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In the current economy, there's never been a better time to leverage the power of communication. Did you know that with a single article, you can make a very real impact on the lives of your fellow members? By submitting content to EO, you can play an integral role in the success of 7,000+ entrepreneurs around the world.
When you were starting out in business, do you remember getting assistance from a friend, family member or business expert? Now is the time to return the favor and educate your fellow entrepreneurs. How can you help? It’s easy. All it takes is a few minutes of your time and a desire to speak from the heart.
Two of our biggest communication vehicles are Octane, our award-winning magazine, and Overdrive, our monthly e-newsletter. At first glance, it's easy to confuse the two publications. Besides the obvious fact that they both start with an "O," they also both "fuel the entrepreneurial engine" and feature member-written stories about things like lessons learned, better business practices and once-in-a-lifetime experiences.
Another thing they have in common is that they're both always in need of good content from members like you. We want to hear about all of the cool things going on in your chapter or your business! Writing an Overdrive or Octane article can be terrific (and free!) publicity for your company. It can also lead to new business connections and customers, so it's an opportunity you won't want to miss.
Here's a quick tutorial to help you distinguish between the two publications. Please direct any questions to Nicholas Thomas, Publications Manager.
I was first introduced to the idea of visual management while attending the EO/MIT Entrepreneurial Masters Program (EMP). At the time, my company had experienced rapid growth, and I was dealing with the typical issues associated with fast-growing companies. We were struggling to deliver the quality of service for which we were known. And the more we grew, the less we were able to control and predict.
It was then, sitting on the lawn at the Endicott House at MIT, that I learned the importance of implementing visual systems in the business. Visual management is any system, process or tool that provides real-time information and feedback about the status of the organization, departments and job functions. I think of it as the organizational nervous system that connects employees to the critical activities needed to achieve the goals of the business.
Visual management is also what many entrepreneurs refer to as KPI's (Key Performance Indicators). These systems can take on a number of different forms— from sophisticated database applications to simple white boards mounted on a conference room wall. Over the years, I've learned what does and doesn’t work through a tremendous amount of trial and error. Think of a visual management system as the scoreboard for your business. At a minimum, it should communicate the following:
Today’s competitive environment is forcing organizations to look at all of their systems and processes and search for any competitive advantage possible. When entrepreneurs increase the flow of information across their organization, employees will have better information that they can act on more quickly.
This is a story about my mother who, thanks to EO and the Healthnetwork Foundation, found the healthcare assistance she needed.
Between 1994 and 2006, my mother had had three hip replacements, two heart attacks, was dealing with type II diabetes and had a few other ancillary health problems. In the spring of 2006, she began suffering from an irregular heartbeat. Because she had so many health problems in play all at once, her cardiologist recommended she go to the Cleveland Clinic (CC), the top cardiac hospital in the US, for an evaluation.
Her doctor told her that he would give her a referral, but it would likely be eight to 10 months before she would get an actual appointment. The day after meeting with her doctor she told me about his recommendation. Up until that point, I was familiar with the Healthnetwork Foundation, but had never requested their assistance. I asked my mother if she would mind if I tried to get her an appointment a little sooner. Needless to say she was very amenable to the idea.
As soon as I hung up with her I called the Healthnetwork Foundation. I explained my mother's situation to a Healthnetwork advisor who, thankfully, immediately took the reins. Within a week, my mother's medical records were sent to the CC where a cardiac review board determined which doctors would be best for my mother to meet with.
Within a couple of weeks, the CC had set my mother up with appointments to have a cardiac scan and to meet with a few doctors. I flew my mother to Cleveland the day before her appointments were scheduled. Healthnetwork made arrangements to have a wheelchair meet her at the gate. She was taken to the baggage pick-up area where she was met by a limousine driver who took her to the Intercontinental Hotel, which is conveniently connected to the CC.
The next morning, her Healthnetwork advisor met her in the lobby of the hotel at 7:30 a.m. The advisor spent the entire day with my mother taking her from appointment to appointment, ensuring she made it from one appointment to the next without a problem. After her last appointment, a limousine took her back to the airport for her flight home.
About a week and a half later, the CC contacted her with their recommendation. The typical treatment for her condition would have been another oblation surgery. As it turned out, the Clinic had a drug therapy they believed would cure her condition. They made the arrangements to get the drug to Syracuse, New York, USA, where it was administered to my mother in a local hospital over the course of four days.
I am happy to say that she received the treatment about two and a half years ago, and she hasn't had a cardiac problem since! From the time I contacted Healthnetwork, it only took four or five weeks for my mother to get the diagnosis and receive the treatment that likely saved her life.
Since then, I've contacted Healthnetwork a handful of other times. Every time I've asked them for assistance I have been overwhelmed at how efficient they are at securing the best possible physicians at the best hospitals in the country, in an incredibly courteous and professional manner. Healthnetwork is just one of the many amazing benefits of being a member of EO. I'm very thankful for having access to it.
About a year and a half ago, during a Forum retreat, I was sitting in a hotel room with a Forum mate. I was just sitting there, wondering why it is we do what we do. My mental attitude and business outlook was at a really low point.
Earlier that week, I sat down with my father and his lawyer to discuss his estate plans. He had saved and reinvested profits his entire life, only to be sitting in that office as an old man with a heart condition and a sizeable net worth the government would love to get their estate-tax-paws on.
As I sat there, I realized something: Like Billy Crystal in the movie, “City Slickers,” I discovered that I needed to find my smile. I tried to remember what used to make me happy. I mean truly giddy— when I can't stop laughing and my face aches from smiling so hard. It had been a while since I had felt that.
I remember being that happy when I first showcased my work as an aspiring comedy writer. I was in community college, and I showed my creative writing professor a page of jokes I had written. When he laughed at a few and acknowledged that I might have some talent for it, I left the classroom elated. That small confirmation of my talent was all I needed to pursue my goal of writing comedy.
I wrote for radio-joke services, newspaper laugh-line sections and small-time comedians, to name a few. Eventually, I signed up as one of Jay Leno's freelance writers, back when he was the Monday night fill-in host of “The Tonight Show.” Around the same time, I won a monologue writing contest and appeared on the late-night ABC talk show, "Into the Night, with Rick Dees."
Although mildly successful, I was never able to earn enough money to consider making writing my career. In my spare time, though, I managed to write a funny newspaper and two books: I'm A Big Fan and Roastbeef's Promise. Those books sat in manuscript form for several years while I started a family and grew my real-estate business. The day I realized what truly made me smile was the day I decided to publish those books.
I had learned a lot publishing the newspaper, but I needed help with the marketing and distribution of my books. So, I searched the EO member directory for entrepreneurs in the publishing industry. I ended up using a member's business that specializes in assisting small publishers. I leveraged my EO membership, and it helped me follow my dreams!
Today, my mental attitude is better than it was a few years ago. I attribute my positive mental health to pursuing my passion. Nowadays, I'm having more fun and feeling more like my old self. What’s more, publishing the book will let me participate in another one of the EO cornerstones: Having interesting once-in-a-lifetime experiences.
What attracted you to the Entrepreneurs' Organization? I was looking for an opportunity to open up to others about business issues and problems that I had always held close. In the past, I've struggled to discuss business matters with friends or family because they typically aren't entrepreneurs and lack sufficient insight to provide helpful feedback beyond giving a pat on the back and some encouragement. EO, especially Forum, is brilliant in that people with a similar mindset can share their experiences in a helpful, structured environment, which maximizes the value for each member.What is your most memorable EO experience so far?From an event perspective, the 2007 EO Las Vegas University definitely had the WOW factor. That was an experience I'll remember forever. However, the experience I treasure the most is being a part of Forum. We have some fantastic people, each of whom seeks to become leaders in their field. Watching everyone grow and achieve some amazing things provides a lot of satisfaction, especially knowing that we made a small, but significant, impact on the success of one another.What has the Entrepreneurs' Organization taught you about your business?EO taught me to reach out, ask, care, build a team and have some fun.
What would other members be surprised to learn about you?That I'm not as shallow as I first appear! No, just kidding. I think I'm pretty transparent and open these days, so I don't think there's much I could reveal that would surprise many people. Although, I do have a stamp collection....
It is China.
For more than a decade, I have been traveling back and forth to Hong Kong, Shanghai and Taiwan, and each year the country becomes more advanced in business and savvy in the way of the Western world. And the interesting thing is that many business people in the West simply don't get it.
While conducting business, I have established many contacts throughout China. To this day, I am still amazed when they remark how businesspeople from Australia, New Zealand, and in particular, the US, think that they can simply jump a flight, turn up, put up a shingle and succeed based on the pure fact that China is booming and there are a billion people ready to purchase their product or service. From my experience, it just doesn't happen that way.
Here are some tips I learned on how to effectively conduct business in China:
Troy Hazard, a former EO President, has owned, managed and run 10 companies in the past two decades. He is an international speaker and author of The Naked Entrepreneur.
“This is the last person I would have expected this from. They were like family to me.”
In most cases, that’s the first phrase uttered to me when a company discovers employee fraud. I have seen it happen too many times. A long-time, well-trusted employee embezzles cash over a period of years. It usually starts off in small amounts and grows with increasing fearlessness. By the time it is caught, thousands (sometimes millions) of dollars are lost.
The harsh reality is that for every embezzled dollar, it will take anywhere from US$3-$20 dollars in additional collected revenues to replace it. No matter how much is taken, fraud has a devastating impact on business and business owners. It happens in companies of all sizes, though it happens much more frequently to small companies (less than US$100 million in revenues).
This is a serious problem that is not going away. In fact, recent data from the Association of Certified Fraud Examiners indicates that the problem is only getting worse. In desperate times, like the kind we're currently facing, the problem will likely become much worse. Many owners want to think "not my employees," but it is this sort of blind trust mixed with a lack of internal controls (policies and procedures aimed at preventing errors and fraud) that can open the doors to trouble.
The number one reason people embezzle from their firm is because they can. Many business owners make it too easy. A well-designed and functioning internal control system is the number one defense against both errors and fraud.
Internal ControlsThere are three components of a successful internal control system. All three must be in place and functioning for the system to function effectively. They are (1) control environment (the company's emphasis on control and quality), (2) control policies and procedures, and (3) monitoring and adjustment.
Warning SignsFraud schemes are uncovered in various ways, including internal control systems, an employee tip or an owner/employee accidentally stumbling upon the scheme. In general, the signs are often there, but someone must be paying close attention and any warning sign must be followed-up.
The following are strong signs of possible fraud and in most cases that I have been involved in, these were happening for several months and were not addressed:
Fraud is very prevalent in businesses today. Growing entrepreneurial companies can be easier targets than other businesses because of a thin administrative structure, the "trust" element and the fact that entrepreneurs are just too busy building their businesses to pay attention to the warning signs.
It's important entrepreneurs don't fool themselves by having a "not me" mentality. By minimizing risks today, before it's too late, business owners can sleep better at night knowing that they are doing something to prevent their company from being a statistic.
For further information on how to prevent embezzlement in your company, or if you would like a copy of the “Critical Fraud Prevention Procedures for Small Business," please e-mail Steve or visit this Web site.
The first step was to begin an extensive Moderator training program. I contacted Joan Mara, a consultant, and set up training for our current and back-up Moderators in each Forum. This is a key step in the integration process, because the Moderator needs backup, and this allows a smooth transition for the incoming Moderator. For the long term, it also ensures that all members of the group will eventually be trained and lead the Forum group.
The second step was to completely adopt the Gestalt Language Protocol in all of our presentations and Forum activities. It becomes very easy to let this slide, especially when the group becomes friendly and social issues often precede Forum protocol. This was definitely an issue in our Saskatoon chapter. We have all been comfortable in our groups for a while and Gestalt would often get lost in our presentations.
The last step was to recruit new members and divide the Forum groups into a solid mix of new and experienced members. Here are some of the actions we took that were critical to this integration:
Throughout this process, our chapter has developed a new Forum group, and we expect to add a fourth one later in the year. What’s more, the presentations have improved and become more meaningful, thanks to our application of Gestalt. The Moderators have also taken an active role in helping the Forum coach sustain the quality of presentations. All in all, it became the goal of our chapter members to make our Forum a more meaningful and successful experience. I believe we did just that.
For more information, please contact Izzy Evans.
The following announcements about upcoming regional and multi-chapter events are open to all EO members. Go beyond local and tap into the resources available to you outside your home chapter!
Event Title: EO Pakistan Mini Regional EventDate(s): 20 - 23 March 2009Location: Bhurban, PakistanDescription: This event will be held in Pearl Continental Hotel, Bhurban, 60 minutes drive from Islamabad Airport. Located at the foothills of the magnificent Himalayas at an elevation of more than 2,000 m, Pearl Continental Hotel Bhurban offers a unique experience of defining reunion with nature. Affectionately known as the Paradise on Earth, the Valley is blessed with picture-postcard perfection and attracts a cosmopolitan crowd soaking in all that it has to offer. Intrinsic beauty, world-class adventure, sports and personalized luxury make it the most agreeable proposition. Program includes a reception and a poolside dinner, an event with Pakistan Ex-President Gen. Pervaiz Musharaf, a management leadership training program with the Adventure Foundation, a movie night, tentative visits to current the President and Prime Minister’s houses, etc.Fee: US$500/member, US$750/member & spouse (includes a four-day program and all meals)Contact Information: Zakia Riaz, eopakistan.admin@gmail.com
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Event Title: 2009 EO Arizona UniversityDate(s): 25-29 March 2009Location: Arizona, USADescription: Announcing 2009's main event ... it's the EO Arizona University, where you'll experience plenty of blue skies and wild frontiers! This University will make you forget about the cold with warm weather and enough action to kick your adrenal glands into overdrive. For more information, visit the University's Web site. Register today!Fee: US$3,150/US$2,550Contact Information: EO Events , +1.703.519.6700, events@eonetwork.org
Event Title: Northeast Regional Learning ConferenceHost Chapters: EO Albany, EO Boston, EO DC, EO Fairfield/Westchester, EO Hartford, EO New Jersey, EO New York City, EO Philadelphia, EO Western NYDate(s): April 23rd thru April 25th, 2009 Location: Atlantic City, NJ Description: This inaugural event brings together the nine chapters of the Northeast and Mid Atlantic areas for two days packed with learning, fun and bonding with peers in one of the East Coast’s best playgrounds, Atlantic City, NJ. Rumors are flying around about this event, can they all be true? You’ll have to be there to find out… Mark your calendar now! We welcome any fellow EO members to join us for this event – stay tuned for more information.Contact Information: Steve Showalter, Northeast/Mid Atlantic Learning Director: sshowalter@statlinx.com
Event Title: 2009 EO Texas Round-Up – The Billionaire BoardroomHost Chapters: EO Houston, EO Dallas, EO Austin, EO San AntonioDate(s): 23-26 April 2009Location: Houston, TexasDescription: Great vision precedes great achievement. The goal is to present to our members the strength of character, resolve, business acumen and vision required to achieve the highest levels in business. To that end EO Texas is planning an intensive weekend of speakers, breakout sessions and offsite events designed bring entrepreneurial vision into clear focus for each attendee. Starting with Best in Class accommodations, attendees will be treated to a truly lavish weekend. Attendees can expect to get face time with a number of Texas’ most prominent and successful businessmen sharing their insights and wisdom. Additionally, EO Houston will arrange behind the scenes look at some of our most prominent institutions; from The Houston Grand Opera and the 2006 Le Mans winning Risi Competizione Houston Ferrari Racing Team to the Houston Polo Club home of the USPA Silver Cup. Mark your calendar now! We welcome any fellow EO members to join us for this event – stay tuned for more information. Contact Information: e-mail Shannon Shrader or call +1.281.829.3604
Event Title: The 3rd Annual EO Nebraska Berkshire Hathaway EventDate(s): 30 April - 3 May, 2009Location: Omaha, NEDescription: EO Nebraska is hosting our 3rd Annual Berkshire event which includes 3 days and nights of "Once in a Lifetime" experiences! Fee: US$695 per person plus hotel and airfare. (Rate includes all transportation, meals, entrance to EO hosted events, and 1 Shareholders ticket to attend the meeting on Saturday May 2nd, along with Borsheims and Nebraska Furniture Mart events.)Contact Information: Erin Kampschneider, eoberkshire@yahoo.com (Please sign up early, as the event is expected to be sold out) Event space is Limited! You do NOT need to own stock to attend this event.
If you have or know of an event you'd like to see included in this section, please e-mail Nicholas Thomas, Publications Manager.
It's that time of year again; time to discover how EO can grow and improve as an organization. EO will be launching the 2009 All-Member Survey in March.
This annual survey is the best way for you to provide Global and Chapter leaders with feedback on what EO does well and where improvement is needed. The more responses we receive, the better picture we have about your membership experience and the better tools we can provide to your chapter.
Your Action: Keep an eye out for the survey email that will arrive in your inbox on 2 March. Make sure to complete the survey yourself, and remind the other members of your Forum to fill it out as well.
The survey will close on 31 March. If you have any questions, please contact Tim Young, Vice President of Marketing.
You’ve seen it in Western movies— towering mountains that extend for miles, colonies of cacti that decorate the desert floor and star-studded skies filled with blues, pinks and oranges. It’s the Wild West, and you can experience it next month.
On 25-29 March, the 2009 EO Arizona University committee will offer members blue skies and wild frontiers in Scottsdale, Arizona, USA. What can you expect to see? Here is a top ten list of the event’s offerings:
1. Dynamic keynote and rapid-fire power speakers2. Exclusive access to visit one of several off-site businesses, such as PING and the Bondurance School of High-Performance Driving.3. A special Learning session track developed for spouses and guests 4. Personal development sessions designed with the entrepreneur in mind 5. Intimate Dine-Arounds at some of Arizona’s most exquisite mountain homes 6. Accommodations at the Historic JW Marriott Camelback Inn and Spa, which offers breathtaking views of Camelback Mountain 7. Private party at the Wrigley Mansion overlooking the gorgeous city of Phoenix8. Thrilling Off-Site Activities, such as soaring, extreme Hummer tours, access to the award-winning Camelback Spa, golfing and racecar driving 9. VIP After-Hours in downtown Scottsdale’s hottest nightspots 10. A once-in-a-lifetime chance to experience the culture of America’s Wild West
With phenomenal keynote speakers like Jim Collins, Robert Kiyosaki and DeWitt Jones, as well as amazing social venues, it doesn't get any better than this!
Throw in a new learning format and you have a recipe for a boot-scootin’, knee-slappin’ good time! Register today before it’s too late.
YEEHAW!
