Leading Entrepreneurs Offer Solutions to Stressed Business Owners
Entrepreneurs’ Organization representatives issue list of remedies for businesses reeling from the economy
Detroit, Michigan (Monday 22 June 2009) – Key leaders from the Entrepreneurs’ Organization (EO) met last week at the National Summit in Detroit to identify crucial issues impacting entrepreneurs in the US today and to develop a list of key actions entrepreneurs can take to “recession-proof” their businesses and spur economic recovery.
In the midst of a week dedicated to discussing innovative solutions to 21st century challenges, EO representatives explored ways in which business owners can thrive in these trying times and chart a course for future success.
“As an organization representing more than 7,000 leading entrepreneurs worldwide, we know business owners are facing some tough challenges in this economy,” said Dave Galbenski, Global Chairman of the Entrepreneurs’ Organization. “Businesses are feeling the weight of the downturn and, as such, we are creating a meaningful set of actions that the entrepreneurial community can begin to implement right now that will make a difference for their businesses."
Key leaders from the Entrepreneurs' Organization, representing various geographic locations and industries across the US, will be issuing a 'Top 10' list of things entrepreneurs can do to boost their business based on the findings of the meetings held at the National Summit. In anticipation of the full list, the organization is providing a brief preview of three of the recommendations that will be included in the full report:
Lead with vision. Live your values.
Every business decision should reflect a business owner’s long-term strategic vision and values. In tough economic times, some react with panic and think that dramatic action or change are needed for a business to survive. Staying true to the overall vision and relying on principles and core values to guide decisions, however, is the time-tested way to ensure success, especially in times of challenge.
Choose your clients wisely.
In today’s economy, business owners are putting added emphasis on measures intended to make their businesses more efficient, such as cost cutting and operational efficiencies. One overlooked aspect of this process is trimming the fat off a business’ client list. In other words, treat clients/customers the same as employees: do everything possible to retain the good ones and “fire” the bad ones.
Put your own oxygen mask on first.
Dedication is part of what defines the successful business owner, but it is important to keep perspective to avoid “burn out.” Entrepreneurs need to care for themselves in order to care for their businesses. Trusting employees rather than micromanaging and making sure to carve out time for non-work-related activities helps business owners do their jobs better.
"All 10 recommendations will touch on a range of issues related to running a business and will be applicable across all industries and geographies," commented Galbenski. "In this economy, it is important for entrepreneurs to focus both on the fundamentals to create a solid business foundation and also on the details that make or break businesses today. Every entrepreneur should be able to implement a number of these actions in their business and gain positive results from them."
About the Entrepreneurs' Organization (EO)
The Entrepreneurs’ Organization (EO) – for entrepreneurs only – is a dynamic global network of more than 7,000 business owners in 39 countries. Founded in 1987 by a group of young entrepreneurs, EO is the catalyst that enables entrepreneurs to learn and grow from each other, leading to greater business success and an enriched personal life. Membership in one of EO’s 108 chapters is by invitation only; the average member is 39 years old with annual revenues of US$14 million. For more information or to become a member, visit