2008, the Entrepreneurs' Organization held its inaugural Global Leadership Academy in Washington, D.C., USA. Twenty-five of the organization's current and aspiring leaders gathered for the learning event, which was chaired by EO Seattle member Erick Slabaugh. With an overall rating of 9.6 (out of 10), the Leadership Academy was a resounding success!

The purpose of this education-oriented program is to focus on the different types of leadership skills one needs to be an effective leader in EO and beyond. The event provides an enhanced philosophical- and skills-based orientation of leadership that the participants can employ to the benefit of their fellow members, businesses and communities.

It is EO's intent to foster development of leadership throughout our Global membership and within our professional staff. And this innovative event ties in perfectly with the "Leadership" aspect of our T.E.A.L. initiative, as it ensures that the organization will be in good hands for years to come. One of the greatest benefits an EO member can leverage is the ability to become an EO leader at the chapter or global level. By honing their leadership skills within the organization, they not only become a better EO leader, they can go back to their company, community and family a stronger person.

Feedback from the participants included:

• "Most impactful event ever attended at EO"
• "The faculty was inspirational"
• "This was a transformational point in time for me, my business and my family"

This exercise helped us crystalize and express the key matters that we held in common as a group of passionate, hard-working entrepreneurs. After a healthy debate, we agreed on the following core values.

At an annual retreat last year, my Forum undertook the task of outlining our core values as a group. This exercise helped us crystalize and express the key matters that we held in common as a group of passionate, hard-working entrepreneurs. After a healthy debate, we agreed on the following core values:

1. We operate in an environment of complete confidentiality, trust, honesty, mutual respect and without judgment.
2. We embrace life, are passionate, are willing to push our comfort zones and take risks.
3. We believe in continuous learning, education, growth and value creation.
4. We are committed to the group and we hold ourselves and each other accountable.
5. We value our mental, social, physical, emotional and spiritual health.
6. We value our intimate relationships because they give us the ability to support, care, sacrifice, give strength, be happy and a better person.
7. We believe that we have a responsibility to give back to our community and to the world.

In order to live these values, we set a number of goals for the group, which included a “Health Challenge” that required us to focus on our health and hold ourselves and each other accountable to living this core value.

The first step was for each member to obtain a full health assessment. We were fortunate to have as one of our members a former professional football player who runs a fitness business. He generously volunteered to conduct a one-hour personal interview with each member of the group and provided detailed feedback to each member.

We then booked a session at the local University, which has a high-quality sports training centre that supports local, professional and national team athletes. Each member completed a series of physical tests to assess their strength, flexibility, body fat and other factors. Based on the results of these tests, which were shared with and discussed by the group, each member established their individual health goals for the year.

There were a number of exciting accomplishments within the group as we set out to achieve these goals. From rehabilitating injuries to embarking on new training programs to rediscovering a passion for mountain biking, our group pursued this core value with gusto.  Personally, this health challenge helped me achieve my long time dream of competing in the Boston Marathon! It was a great pleasure to share with my Forum the thrill of running this historic event in front of thousands of cheering spectators.

As a wrap-up to our health challenge, we planned a mini-retreat last year that specifically focused on living this core value. We hired an adventure company to organize a weekend of physical and team challenges that tested the group’s efforts of the past year. These challenges included orienteering, mountain biking, white-water rafting, cliff jumping and team-building exercises. It was a fun and exciting way to celebrate the efforts that each of us had made during the past year toward improving our health!

As an EO member, the Forum experience is one of the highlights of membership. The level of trust, friendship and mutual respect that existed in our Forum group provided us with a perfect opportunity to challenge each other to live out our health-oriented core values. Thanks to my amazing Forum, I'm healthier and happier than ever!

Over the past 15 years, I’ve been interested in better understanding which business practices are most important to maintain organizational health and which will result in a higher level of success.

Over the past 15 years, I’ve been interested in better understanding which business practices are most important to maintain organizational health and which will result in a higher level of success. In late 2007, I conducted a study among US businesses (across all industries) that identified seven key areas of the operation that were most closely tied to success. 

Here is what I learned: 

1. Setting and Selling Your Vision
   Organizations who have effectively developed a clear core vision or purpose, and, who effectively communicate it to employees, customers and partners, are more likely to experience higher levels of success. These organizations also tie their “vision” to tactical goals (departmental) and include some component of employee compensation and reward to the achievement of the vision.   
2. Establishing Organizational Rhythm
   Those companies who have established a natural rhythm through short, concise meetings or huddles, and who include employees from all levels of the business are more likely to succeed. These daily huddles include communicating key performance metrics and other performance data to all levels of organization, as well as a discussion on what’s not working. This rhythm allows employees and management to react more quickly to issues and implement corrective measures.
3. Employee Empowerment
   High-performing companies have created systems that allow them to gather and implement ideas that are generated across all levels of the organization. They support their employee improvement programs by integrating improvements into training and support systems, as well as rewarding and compensating their employees when they generate and implement improvements. 
4. Process Orientation
   Alignment within the organization is better achieved when key processes and steps are well defined and documented, and there is a clear understanding of how “value” is delivered to the customer. This provides a collective knowledge across all levels of the business, and helps everyone in the business better see where “value” is added and where waste exists.   
5. Use of Standards
   The most successful companies use standards to do any job function within the business or to control variability within the work place. Effectively documenting how the work is done and regularly auditing work to ensure standards are consistently used ensures the variability in output is minimized, allowing the organization to run more smoothly.
6. Controlling the Business
   Those organizations that use visual systems and signals are better able to control their business and see when something is not performing as expected.  These visual systems allow for the collection of performance data on a real-time basis and provide an analytic perspective so that trends can easily be identified and improvements implemented.  The use of effective visual systems is critical to the ability to identify and solve problems that affect customer and employee performance, resulting in a higher level of customer satisfaction and loyalty.
7. Solving Problems
   Finally, those organizations that are more effective at designing systems and standards for solving problems perform better than those who use ad-hoc methods for solving problems. By systematically identifying the correct root cause and the probable solutions to the problem, employees report a higher level of job satisfaction, which results in lower turn-over and higher employee morale.

When I co-founded Perkline, my discount-oriented business, in 2006, I was living in Nashville, Tennessee, USA, and my business partner and CIO was working from Orange County, California, USA.

When I co-founded Perkline, my discount-oriented business, in 2006, I was living in Nashville, Tennessee, USA, and my business partner and CIO was working from Orange County, California, USA. From the very beginning, our daily operation was predicated solely on a virtual infrastructure. Everything from business transactions to scheduling occurred on an online basis.

While this was an intriguing approach to business, we gradually began to face problems similar to that of our clients. Specifically, we wondered how to successfully recruit, retain and communicate with our people, and also how to keep them excited and happy about work.

Recruiting great people to work in our virtual offices was tough. Because we operate on a virtual level, we had to factor in the logistics behind hiring. We managed to resolve this need by focusing on a simple approach: Look for people who are looking for you. To help us achieve the desired hiring results and identify the right places to look for the right people, we came up with a few questions:

• What skill level is required to fill this role?
• Who has the required resources to meet the needs of our virtual operation?
• How do we ensure that we find people of integrity?

The What question qualifies our candidate, the Who question defines our audience and the How question shows us where to get started. Once we had the answers to these questions, we were able to hire the right people for our virtual business. The only remaining challenge was to ensure sufficient communication between our virtual workforces.

In order to do this effectively, we had to align our technology. Some of the resources we used when communicating with other offices included MacBook Pro laptops with built-in video conferencing technology. This let us share a common environment and even one another’s computer screens. I could literally view our CIO’s computer screen in California and work directly from his laptop in real time.

Other things we’ve done to align ourselves include using instant messaging as a time clock and keeping regular status updates through the Mac’s iChat feature. We also maintain an e-mail account for the support of our 60,000+ members through one IMAP connection. This keeps all of our team in the loop with daily e-mail requests from our members. In addition, we conduct regular “virtual huddles” through two-way and three-way video conferencing— whatever it takes to stay connected.

Since our inception, we’ve made significant investments in equipment and the alignment of our technology has made everyday tasks and communication easy to maintain virtually. It can be tough running a virtual business, but with the proper procedures and the latest technology, it can be as simple as saying “yes” to a lucrative client contract.

As the Co-Founder of ZSA Legal Recruitment, I've discovered a lot of companies nowadays are adopting growing trends when it comes to employee recruitment and retention.

As the Co-Founder of ZSA Legal Recruitment, I've discovered a lot of companies nowadays are adopting growing trends when it comes to employee recruitment and retention.

In fact, many companies are now offering employees health, wellness and green incentives. This has proven beneficial to both the employee and employer. More and more I see businesses using innovative “perks” that go beyond the traditional financial benefits characteristic of the past. Improved vacation allowances, gym memberships, pro-bono opportunities and family friendly policies are just some of the changes that are becoming vital in an increasingly competitive and dynamic market of recruiting and retaining legal talent.

Health and wellness trends are an exciting development in the employment market. Unlike traditional benefit plans which tend to focus on treating the illness, these new initiatives focus on the prevention of the illness in the first instance. In turn, these opportunities lead to positive consequences for the employer, through a happier, healthier and ideally more efficient workforce.

Another popular perk offered by employers is the facilitation and encouragement of personal growth opportunities. In Canada, for example, many law firms are increasingly placing value on providing high-quality learning and offering extensive professional development opportunities for lawyers, as well as encouraging public service work.

Firms are also beginning to set themselves apart by providing workplaces that encourage respect for the environment and foster green initiatives. In this case, helping the environment is not the only payoff, as I’ve found that green initiatives can also help attract new talent, increase productivity and reduce costs. What’s more, studies show that students coming out of school increasingly place value on workplaces that have less of a negative impact on the environment. Preliminary studies also link eco-friendly workplaces to higher productivity and less absenteeism.

Health, wellness and green initiatives are indicative of the times. Companies big and small are increasingly realizing that fostering employee health and wellness, and helping the environment, can be in line with their long-term business objectives. Some of these initiatives can cost businesses very little, but they can also have a big impact on branding, and more important, recruiting and retaining talent.