Babson Women's Business Blog

What Lists Matter?

Mon, 19 May 2008 08:27:33 EST

Well, there is no doubt that the issue raised about the lack of women in the Davenport list of "Management Gurus" has struck a chord. Tom Davenport himself talked about this in his most recent blog (http://discussionleader.hbsp.com/davenport/2008/05/the_dearth_of_female_managemen.html). In his blog, Tom considers a few women who might have been candidates for the list, some academics and some from different areas of life, and suggests reasons why they aren't there. That having to be alive part was a tough one. However, the most interesting part of his blog are his Rules on How to Become a Management Guru. Here is my summary version of his rules but please check them out for yourself.

1) Be old. Ooops, not old but in the field for a couple of decades. Take-away conclusion - Impact takes time. (Is this one from the U.S. Presidential race?)

2) Write a huge best-seller. Ok, we're all trying to figure that one out. The women who have had the most success at this are largely from "outside the field."

3) Have a regular outlet for your writing. Makes sense to me.

4) Don't be a second author. So the strategy has to be about how to be that first author (see Rule #1)

5) Be in the U.S. We'll see how this holds for 2012 (the possible next list?)

6) Pick "broad, sweeping topics." And we're back to impact again.

Tom closes by asking if women can pull this off. Another question is whether women want to or if there is a different kind of "impact" list that would matter even more.

Patti

New Breed of Business Gurus Rises - Any Questions?

Fri, 09 May 2008 18:37:50 EST

Earlier this week I was copied on an email from Candy Brush. A student had forwarded her the article from Monday's WSJ which presents a "ranking of influential business thinkers" compiled for the Journal by Babson's own Tom Davenport. Professor Davenport used a methodology he developed earlier for his book ," What's the Big Idea," and measures according to Google hits, media mentions, and academic citations. I'm not reproducing the list here - but even the WSJ asked where the women were. The one woman on the 2003 list (Rosabeth Moss Kanter) has fallen off and no woman entered into the list.

Well, a flurry of email followed among a group of female academics. All of us wished there were some women on the list, but I think we started asking the right questions. We talked about the methodology, and thought we might be able to help with a different starting list next time as to the 100 leading business gurus. We wondered about the definition of "business guru" and certainly "top business guru." I'm challenging us all to continue that debate, so my first question is - how would you propose as female "top business gurus?" And if we are struggling with the list - that is a different question.

So, I emailed Tom Davenport and asked if he'd be willing to be part of a blog discussion on this. His answer came back almost right away - absolutely. Therefore, my friends, please share. Why did this list hit us so hard? Are women really not in this arena at all? And if so, why not?

Patti

Global Women's Entrepreneurship

Fri, 02 May 2008 11:40:03 EST

Women's Entrepreneurship matters—women are creating and running businesses around the world, contributing to economies that represent more than 70% of the world's population and 93% of global GDP (2007).

The Global Entrepreneurship Monitor Report 2007 on Women and Entrepreneurship was formally launched today during the full-day symposium for thought leaders, Growing Sustainable Businesses: Best Practices for Women Entrepreneurs sponsored by Ernst & Young LLP, 5 Times Square NY, NY.

To read the report click here!

To read more details in the press release click here.

I Didn't See it Coming...But Now I Will

Fri, 09 Nov 2007 16:26:58 EST

I just left a really informative and actionable session featuring three authors of the best-selling book I Didn't See It Coming.

Amy Kopelan, President, Bedlam Entertainment Inc. and former Programming Manager, Good Morning America, Nancy Widmann, Broadcasting Hall of Fame inductee; first woman president at CBS and Babson's own Elaine Eisenman, Dean, Babson Executive Education walked us through the steps to create our own personal exit strategy and how to deal with career situations that can take you by surprise.

A few key takeaways:

1. What is your value proposition? You are your own brand!

2.Develop an "Exit Strategy Skill Bank"

Talents I possess
Targets to best apply my skills
Skills wish list
Action steps

3.And my favorite...develop a personal board of advisors.

For more great tips, pick up the book and also visit http://www.ididntseeitcomingthebook.com/

Reach for the Stars

Fri, 09 Nov 2007 12:33:24 EST

Dr. Sally Ride , first American woman in space, entrepreneur, author, and educator addressed a packed luncheon sesssion. She has had an amazing career and focused her speech on the importance of introducing young girls to math and science at an early age.

Her recent enterprise, Imaginary Lines, is an organization founded to provide support for girls interested in science, math and technology. One instrument of this mission is the Sally Ride Club, created for upper elementary and middle school girls across the country.

Gender is a good predictor of height - but not a good predictor of leadership capability.

Fri, 09 Nov 2007 10:07:43 EST

Ilene Lang, President of Catalyst Inc., opened the 10^th Annual Women's Leadership Conference with a riveting session discussing what we all should watch for, moving into the next decade.

Two studies she referenced sound particularly interesting -- both indicate that men AND women stereotype women. Women and men think that women are good at "taking care" behaviors and men are good at "taking charge" behaviors. So no matter how much women achieve, men are still considered better leaders. She called this "think leader, think man". The research also suggests that women put in the same efforts as men to rise to the top - taking risks, putting in the time, making personal sacrifices. Yet, the barriers they face are different - lack of networks and lack of role models...and this gender-based stereotyping.

By 2014, over 65% of new entrants to the workforce will be women or people of color. And women will be just under 35% of the workforce. These new entrants have grown up in a very different world - comfortable with technology, globalization and expect a different kind of workforce.

Let's not disappoint them with the status quo. Let's "take care" of them by "taking charge" and eliminating this gender-based mindset!

Friday November 9th - Annual Women's Leadership Conference - Register Now!

Thu, 11 Oct 2007 08:53:05 EST

Celebrating a Decade of Women in the Lead

Featuring

Dr. Sally Ride
First American Woman in Space, Entrepreneur, Educator

&

Ilene Lang
President of Catalyst, Inc.

The Center for Women’s Leadership at Babson College in collaboration with the Babson Association for Women MBAs invites you to the tenth annual Women’s Leadership Conference at Babson College. Participate to be inspired by women experts representing a wide-array of industries, expand your leadership tool kit, and enlarge your professional network.

Babson Provost Greene Keynotes at Women of Influence 2007

Mon, 20 Aug 2007 09:23:40 EST

Babson College Provost Patricia G. Greene will present the keynote address at the Women of Influence 2007 event to be held September 20 in Jacksonville, Florida.

Greene will speak about the resources and opportunities available to women business owners trying to grow their businesses.

More>>>

Business Education for Women Entrepreneurs - What Next?

Mon, 02 Jul 2007 01:21:55 EST

What should be different about education to encourage women to start their own businesses? There are at least two separate questions embedded in the overall concern. First, we need young women to be interested in business and second we need them to be interested in starting businesses of their own. The question of why young women aren't interested in business careers is a recurring theme. One of the reasons we've suggested before is that they don't see business as interesting, attractive or inviting. There is no TV business version of an Allie McBeal as in a law career or any one of a number of shows featuring women in a medical career (my current favorite is definitely House). Whenever there is a mention of a woman owning a business in TV or a movie, it tends to be a coffee shop, restaurant, or small but oh so inviting inn (not that there is anything wrong with that). But the idea of a woman designing and developing an entrepreneurial career based upon identifying opportunities that appeal to her and building the resource base to pursue those opportunities - you just don't see that. This career might begin working for others and learning the paces and develop either into a long term career within large organizations, or starting her own business, large or small. It is also a recurring theme that our business world is based upon a cultural foundation that either doesn't exist any more, or at least, exists in a more limited manner. William Whyte wrote about the White Collar Man and specifically talked about the society's role in producing individuals (male - and the idea of "individuals" as loosely based") but everyone was being developed and educated to work in a large, read that very large, organization. But it is increasingly clear that very large organizations do not necessarily provide either the pathway to the manner in which people want to live their lives, or the outcomes on what organizations should produce as their contribution to the world

I recently joked that I can't believe I now occasionally use the term existentialist in a conversation, But I am increasingly concerned that we don't think about why we are here and how that question relates to our lives. I have spent many years of my life in the service of women's entrepreneurship and it is a phenomenon to which I am deeply committed because I think this pursuit can make a difference. And so my continuing question to those of you who are starting a business - why are you doing this? We know from many years of research that it is not just about making the money. That is a nice - and important - pursuit, but it is usually 3^rd or 4^th on the list. Doing something independently or making a difference usually beats it. My hope is that the difference you are trying to make is not only about what you are producing, but also, how you are producing it. Schumpeter's classic definition of innovation includes the idea that innovation is not only the better mouse trap, but also the better means of production. I interpret that means of production to include how you design and operate your business. How do you select your team? How does that team work together? How do you share information? What are your measures of success? What are you ultimately trying to overcome? The ways things are currently done is based upon history - not necessarily upon what is the best way to do things. Let's think further about this. But my opening question remains as an invitation to hear more from you. If you believe that business can be done in a different manner and that manner may be better for society - what needs to be different about business education?

Demystifying Angel Investing

Tue, 26 Jun 2007 10:46:23 EST

Angel investing is the new rage. Open almost any business periodical and there is probably a story about a new company that who sought angel investors to get a business launched. Who are these "angels" and what is angel investing?

Angel investors are individuals who invest in businesses. Typically, angels are looking for a higher return than they would see from more traditional investments, such as stocks, bonds or even real estate. Angels are sometimes former entrepreneurs who want to help other entrepreneurs get their business off the ground. Angels invest their own funds, unlike venture capitalists, who manage the pooled money of others in a professionally-managed fund. However, a small but increasing number of angel investors are organizing themselves into angel networks or angel groups to share research and pool their investment capital. Angel group members must be an accredited investor as defined under Rule 501 of the SEC regulations. Funding estimates vary, but usually range from $150,000 to $1.5 million.*

In 2005, angel investors invested an estimated $23.1 billion in entrepreneurial businesses in the United States, playing a crucial role to provide start-up capital for new businesses and ultimately to create jobs.

What are the benefits? Angel investors tend to be exited entrepreneurs and retired businesspersons who invest significant time in their portfolio companies as mentors, advisors, and members of boards of directors. Since most entrepreneurs have never run rapidly growing companies, angels bring invaluable skills and experiences to the enterprise. Some angels invest because they are looking for solid returns, anywhere from 2x to 20x their investment. Other angels are interested in helping new technology ventures solve social problems. Still others enjoy coaching and mentoring new start-ups, giving knowledge and advice. No matter you're the motivation, start-up investing is economically very risky but the knowledge angels bring may improve the odds for these firms.

Surprisingly, the vast majority of angel investors are male. In 2005, Women angels represented approximately 8.7% of the angel market. This means that the majority of new entrepreneurial ventures and their innovations are 92% funded by men which is not reflective of the collective wealth, experience and education of women generally. Considering that women's financial power and wealth have grown in the past 20 years - approaching half of the nation's net worth - it appears women are under-represented in this type of investing and that we are missing an opportunity for new investments and perspectives, said Carl Schramm, president and CEO of the Kauffman Foundation.

A few weeks ago we held an event at Babson College, the Power Investing Roundtable for Women http://www.powerinvestingwomen.com/

This event was co-sponsored by a number of angel organizations, women's associations and colleges. It featured a keynote address by Clara Furse, the CEO of the London Stock Exchange as well as several experts on portfolio management, hedge funds and angel investing. The event attracted more than 100 women interested in learning about alternative investments. This suggests that indeed, there is a pool of women interested in participating in wealth creation, helping to fund new technologies and contributing to the growth of our US economy.

*Adapted from -The Angel Capital Education Foundation (ACEF) and Golden Seeds and Jeff Sohl, Center for Venture Research, University of New Hampshire

It's Still Hard to be a Woman cites the Economist

Sun, 24 Jun 2007 12:16:30 EST

An article in the June 16-22 Economist (Sex and Money, p. 65) reports that the number of British women on the Sunday Times Rich List has gone from 64 to 92 over the past ten years. The most interesting part is the explanation given by the Economist Intelligence Unit, that the sources of women's wealth are changing from the historical ones of inheritance, marriage and divorce to those of INDEPENDENT INCOME, BUSINESS OWNERSHIP, AND INVESTMENTS. While this explanation is questioned by the compiler of the Rich List, it is perhaps a harbinger of good tidings.

However, there is also continuing gloom when it comes to the representation of women in the upper levels and on boards of larger companies, as well as continuing gendered salary disparities. Recently the Equal Opportunities Commission predicted that It will take another 60 years before there is equality between the sexes in British business... I think we should hold ourselves to beating that projection. The question is how?

One direct approach is a continued focus on skill building. Earlier this month Tara Weiss wrote about negotiation, particularly for that entry salary, a critical step since it is the foundation for all future salary increases. (http://www.msnbc.msn.com/id/18743312/). Eve Tahmincioglu of CareerDiva (http://www.evetahmincioglu.com/web/blog/) returns to this issue every so often. One of the most practical pieces of advice one of her interviewees (Sallie Krawcheck, the chairman and CEO of Citi Global Wealth Management), gives is that if you are nervous and break out in blotches when you ask for money - wear a turtleneck! Will wear turtleneck for cash. I can do that.

Women Supporting Art - Not!

Wed, 09 May 2007 22:08:10 EST

This is a bit of a belated response, but I can't seem to let go of an article from the March 14th WSJ. I just keep carrying it around with me and thinking about it. It was just a small article called, Despite Numbers, Women Get Fewer Gallery Showings and basically said that the reason women artists have fewer showings is not due to lack of advocacy, but it is because most art is being purchased by wealthy, predominantly male customers and apparently they prefer art done by men, or as the reporter stated, art that expresses a male viewpoint. The description of the art collectors is priceless - playboy European heirs, Japanese capitalists, newly rich Russian robber barons, American [investment] bankers and the like.

What does this have to do with women's entrepreneurship? My concern is that women are not investing in the world. They are less likely to be venture capitalists and less likely to be business angels. Therefore, as I've said before, the decisions about what companies grow and by implication, what technologies are advanced, are being made by men. The art world seems to be the same.

Therefore, if you want a stronger voice, whether technology or art, write a check and invest in someone's creativity.

Celebrate Women's Entrepreneurship on International Women's Day

Thu, 08 Mar 2007 10:33:01 EST

Happy International Women's Day! Today is a day around the globe when the accomplishments of all women are celebrated. Of course, given that the Center for Women's Leadership likes to celebrate early and often, we hosted our third annual Symposium on the Role of Women Entrepreneurs in Global Economic Development last Friday, March 2nd. We had a wonderful conversation with over 80 leading scholars, policy makers, and practitioners about the work that is going on around the world to extend the entrepreneurial capability of women and the impact that can have on their livelihoods, their families, their communities and indeed their countries. You can check out the full agenda at http://www3.babson.edu/CWL/events/GEM-2007-Event-Agenda.cfm. It was a fabulous day, including an exhilarating speech by Naomi Tutu about the need for women to reframe the way they see their work and to use their voices to make that work and their contributions known to others.

At the heart of our conversation last week were the findings of the Global Entrepreneurship Monitor (GEM) 2006 Report on Women and Entrepreneurship. Authored by myself and my Babson colleagues Elaine Allen and Maria Minniti, this study gives us insight into the business activity of new and established entrepreneurs in 40 countries. Our analysis shows that there is a significant and persistent gender gap between men and women with respect to entrepreneurship; men are more likely to start businesses than women. Country context makes some difference for how this gender gap operates. In developed countries, those with higher per capita GDP, the gender gap is generally wider, most likely because women have other economic choices - they may have better professional prospects as employees of established businesses, they may choose professional pathways outside the business world such as teaching, law or medicine, or they may have better safety nets through the public policy of their countries. In less developed countries, with lower per capita GDP, women face bleaker choices and thus entrepreneurship offers an opportunity -- perhaps the only opportunity -- for them to improve their livelihoods. In fact, the data from the GEM study shows that necessity is a bigger component of women's motivation toward entrepreneurship than it is for men and, in lower income countries where necessity is typically high, the gender gap for entrepreneurship nearly disappears.

There is of course much to read and understand in the report and I welcome you to do so. You can download the 2006 GEM Women Report at http://www3.babson.edu/CWL/research/published.cfm. You'll find the details on what motivates women entrepreneurs, how background characteristics like work experience, education, and family income impact entrepreneurial behavior and what sectors women's businesses are most likely to be found, among other things. Happy reading and Happy International Women's Day!

Heroines of Entrepreneurial Women

Tue, 13 Feb 2007 13:01:36 EST

I spent two days last week at the strategic planning session of the Board for the Center for Women's Business Research(www.cfwbr.org) It was a very high energy, extremely interactive, and I believe quite productive exercise. Of course, I'm biased enough to think that the energy flows and things are accomplished whenever you get women entrepreneurs and their supporters together. One of the more unusual things we did to kick off the retreat was to go around the room and answer two questions - Why we were there and Who are our heroes. I'll admit that I did a bit of internal eye rolling at the assignment until the first woman started speaking. The next hour or so was one of the most moving and inspiring times I've had recently. The vast majority of the two dozen or so women (and one man) around the table spoke about relatives - mostly mothers but also a sprinkling of aunts, grandmothers, and sisters. There were definitively some teary moments as the speaker of the moment reflected on what these relatives had meant to them. But being the incurable social scientist, I naturally started to track themes. Two emerged about the heroines being described and two emerged about the perception of impact. Almost to a person the heroines had worked very hard to install the importance of education into the children who were important in their lives. They believed that this was the path to a better life for the children. Our heroines were also very active inside and outside of the home. While not all of them were in the paid workforce, they all had extremely full lives following all types of interests. There was also a strong consensus that it was possible to have rewarding professional and personal lives. As Flori Roberts, serial entrepreneur and Vice Chair of CWBR's Advisory Council, put it, "having one doesn't mean giving up the other."

The impact on the women in the room was described in two primary ways. First, each had an extremely strong sense of independence. Of course, they are entrepreneurs. Second, they all described themselves as value driven. Their entrepreneurial activities are important to them but are certainly not limited to financial empowerment through the generation of independent wealth (not that there is anything wrong with that) but absolutely extends to explicitly thinking about their contribution to their communities and society as a whole.

Our other heroines included Kathryn Hepburn and Nancy Drew and there were a lot of heads nodding in agreement on both of these suggestions. But it was our inspiring relatives that really got us going.

Interview with Margaret Heffernan, Author of How She Does It: How Women Entrepreneurs Are Changing the Rules of Business Success

Wed, 17 Jan 2007 10:45:02 EST

What prompted you to write How She Does It?

After completing THE NAKED TRUTH, I felt that real liberation for women lay in entrepreneurship. There are no glass ceilings when you own the company. That, together with the staggering statistics around female entrepreneurship, made me want to understand what was going on. I was also struck that almost everyone belittled female entrepreneurship - people were too quick to tell me women's businesses were small and insignificant. I didn't believe it and, when I dug a little, discovered what I suspected: that this was a very big business story indeed that no one was telling. Tom Peters calls it our most underreported business news story and he's right.

Through your research for this book, are there any discoveries that really surprised you about today's women entrepreneurs?

I was surprised at how female they were. These women aren't succeeding by emulating men. They aren't big, mean, tough deal-busting, 24x7 thugs and neither are they adolescents in garages. They are succeeding on their own terms in their own way. Nor are they risk averse (another commonly held belief about women.) The women in my book have taken on big risks; they've done so fearlessly. In the face of danger, they have not reverted to old fashioned command-and-control leadership styles. They have very strong values and they are successful BECAUSE they stick to them.

I was also intrigued by how well women were faring in industries not normally associated with women - such as technology, the energy industry, manufacturing. There really isn't anything women can't do. Every time I visited one of these companies, I came away thinking: why haven't I heard about this company before? Why isn't everyone trumpeting their achievements to the roof tops? It surprised me that the stories were so easy to find and yet so undiscovered. It also surprised me - and still surprises me - how completely the VC community has failed to see the value women bring to business.

What advice do you have for aspiring entrepreneurs?
1. Don't be afraid - but don't think it is going to be easy.
2. Don't think of the world as divided into Corporate People and Entrepreneurs. Many of the most successful entrepreneurs had their education paid for by the corporations that employed them. Learn wherever you can - and preferably at an employer's expense.
3. Don't give up. Many successful companies have been in the game for a long time. It often took them a long time to find their sweet spot.
4. Don't think about yourself: think about the Asset which is the business you are growing. Serve that.
5. It isn't about you; it is about customers. Without them, you are nothing but an expense.
6. The less your company needs you on a day-to-day basis, the more valuable your company is and the easier it will be to sell it.

Books for the Holidays

Tue, 02 Jan 2007 09:50:20 EST

My colleagues and I, Myra Hart and Patti Greene are working on a new book about ways aspiring women can better manage career and family. As part of our research, we interviewed more than 30 women in all phases of life and career. It often comes up that certain books were helpful in seeking information, making decisions, or inspiring action. For instance, some were inspired by biographies of successful women entrepreneurs and leaders, while others pick self help books, and still others select those on general entrepreneurship and leadership.

Looking back, one of the earliest books published for women about leadership was The Managerial Woman, by Margaret Henning and Anne Jardim (1977). This book was pathbreaking not-only because of it's focus on women, but also because of the stories that showed women's experiences in moving to top levels were different than men's. They found that women entered the business world with similar goals, but had different assumptions and approaches to achieving these goals.

By 1990, Sally Helgesen's research showed that women actually had an advantage. Her book, The Female Advantage: Women's Ways of Leadership, replicated the same methodology as earlier research on male leaders by Henry Mintzberg. Helgesen spent weeks studying the activities of five women leaders in detail. Some of her conclusions were that women leaders structured their organizations more like a web, they managed interruption and discontinuity well, and maintained a complex network of relationships with people outside their of their organizations.

Today Carly Fiorina, Anita Roddick and Oprah Winfrey have best sellers describing their rise to the top of organizations and there are a vast array of self-help books on everything from how to negotiate, Her Place at the Table (Deborah Kolb) to the Old Girls Network (Sharon Whiteley, Connie Duckworth, Kathy Elliott), to our book about raising money for fast growing ventures, Clearing the Hurdles.

In talking with my colleagues at the Center for Women's Leadership, we wondered what your favorite books were? What autobiography or biography has inspired you? Which self-help book offered the best tips? Or which book provided the best information for guiding your business or career? Let us know your must reads!

2006 Top Ten Issues on Women's Entrepreneurship

Sun, 31 Dec 2006 17:39:05 EST

In the spirit of all the usual end of the year lists - books, music, and so forth, I thought I'd reflect on my top ten issues in the area of women's entrepreneurship. Please note that there is no type of statistical validity or any specific selection technique underlying the list - just my musings. Also, it is most certainly not inclusive. There are many other great programs, groups, activities, etc. happening around the world in the support of women entrepreneurs and their businesses.

1) Mohammed Younis wins the Nobel Peace Prize for his work in advancing economic and social development through microlending. As the founder of the Grameen Bank, Younos demonstrated quite clearly the potential of women advancing (as individuals, families, and communities) through entrepreneurship. In essence, this does become the first Nobel prize for entrepreneurship.

2) Several of the US government programs increasingly recognized that entrepreneurial training programs need to focus on growth as part of start-up training, and not just a later add-on. Some examples of this approach can be seen in select Women's Business Centers and also in the approach that seems to underlie the current work of the National Women's Business Council (http://www.nwbc.gov/).

3) The number of role models for women's entrepreneurship continues to grow - with women being very specific that there is more than one approach or path. There is no way to list all, but a few whose stories I continue to find interesting include Nina Mclemore, Josephine Chaus, Maxine Clark, and Helen Greiner.

4) Availability of equity dollars! It has definitely been an interesting year for meeting more women in the equity community and watching some of those who have been in for awhile making some moves. Whether it is launching funds targeting investments in women led firms or using existing funds to be alert for deals with women entrepreneurs, it feels like a bit of movement (and when starting from almost nothing, that is saying something). Women I intend to watch who are approaching equity in different ways include Karen Kerr, Lisa Jordan and a new acquaintance for me, Lori Whitted.

5) Foundation and not-for-profit work with women entrepreneurs. These groups are doing excellent work in such things as providing data, promoting role models, and advancing networking opportunities. While Catalyst is not about entrepreneurs, their research and programs help us understand the world of work for women in a different way. The Center for Women's Business Research continues to be the premier group for conducting and disseminating information on U.S. women entrepreneurs. Industry specific groups such as WITI are also increasingly active in launching chapters and programs.

6) Colleges and universities conducting research and teaching for and about women entrepreneurs. While I remain entirely biased about our work at Babson through our Center for Women's Leadership and our participating in the Diana International Project, there are other exciting things happening as well. Harvard Business School and George Washington University both have unique ways of addressing the demand for this type of education.

7) Getting the attention of for-profit companies. For some, their support is seen through financial contributions to and programmatic participation with foundations and not-for-profits such as the Center for Women's Business Research (http://www.cfwbr.org). For others, there is specific outreach externally to women entrepreneurs through programs such as Office Depot's Success Strategies for Businesswomen (http://www.officedepotsuccess.com). Either way, working with women entrepreneurs is just seen as good business.

8) The media. We've joked for years (in a rather sad way) that we needed an Allie McBeal (law) or ER (medicine) about women business owners to show entrepreneurship as a career choice in a different light. You can tell how long we've been making that joke by the dated nature of the shows. I suppose we could now use Law and Order and Grey's Anatomy to show what we are missing for the business show. On a small aside note, at least the family business in Brothers and Sisters is now led by one of the sisters. But that was a bit of a painful turn anyway. A final media mention - thank you for two particular magazines Pink (http://pinkmagazine.com) and Motto http://www.whatsyourmotto.com - formerly Worthwhile). I hope they both have tremendous 2007s.

9) The women entrepreneurs. Whether initially starting a home based business to support a family (which does NOT mean it can't eventually grow), planning a large scale enterprise with an industry presence, or launching a not-for-profit organization to make a social difference, my colleagues and I continue to be impressed by the passion and persistence these women demonstrate and it is our pleasure to work with them on a regular basis.

10) Great year for discussing theory. The academic pendulum swings over time between the importance of theory and practice. However, the intellectual conversation is starting to become quite a bit more realistic in recognizing that no field can advance without activity from both perspectives - pure theory and actual practice. Oh wait, maybe this one is my hope for next year.

Happy New Year to everyone who helps to support women entrepreneurs and their businesses!

Women, Philanthropy and Advancement

Mon, 11 Dec 2006 15:58:59 EST

It's that time of year, when many of us are thinking of the things we have to be grateful for and are turning to end-of-year giving. In recent research from the Center for Women's Leadership on woman-led businesses in Massachusetts, one of the findings that struck me was the link between the employment of women and the philanthropic activity of the firm. Our research shows that the greater the percentage of women employees, the more frequently a firm participates in philanthropy throughout the year. This finding fits the general trends in charitable and social cause initiatives, which typically involve a greater number of women than men as organizers of events, volunteers, and participants. Women are generally more active in philanthropic organizing and give of their time and their money with high frequency. But the levels of money donated by women usually fall short of that contributed by men, owing in large part to economic and social status. Women may care passionately and prioritize charitable giving, but they do not always have the resources to provide high level funding for their causes. Through corporate organized philanthropy, women can magnify their individual impact, by helping to shape the direction of philanthropic activity of the firm as well as the level of its collective contributions.

As women advance in their professional lives, gaining stature and greater economic clout, the expectation is that they will also be able to be bolder in the funding levels they contribute to causes for which they share empathy and passion. I've written in this blog before about giving women new reasons to pursue business leadership and entrepreneurship - the wealth creation possibilities that are open to them not solely for themselves but for the employees they will engage and the communities in which their firms will be taxpayers and donors. It stands to reason that as more and more women achieve greater levels of professional advancement and economic wherewithal, they will be in important positions to serve on non-profit boards, act as major donors, and provide leadership gifts to a wide range of philanthropies. In so doing, there will be a significant social payoff for their accomplishments. As the advancement of women in the various professions gives them access to new levels of economic status and decision-making influence, I'm hopeful that they will use those benefits to make an even bigger difference with respect to philanthropy.

P.S. Should those of you reading this be so inclined, the Center for Women's Leadership would benefit greatly from your charitable donation to support CWL's research, educational programs and website, including this blog. Why not combine your holiday shopping with the gift of giving - we'll send a card to whomever you choose to honor!

Women Angel Investors - New Research

Wed, 29 Nov 2006 18:01:13 EST

The Scientist just released an article that covers issues relating to women investing in life science ventures (www.the-scientist.com/article/home/36467/). It was fascinating to learn more about women such as Catherine Mott who became an angel in 1999, decided the whole process needed an upgrade, and is now a managing partner of BlueTree Allied Angels in Pittsburgh. Other organizing various types of investment groups or raising venture funds included Adrienne Choma, of Golden Seeds with venture forums in NY and Connecticut, Laureen Flanagan of Phenomenelle Angels Fund in Wisconsin, Karen Kerr of Agile Equities, Donna Williamson of Ceres Venture Fund in Evanston, Ill., and Sue Preston, founder of the first all-women's angel group. Sue has been an activist for more involvement of women in this area for quite some time.

The basis of the article is a study conducted by the Ewing Marion Kauffman Foundation and recently published in Science. The sample for the study included 4,227 scientists in the life science industry and concluded that there is a gender gap in that the male scientists in the study were more likely to secure patents than female scientists. The explanation given was the very important and now oft-heard one of networks and mentors.

As mentioned in this article, this new report is very much in synch with the earlier study the Diana Project did on women in equity capital. This concern with networks and mentoring is a finding that is heard in all types of industries when it comes to the question of women starting and growing businesses - especially relating to securing financing - and especially when it comes to equity funding, be it formal venture or angel. My concern is now acting on the information from the earlier studies and now from the Kauffman Foundation.

I had the privilege of being a guest teacher in one of our Babson classes last night and we were doing a case on HP when the professor raised the issue of gender differences in business. The students in the class room were from many different countries and were terrific about sharing their thoughts and ideas on the subject. Several of them suggested, some more strongly than others, that this was no longer a problem. A few proposed that there might be some challenges now, but in 20 or 50 years it would all be resolved. We ended the class with a discussion of networks and how they play out in equity investing. My goal was for them to think about societal implications, but just as much about the business implications of not having full access to talent. They got that.

Interview with Ginny Wilmerding, author of Smart Women and Small Business: How to Make the Leap from Corporate Careers to the Right Small Enterprise

Fri, 17 Nov 2006 13:43:06 EST

On December 5, join us at Babson College for an event with Ginny Wilmerding, author of Smart Women and Small Business: How to Make the Leap from Corporate Careers to the Right Small Enterprise

1. What prompted you to write Smart Women and Small Business: How to Make the Leap from Corporate Careers to the Right Small Enterprise?

I wrote this book because it didn't exist, and there was a huge need for something like it. Five years ago, as an aspiring business-owner looking to buy a business with a partner, I found that none of the small business advice books that really impressed me were written from a female point of view, and the books that were written for women focused on two themes: starting businesses from scratch and running home-based businesses. I felt that there were so many more paths to consider and that women needed to hear about other women who had followed them: paths that included buying a business, acquiring a franchise, consulting for or joining a small business, working in or taking over a family company, and working with business partners (female or male). Five years later, when I was bought out of the wholesale importing company I co-owned with a partner, I decided to take some time off to interview about 50 women and experts and write the book. I wrote this book simply because I wanted to make a difference in women's lives. I want my readers to know that I am one of them and I can relate to them. I hope the book helps each woman approach her search for the right small enterprise in the smartest way possible, so that she can be not only happy, but financially successful.

2. Why is the book for women only? Don't men and women need the same kinds of advice about small business?

Most of the advice in the book is equally applicable to men and women, but there are several reasons why this book is tailored to a female audience. First, many mid-career women find it more useful to combine a discussion of business and careers with their concerns about work-family balance. They want to think about business choices such as retail vs. wholesale, bank financing vs. equity financing, and partners vs. going it alone within the context of how they'll be able to juggle everything on a day-to-day basis. Second, women really respond well to mentoring and positive role models, and this book is filled with examples of women they can relate to, emulate, and take personal inspiration from. Finally, many women haven't been socialized to be comfortable with the nuts and bolts of business and money in the same way as men. Focusing openly on profits and cash flow, debt and credit issues, and the monetary value of the businesses they've created doesn't always come naturally to them. This is one reason why, even though women-owned businesses are the fastest growing small business sector, businesses with over $1 million in revenue owned by men outnumber those owned by women by a factor of 8 to 1. Although I am not suggesting that women must create huge growth businesses, I do want to help women become unapologetic about being profit-oriented and more comfortable with taking risks so that their businesses survive and their efforts turn out to be financially worthwhile.

3. For the future entrepreneurs out there, are there some lessons that you or the women you interviewed learned the hard way and want to share?

There are many:

Change the way you think about business careers, focusing less on prestigious titles, salary, and resumes and more on how you want to spend your time and make good use of your background. Look at the down-to-earth small business world as a worthy target of your highest career ambitions.
Realize that starting a business from scratch is probably the hardest way to get started. Existing businesses can offer lower risk and more predictability. Before you write off buying a business as too expensive, consider not only your startup costs but the income you will forego while you build your way to profitability.
Spend a day visiting or working in a similar business to the one you want to start or buy, to be sure it's what you want to do.
Design your business so that it's not overly dependent on you, and delegate as much as you can. Your business will be worth more, and you will feel less of a burden to make everything happen.
Don't be afraid to borrow money; do what it takes to apply for a proper business loan. Your business is more likely to fail and you are more likely to face credit problems if you don't plan for your capital needs in advance and instead depend on credit cards and money from friends and family.
If you're going to work with a business partner, prepare yourself for partnership success by planning for it very deliberately. In addition to legal documents, spell out your different roles and responsibilities so they're crystal clear, and consider going on a retreat to get to know the ins and outs of each other's personalities.

Babson's Langowitz Weaves Leadership Tapestry with Wellesley Chamber

Fri, 03 Nov 2006 13:41:35 EST

Nan Langowitz, Director of the Center for Women's Leadership used a tapestry metaphor to discuss how small business owners and corporate executives can bring balance to their and their employees' personal and work lives. She presented at the Babson College/Wellesley Bank Business Series at the Wellesley Chamber's Networking Before 9 Breakfast held here at Babson.

Langowitz used the tapestry metaphor because the 50/50 scales of justice model are no longer satisfying. We no longer have strong borders between work and family. Work is an important part of who we are. A tapestry of life better reflects the current workplace where the numbers of women entering are dramatically increasing. Colleges too are now 52% women. more>>>

Woman-Led Firms and Wealth Creation in MA

Sun, 29 Oct 2006 19:41:47 EST

Last week I spoke at a reception for the Top 100 Woman-Led Businesses in Massachusetts. It was a grand celebration and one which the chief executive women richly deserved. The reception marked the fifth time that The Center for Women's Leadership at Babson and The Commonwealth Institute have collaborated to conduct the research on the senior executive women of Massachusetts; we wanted to tell their story not simply through a snapshot in time, but over six years of sustained accomplishment and growth. Our research has been on-going since 2000.

It was a grand celebration last week indeed. But do you know why? It wasn't just because there are women leading terrific companies. On average, these CEOs have been doing that for 15 years, so the top spot is old hat for them. And, it's not just that their companies are present in such a wide range of industries, proving the stereotypes wrong that women can only lead in those "traditional" industries that they're "supposed to know about" like fashion or cosmetics (not that there's anything wrong with those widely profitable opportunities). Our study shows that woman-led firms can be found in any segment of the economy. And, it's not because, lo and behold, they all have found a way to lead their companies and have fulfilling personal lives as well. Well, of course they have - what great leader is only one-sided?!!

No, those would be good reasons to celebrate, but that's not why these women CEOs deserved a party. It's about the wealth they create! That's why they deserved to celebrate. When we think about wealth creation, the obvious place to start is with the money. But it's not just about how big their companies are - even when the very biggest of the firms in the research study is left out, the average firm had revenues of nearly $40 million in 2005 - it's really about what their outlook is for growth. The annual revenue growth of the woman-led Massachusetts companies we studied is striking -- more than 55% of the companies are growing at a pace well over the state and national averages, with expectations to stay on that pace going forward. The Top 100 woman-led businesses in Massachusetts are a group of companies that generated $10 billion in 2005, with average growth on a pace of 5% or more. That was worth a celebration!

In addition to the revenue generation and pace of growth, however, these chief executives create wealth through the people they employ. The Top 100 woman-led companies in Massachusetts employ more than 21,000 people! We know from past research that they invest in these employees, providing managerial development training and focusing on an organization culture that values collaboration. Indeed, in this year's survey, most of the CEOs told us that their preferred leadership style is a participatory one. They want to tap the wisdom of the people who work in your firms. And, their recipe of people-powered performance creates value for their firms and funnels wealth back into the economy through the people they employ. These chief executives may take that for granted, but it is an essential piece of value creation that happens through their leadership.

So there's the money, the growth, the investment in people and the multiplier effect of job creation - all of them indicators of the wealth creation power of this group of women executives. But there's one more aspect of wealth creation that really stands out from this year's research, and that's the philanthropic activity of their firms. Woman-led firms are active wealth creators through philanthropy. Over one-third of their companies engage in philanthropy with local community, charitable or non-profit organizations on a monthly basis and nearly all of them do so annually. Further, regardless of the size of your company, the more women employees a firm has, the more frequently their company participates in philanthropy. Since the typical woman-led firm has an employee base that is nearly 60% female, that means there's an awful lot of social wealth creation going on!

The CEOs of the Top 100 Woman-Led Firms in Massachusetts have got the total package put together - making a difference economically, socially, and philanthropically. As significant wealth creators for our economy and investors in the future, the work they do and the way in which they lead is extraordinary. They deserved to celebrate at last week's reception and I was glad to be there with them.

Best Opportunity for Women

Mon, 16 Oct 2006 11:15:40 EST

The Princeton Review has named Babson College's MBA Program the "Best Opportunity for Women" for the third year in a row. The rankings are based on surveys of students and reflect the strong commitment that Babson has dedicated to advancing women in business. More on the MBA Program >>

Sad News for Small Business Data

Sun, 15 Oct 2006 22:14:02 EST

I got a most disturbing message on Friday. The word on the street is that the Federal Reserve Board recently voted to stop producing the Survey of Small Business Finances. Losing this data is a bad thing. This survey has been done every five years since 1988 and includes both the sources of financing sought and sources of financing used by small businesses. The United States has a quite limited approach to collecting and sharing data about business enterprises and this was one of the good ones for two major reasons. First, it focused upon what many entrepreneurs cite as one of their major problems - financing their businesses. A second reason for the importance of the data was that it did include owner characteristics, such as gender and race and ethnicity.

There is no other source of data quite like this available to researchers, practitioners, or policy makers. A note from the Center for Women's Business Research reminded me that the data is also currently used to produce the Report to Congress on the Availability of Credit to Small Businesses report, required every five years by the Economic Growth and Regulatory Paperwork Reduction Act of 1996.

My understanding is that no public announcement is intended about the cancellation of the data. The Federal Reserve Board has been providing an important source of data for small businesses. My friends at the Center for Women's Business Research suggest that we can help with the following steps: send a letter to the Chair of the Federal Reserve (Dr. Ben S. Bernanke) urging him and the Federal Reserve Board to reconsider its decision; contact the SBA Administrator (Steven Preston at (202) 205-6605 - sorry, his email address isn't included on his SBA contact page) about the potential loss of this resource so that he may weigh in on the report's importance; and send a message to the members of the House and Senate Small Business Committees, asking them to weigh in as to the importance of this data set.

Small businesses are a critical part of the U.S. economy and we continue to work hard to understand what environment, services, education and training, etc. best support our entrepreneurs. We can't do that without accurate data to show our past and present state, and therefore guide our future actions.

Becoming a Heroine

Tue, 10 Oct 2006 09:13:02 EST

Pick up any business periodical or publication and you will see a cover story about the latest business hero or heroine. Bill Gates (Microsoft founder), Warren Buffet (CEO of Berkshire Hathaway and Jeff Bezos (Amazon.com founder) are often thought of business heros who have pioneered new markets by innovating, and growing their companies.

But, how often do you hear about the heroines? In fact, CNN's (2005) top 25 most influential leaders does not include a single woman. We can be grateful that Fortune Magazine celebrates the 50 most powerful women each year—otherwise we would know much less about the likes of Judy McGrath, Chairman and CEO of MTV, Sallie Krawcheck, CFO of Citigroup or Indra Nooyi, CEO of Pepsico.

From my perspective, attribution of heroic qualities usually means rising to a top leadership role by through the entrepreneurial process—in other words, by pioneering, innovating and blazing a trail.

What does it take to become a heroine? One conclusion from research I conducted with my partners Patti Greene, Myra Hart, Nancy Carter and Betsy Gatewood as part of the Diana Project, was that aspirations and commitment are key factors. High aspirations and high commitment are two keys to success—in other words, if you want to be CEO, you need to be prepared to make the time and personal development commitment. If you have high aspirations and a low commitment you might be misguided in your pursuit of a leadership role. At the same time, the pathway to the top requires attention to others often conflicting expectations, and the need to seek mentors and advisors. We discuss this more fully in our book, Clearing the Hurdles (Prentice Hall, 2004).

Fortune will release their list of the 50 most powerful women this week—take a minute and read about these heroines—they can be your role models.

How She Does It

Mon, 18 Sep 2006 09:34:50 EST

I just finished the book, I don't Know How She Does It by Allison Pearson. The story of how a high powered investment manager in London with two young children juggles home and work life is both funny and sad. It is funny because of the duality of Kate Reddy's work and family life which tug at her emotionally and physically. The social expectations drive the challenges she faces- at work, she must act like a man to succeed, even though she can't quite do it because she's a woman, and therefore not in the elite chauvinist network of investment bankers. At home she must act like a mother to be accepted by others, even though she doesn't have the time to bake brownies and make jelly. Kate copes with this schizophrenia by making notes to her self about what she" must remember."

On Friday Sept. 15 Babson hosted the 9^th Annual Women's Leadership Conference here on campus, sponsored by the Center for Women's Leadership. The keynoters this year are Addie Schwartz, Principal of B*etween Products, and Carly Fiorina, former CEO of Hewlett Packard. I hosted a panel of women executives all of whom are involved in international leadership positions. How do they manage work and family?

Maura Regan who travels 60% of the time for Sesame Street Workshop says that "I think whatever your choice is, to work internationally, or to stay domestic, to work full time or not, you need to be happy about it. If you are not, your children will pick up on your anxiety and discomfort".

Marcy Reed, a senior VP of Finance from National Grid panelist who has two children says "whatever you do, involve your children in the work experience. Be excited about what they can learn from your work. If you complain about it, they will be unhappy too. Make it an adventure." Deborah DiSanzo, Sr. VP of Patient Monitoring for Phillips agrees, "having a passion for your job carries over to your family".

If we compare the fictional life of Kate Reddy to our real life female executives, we can see that success is grounded in acceptance of choice. Making a choice to follow a particular career pathway does have compromises, but you figure it out as you go. If you worry about your choice, it's probably not the right one.

Final Words of Wisdom

Fri, 15 Sep 2006 15:42:52 EST

Our panelists had some final words of wisdom to share to close the session:

Be patient as you go global, there are a lot of roadblocks...but lots of rewards.

Keep your eyes open for opportunities to do social good...YOU can make an impact on the world.

That's a wrap on the panel sessions...we are off to hear from Carly Fiorna, Former President, HP. I hope that you have been able to enjoy the snip-its from some of our panel sessions throughout this inspirational day here on this blog, even if you weren't able to be at Babson with us. Hopefully you can join us next year! Stay tuned for more information...

More from Going Global

Fri, 15 Sep 2006 15:40:34 EST

More stats were shared:

Small businesses owned by women and minorities are focusing more intense efforts on exporting than are small businesses owned by non-minority men. And, most women entrepreneurs start to enter foreign markets soon after start-up....in fact nearly 55% of business owners take their first active step toward exporting (for example, gathering info on a foreign market) within 2 yrs of start-up.

The moderator of the panel, Elizabeth Thorton, recognized that one of the main challenges of going global is understanding the culture and asked the panelists to share some of their stories...

One of the panelists, Jill Cheng, President, Cheng & Tsui, was born in China, grew up in Tokyo, and came to the US for college. Because of her cultural background, she never wanted to say anything overly positive about her company, even though she was doing very well. When people asked her about it she would respond with a so-so response. Thankfully her husband took her aside one day and told her if she wanted to continue to be successful in America she better change her answer!

Panelist Kellie Kreiser, Director of Project Artemis, traveled throughout Europe often with a previous employer. Once when she was at a tradeshow in Paris she was asked by a french businessman, 'what are you here for if you don't speak french, to massage the mens' feets?' She was horrified but realizing that culturally this sort of comment may be kosher she grinned and bared it...and then walked away as quickly as she could!

Lastly, an American audience member added that she does a lot of work in the UK and that localization trancends even the same language. She encouraged everyone to learn the local norms..not just the language!

Elizabeth Thorton closed this question by sharing the following tips with the audience:

- Build a relationship before you get down to business.

- Don't impose your time limits.

- Do your research.

- Bring your own interpreter.

- Understand body language.

- Dress with respect and authority.

She also suggested visting the site Etiquette International to learn from a cultural image expert, Hilka Klinkenberg. The site can be found at www.etiquetteinternational.com.

The Six Power of Nice Principles

Fri, 15 Sep 2006 15:03:08 EST

The Six Power of Nice Principles

Linda Kaplan Thaler shared her "Power of Nice" Principles:

Positive Imprints Are Like Seeds

If you scatter them, they will sprout.

You Never Know

If you are rude to someone, because you think they don't matter...you never know. You never know who that person really is. You never know what impact they are going to have in your life.

People Change

You never know how your actions today will impact your life later. People will remember, for better or for worse, and as they grow and change throughout their life, from a bottom-rung assistant to standing at the top of the ladder, they will remember those who helped them along the way.

Nice Must Be Automatic

It has to be 24:7. It is easy to be nice to a boss. To truly tell what somebody's soul is like, watch and see how they treat everyone. From the support staff to the cleaning crew to the corner office.

Negative Imprints Are Like Germs

With speed of technology, the internet, and media, your negative imprints spread faster and further than you can imagine.

You Will Know

Your non-verbal communication speaks louder than your words. You will know when you meet someone authentic and when it comes to having relationships with clients...they will know if you truly are.

Tapping and Creating Global Opportunity Panel

Fri, 15 Sep 2006 14:56:53 EST

And we're back...the last set of panel sessions have commenced and I have choosen to join attendees at the Tapping and Creating Global Opportunity Panel. The panelists are sharing their experiences working to tap and create opportunities around the world. With a flattening world, people are forced to be more agile and find opportunities on which to capitalize...wherever they are. These women panelists are passionate about how entrepreneurship advances economic development and enriches life for local women, as well as entrepreneurial activity that leverages international cultures and markets for business success.

Moderating the panel is Elizabeth Thornton, President and CEO, Entrepreneurs Advantage and Adjunct Professor, Babson College. She kicked off the discussion with some impressive stats:

1. More than 1/3 of all people involved in entrepreneurial activity are women (source: the )

2. There are 9.1 million women-owned American businesses, employing more than 27.5 million people and contributing nearly $4 trillion in sales annually to the economy (source: SBA Office of Advocacy).

Wow.

A theme that has become apparant throughout the day is that 'you can do good while doing well'. One of the panelists, Kellie Kreiser, Director, Project Artemis, The Garvin School of International Management, Thunderbird University, shared a video during this session depicting the women-led entrepreneurial activity in Afghanistan. Project Artemis selects and pays for women entrepreneurs from Afghanistan to go to Thunderbird to learn about the entrepreneurial process, in part through a mentorship with successful US women entrepreneurs. The Afghan women are actively advancing their country's economic development to regain their personal freedom.

It is amazing how the entrepreneurial process can result in greater social mobility...for everyone. Let's hope this creates a snowball effect. As their economy grows, their communities will be able to build and renew themselves. They're truly creating the foundation for the future.

The Power of Nice

Fri, 15 Sep 2006 14:22:15 EST

I'm sitting in Olin Auditorium waiting for the final session of the day to begin. This afternoon segment is called: The Wide Reach of Women's Leadership and I chose to attend The Power of Being Nice: How to Conquer the Business World with Kindness. I chose this session because I truly believe that you can be a smart, successful, inspirational leader and still be nice. It looks like a lot of people agree with me because it is standing room only in here!

The speaker, Linda Kaplan Thaler, has a lot of energy and has promised an interactive session so I'm sure the day will end on a high note before we are all sent off to hear Carly's speech.

Leadership Legacy Award: Ellyn McColgan H'05

Fri, 15 Sep 2006 13:07:47 EST

We are all now headed over to the lunch where the Babson Association of Women MBAs will honor Ellyn McColgan, President of Fidelity Brokerage Company, Babson Trustee and 2005 Babson Honorary Degree recipient, with the Leadership Legacy Award. This award was created to recognize women who make an outstanding impact as organizational leaders, role models, and community contributors.

I remember hearing Ellyn speak during the 2003 CWL conference. She is smart, fearless and just an amazing role model to anyone lucky enough to cross her path.

How to Excel as a Corporate Entrepreneur

Fri, 15 Sep 2006 12:45:19 EST

On the corporate entrepreneurship panel, Cary Grace, Managing Director, Bank of America, used the acronym ACT to explain what she believe you need to excel as a corporate entrepreneur.

Alignment: She explained that you need to understand your strategic priorities and those of your company, your partners, and your customers. Many times in her role she is not only raising the bar for her company but also for the industry so she said that she needs to be clear about what she is doing and why, and understand how it affects all of the constituencies mentioned above.

Commitment: As with anything in life, commitment to a corporate entrepreneurial venture is a two way street. She suggested finding out who is committed to your idea in the broader company. She said that perhaps its not your boss...perhaps it's someone in your company that you would least expect. Identify your backers at a number of different levels. Build a steering a committee. Invite people to be on it that aren't 100% convinced of your initiative. They present your biggest challenges and often have the best ideas. Get your steering committee engaged, set your goals and timeline, and give them regular progress reports. They will ultimately be your biggest advocates!

Talent: She insisted that you need to pull together a critical group of folks that you can count on to deliver. In a large company you will need to create a hierarchy so that people understand their roles but don't let it kill creativity. Create an environment that fosters open dialogue. Big doesn't mean you are top down...just that you need to be more thoughtful about how you communicate.

Lastly when Cary described herself as a corporate entrepreneur she said, 'patience is someone's virtue, its just not mine'. I thought that was great.

The Secret of Best Places to Work

Fri, 15 Sep 2006 12:41:40 EST

Speakers:

Lynn Allen, Senior Human Resources Manager, Kronos Inc.
Regina DeTore, Vice President, Human Resources, Sepracor
Beth Grous, Senior Human Resources Director, Genzyme Corporation
Susan O'Connor, Executive Vice President, Human Resources, Suffolk Construction Company Inc.

This was a terrific panel representing a diverse group of companies that were dubbed "the best" places to work by the Boston Business Journal. A common theme was evident: believing and investing in employees. Some of the company initiatives include communicating effectively with employees, establishing a strong brand, and offering customized training.

Suggested Readings:

Recommended by Lynn Alln: Who Moved My Cheese? by Spender Johnson

Recommended by Beth Grouse: The Leadership Pipeline by Jossey-Bass

Recommended by Susan O'Connor: Good to Great by Jim Collins

Corporate Entrepreneurship: How to Lead Innovation

Fri, 15 Sep 2006 11:55:04 EST

Everyone has settled into the second panel sessions. The six concurrent panel sessions offered during this time slot fall under the umbrella, Creating Advantage for Organizations. I have chosen to sit in on the panel, Corporate Entrepreneurship: How to Lead Innovation.

When many people hear the word entrepreneur, they picture a talented person who starts new companies from scratch. While it may seem oxymoronic, there are passionate, talented entrepreneurs inside established companies too. The corporate entrepreneurs on this panel have started and led a variety of successful entrepreneurial initiatives in companies. The moderator of the panel is Donna Kelley, Assistant Professor of Entrepreneurship at Babson, an expert in this area. Panelists include Beth Eckenrode, Vice President, AST Business, NOVA Chemicals; Cary Grace, Managing Director, Bank of America; Joanne Hyland, President and Founding Partner, Radical Innovation Group.

Joanne has conducted research which indicates that women gravitate to corporate entrepreneurship more so than their male counterparts. She posed the question, is this because women have less to lose in a corporate environment? No one responded with anything to note but I thought it was an interesting fact and question...any thoughts?

What Your Financial Statements Aren't Telling You

Fri, 15 Sep 2006 11:39:02 EST

Carole Symonds, CPA, MST is a partner at PricewaterhouseCoopers and the author of The Millionaire Manager. She is leading a session focused on gaining the financial knowledge and tools you need to improve your company's success.

After describing the importance of various ratios, a question was raised from the audience.

"Is there a way to benchmark against other companies?"

Carole Symonds suggested this resource, www.bizminer.com, which allows you to look at different ratios for each industry.

Take Advantage of International Opportunities.

Fri, 15 Sep 2006 11:26:21 EST

Speakers:

Deborah DiSanza (Senior VP, Patient Monitoring Systems, Phillips Electronics)
Marcy Reed (Senior VP, Finance National Grid)
Maura Regan (Senior VP, General Manager, Global Consumer Products, Sesame Street Workshop)

This was a very insightful panel on working internationally. The women panelists spoke about adjusting to working in other countries and company cultures. I was encouraged by the women to take the risk and work overseas should the opportunity present itself. As was noted, without global reach - you may be limiting both yourself and your company. The speakers recommended joining a professional, community, or alumni organization to help adjust to the change. Here is a helpful website that Marcy Reed suggested as a resource: www.wherewomenwanttowork.com.

Girls Guide to Entrepreneurship

Fri, 15 Sep 2006 11:14:22 EST

Addie Swartz, Creator Beacon Street Girls gave a wonderful talk on her career and the creation of Beacon Street Girls - a 10 book series with 400,000 volumes in print. Addie connected easily with the audience as she communicated both her drive and passion for her work. She left the audience with a "Girls Guide to Entrepreneurship" that I would like to share:

Gotta love it.
Start from the heart.
Talk it up.
Be picky about your BFF's.
Never give up.
Never say never.
Stay connected.
Live in the moment.
You can do good by doing well.

Where do you find customers

Fri, 15 Sep 2006 11:09:36 EST

Jackie just gave another interesting response to the second question, where do you find customers? posed at the panel, How it Really Happens: Lessons from Accomplished Entrepreneurs. She first said (echoing Addie's Schwartz's keynote), The opportunity is right in front of you, stop stepping over it! Free cash, come and get it!

She pointed out two potential business opportunities that the other two panelists hinted at that are not core to their businesses. Hm, any takers in the audience? To find customers, Jackie says to put all of your effort into customer research, know your customer, if someone doesn't want your stuff you say 'next'! She recommends being creative, especially when you are a start-up, to find the people who are willing to buy the best not just the big brand names, the people who buy big names are sheep, you want to relate to eagles. She said to assign yourself as a subject matter expert in whatever you love to do.

She told the striving entrepreneurs in the audience, to publish in trade emags most are starving for content. She believes that emags know their markets like nobody's business. By doing this regularly, she said, Now the masses come to me...other pubs pick it up including blogs...I have one article that's been around the world in 5 organizations, 5 times! Cha-ching.

How To Negotiate Workplace Alternatives: Full time, Part time, Flextime

Fri, 15 Sep 2006 10:41:08 EST

I'm sitting in "How To Negotiate Workplace Alternatives: Full time, Part time, Flextime" moderated by Danna Greenberg, Assistant Professor of Management at Babson College.

A few great takeaways for negotiating and working a flexible schedule whether it is for children, elder care, or quality of life:

Try to make it work internally - push for part-time, flex time, job sharing. Blaze some trails and be a role model
Try to use positive language when negotiating such as "flexible schedule" or "reduced schedule" as opposed to "part-time" and collaborate with your manager to find a solution that works with both of you
Don't focus on hours; focus on what you can get done
Don't be afraid to delegate
Be verbal and vocal about career-family integration - give it validity
Look for efficiencies if you are full or part time - examples such as paid housekeeping, online banking, Peapod services
Don't settle - seek out the flexible opportunities and do what it takes to succeed in those opportunities
Find an internal champion - the senior male who has the wife or daughter who is working because he has the perspective of what it is like for her to juggle and balance work with life
Never apologize for working at home or for your flexible schedule
Flexible arrangements can work but...you have to be flexible yourself. If there is something important and you need to be there, you should be there. Don't allow yourself to be left behind