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EO Members Share Takeaways from 2023 WEF in Davos

3 February, 2023

In the photo: WEF’s Olivier Woeffray, Julia Devos and Stephan Mergenthaler with EO members John Metcalf, Troy Armour and Nikhil Hirdaramani in Davos, Switzerland.

The World Economic Forum (WEF)’s annual meeting in Davos, Switzerland convened leaders from business, government and civil society committed to driving positive, tangible change for the long-term of our planet and the people who live on it.

Though EO did not have an official presence at the January 2023 WEF annual meeting in Davos, four EO members attended, having been invited through other initiatives: Nikhil Hirdaramani (EO Sri Lanka and EO Global Partnerships), Troy Armour (EO Europe Bridge), John Metcalf (EO San Antonio), and Pajani Singah (EO London).

We asked them to share takeaways from the meeting.

The SDG Lab

Nikhil Hirdaramani and Pajani Singah participated in the SDG Lab, which aims to promote the UN SDGs and brainstorm new ideas for promoting them among small and medium-sized enterprises (SMEs) such as EO-member companies. Troy Armour also attended and shared his story with the SDG Lab.

“SDG Lab is a multi-stakeholder initiative that contributes to the implementation of the UN SDGs. We were invited to participate by the Global Leaders Initiative, which aims to bring key networks together to find solutions that address the challenges of sustainable development. During the four days of the SDG Lab in Davos, we worked with global leaders to create mutually beneficial solutions to address the SDGs,” shared Pajani Singah and Nikhil Hirdaramani.

Nikhil continued: “We were fortunate to have two EO members who were able to demonstrate how they are addressing the SDGs through their companies – Pajani Singah and Troy Armour.”

Pajani Singah’s company, Amazonia Impact Ventures, was named Top Innovation Winner of the World Economic Forum’s 2021 Tropical Forest Commodities Challenge for protecting the Amazon rainforest and improving the lives of its people through an innovative finance company that works directly with indigenous communities in the rainforests.
Troy Armour’s company, Junk Kouture, has created an engaged, active, and inspiring community of young people working together to make a difference in climate change by finding a new purpose for discarded objects. More than 15,000 Junk Kouture designs have prevented an estimated 40,000kg of waste from going into landfills, and inspired youth from 35 countries.

“At EO, we have storytelling at our fingertips. We can easily share how our 17,000 members are addressing the UN SDGs with their businesses,” Nikhil continued. “It was fantastic that Troy could be at the SDG Lab with winners from the Junk Kouture competition who came dressed in their creations made from discarded objects – providing a real-life example of how to breathe new life into what might otherwise have gone into a landfill.

“In addition, SDG Lab participants were asked to support the creation of the SDG Olympic Games for Climate. They hope to launch it later in 2023. I shared EO’s GSEA model; SDG Lab may take inspiration from that on how to run this new programme,” Nikhil shared.

Nikhil’s three overall takeaways from Davos:

Improving the state of the world is everyone’s business, not just big business.
There is a need for the voice of entrepreneurs to be heard in Davos.
We need to make sure all the positive discussions turn into concrete actions with solutions.

Inspiring Creativity Among Youth

Troy Armour carried his company’s message from youth to the inner circle at WEF, and even got some of the Junk Kouture alumni a platform to speak and share their stories. Here’s what Troy shared:

I was invited to Davos by Deloitte to speak on “how inspiring creativity among youth can drive innovative sustainability solutions and help toward achieving the SDGs.” One story I told was about Junk Kouture, the world’s largest youth sustainable fashion competition, with a vision to enrich and empower the lives of young people through creativity and sustainability.

I always weave EO into the story of Junk Kouture. I share how, in 2018, we experienced significant staff issues, even as the competition was reaching its peak popularity in Ireland. In late 2018, I let the whole team go, and started over. My biggest realisation being that I needed to invest in myself before I could lead others. That’s when I applied to the EO Entrepreneurial Masters Program (EMP) at MIT in Boston.

At EMP, Brian Brault, our course leader, asked me, “Why Junk Kouture?” He kept asking why, and eventually the realisation came on: Because every one of those kids are me, and I’m not going to let them down! In that moment, EO changed the course of my life and my business. As a result, I hired a team based on the mantra that we existed to enrich and empower the lives of young people.

I went into EMP with a ‘millionaire’ mindset and came out with a ‘billionaire’ mindset, and not just in money terms: I believe I can impact one billion lives in a positive way. That’s transformational for me but also for those one billion young people — Junk Kouture went from a one-country event to now reaching young people in 35 countries. I’ve been fortunate to tell this story at several events, including three in Davos: the Goals House Sustainable Fashion Roundtable, the UN SDG Lab, and the Deloitte Haus presentation to 130 people at Deloitte C-level and their clients.

Overall Takeaways from the WEF meeting in Davos

John Metcalf, co-founder and CEO of Upgraded, shared his experience at Davos 2023:

This year was my fifth time to visit Davos during the WEF annual meeting. I started going regularly in 2014 when I became a Global Shaper. (I am now an alumnus). On my first trip, I made friends with people in other WEF communities like Young Global Leaders and Technology Pioneers. Now when I go, I see old friends and attend events — including the Swedish Lunch.

My three most significant takeaways from Davos are:

1. WEF events and communities train you to think big. The question is not, ‘How do I grow sales from $10M to $20M?’ The question is, ‘How do I improve the lives of those in my community?’ Or, ‘Which of the UN SDGs goals and targets is my company working towards?’

2. WEF events and communities are therapy for Impostor Syndrome. Having the chance to meet leaders at the highest levels of business, government and impact helps me to remember that they are not some form of superhumans. People you respect can also slip in the snow, sometimes lose their train of thought, and enjoy singing karaoke.

3. WEF-size goals + Entrepreneurship is the perfect match, but we need to bring the two together. In the WEF, entrepreneurship is mentioned, but it’s not at the forefront. At the same time, my entrepreneur friends kind of consider how they are Improving the state of the world, but it’s often not at the forefront. There’s an opportunity here.

EO and WEF

EO’s collaborative agreement with WEF, the University of Cambridge, and the National University of Singapore, established in 2021, explores SMEs’ positioning and future readiness around the United Nations Sustainable Development Goals (SDGs). The collaboration produced a White Paper, Future Readiness of SMEs: Mobilizing the SME Sector to Drive Widespread Sustainability and Prosperity.

EO is excited to continue its collaboration to provide value to its members, increase EO’s visibility globally, elevate the organization’s brand as a global thought leader, and attract new potential members.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Entrepreneurial Journey Impact Inspirational Make a Mark Partnerships

Tags: Amazonia Impact Ventures Brian Brault Davos entrepreneurial masters program entrepreneurs' organization John Metcalf Junk Kouture Nikhil Hirdaramani Pajani Singah Sustainable Development Goals Troy Armour UN SDGs UN Sustainable Development Goals UN Sustainable Development Goals (SDGs) WEF World Economic Forum

Why You Lose Your Power When You Blame Others

1 February, 2023

Contributed by Gino Wickman, a recent EO 360 podcast guest and the author of Traction and The EOS Life, as well as the creator of EOS (the Entrepreneurial Operating System), which more than 140,000 entrepreneurs use to run their companies. He also created The 10 Disciplines for Managing and Maximizing Your Energy. His other recent posts for EO include 7 Signs of a Weak Leadership Team and 10 Steps to Living Your Optimal Life.

In the last seven days, I’ve had two different sessions involving the issue of a manager blaming some other force for the bad news that they had to deliver to their direct reports.

I was reminded of the countless times I’ve seen this management mistake in over 2,000 full-day sessions with leadership teams.

This is the sign of a weak manager or leader.

The dialogue with the direct report goes something like this:

“The leadership team decided …”
“My boss wants me to tell you …”
“I’m sorry to tell you this, but EOS teaches that we should …”

As John Ortberg says, “Leadership is the art of disappointing people at a rate they can stand.”

In these two recent sessions in which I observed this, in the first situation, the manager blamed the leadership team for the bad news they had to deliver to their direct reports, and, in the second situation, the manager blamed EOS (the Entrepreneurial Operating System) for the bad news that they needed to deliver to their direct reports.

Another common situation is where the manager blames someone else for having to fire their direct report.

When a manager blames others for the tough decisions or news that they have to deliver to their direct report(s), they give their power away, they lose the respect of their people, and it creates resentment, lack of trust and organizational dysfunction.

You have to learn to take the bullet. Your verbiage must be “I support this decision,” “This is my decision,” “I agree with this decision,” or “I believe it’s the right thing to do.” If you take the bullet, you will gain your people’s trust and respect, and they will absorb the bad news faster. There’s nowhere else for them to look to blame. You will become a stronger leader.

When you have to fire someone because your leadership team enlightens or convinces you of something you’re not seeing, you must make it your decision.

When I see a leadership team member making this mistake, they tend to be a really nice person who doesn’t like conflict. They don’t want to hurt their direct report. It’s totally understandable. However, for the greater good of the company, the news must be delivered. The good news is that, as a nice person, you’ll do it with compassion. The painful truth is that by not sharing the news and taking total responsibility, you’re being selfish. You’re thinking of yourself. It’s not fair to the company, to your team, to that person or yourself.

Even if you had a fierce two-hour debate about a big strategic organization-wide change with your leadership team, and you didn’t agree with the decision, you must disagree and commit with your leadership team. When you deliver the message, your verbiage must be “Here’s what we decided as a leadership team.” That is how healthy leaders do it.

On a side note, if you find yourself disagreeing with your leadership team quite often, you may be in the wrong company. But that’s a whole other article.

Take a few minutes and think about tough news you’ve had to deliver to your direct reports in the past. Have you taken total responsibility? Or have you given your power away?

To help you build an even better company and become a great leader, read Traction.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: LEADERSHIP Lessons Learned PEOPLE/STAFF

Tags: Entrepreneurial operating system entrepreneurs' organization EOS Gino Wickman John Ortberg Traction

How to Slay the Four Horsemen of the Mandated Return to Office

27 January, 2023

As more and more companies require employees to return to the office, they run into the buzzsaw of what I think of as the “Four Horsemen of the Required Return to Office”— specifically, challenges with resistance, attrition, quiet quitting, and diversity.

Resistance

The Four Horsemen stem from the fact that workers who are capable of working remotely prefer to do so for most or all of the time. Thus, workers facing inflexible return-to-office mandates show resistance, the first of the Four Horsemen. For example, when GM announced that all salaried employees would have to return to the office three days a week, it sparked intense employee backlash. This led to GM walking back its requirements and delaying any required return to office.

In a survey, Gartner found that only 3% of companies would fire noncompliant employees, and only 30% would have HR talk to those who don’t show up. Large US banks trying to force employees back to the office are meeting with high rates of up to 50% noncompliance. And many other employees are showing up for a part of the workday, from 10am to 2pm.

Attrition

Given this resistance, some workers simply quit, joining the Great Resignation—making attrition the second of the Four Horsemen. That includes top-level executives: Ian Goodfellow, who led machine learning at Apple, quit in protest over Apple’s mandated three-days-a-week return to office. European banks, which offer more flexible hybrid work policies, are using their flexible policies to lure talented staff from less flexible US banks. Smaller and more flexible financial planning firms are headhunting financial planners in larger and less flexible companies.

Quiet Quitting

Perhaps even more dangerous than resistance and attrition is the third of the Four Horsemen, quiet quitting. Quiet quitting can be worse than the much more obvious resistance or attrition, since quiet quitting rots a company’s culture from within. Gallup research finds that “the optimal engagement boost occurs when employees spend 60% to 80% of their time—or three to four days in a five-day workweek—working off-site.” Forcing employees to come to the office under the threat of discipline leads to disengagement, fear and distrust, according to Ben Wigert, director of research and strategy for workplace management at Gallup.

Loss of Diversity

The final of the Four Horsemen relates to the serious loss of diversity associated with the mandated office return. A Future Forum survey found that 21% of all White knowledge workers wanted a return to full-time in-office work, but only 3% of all Black knowledge workers wanted the same. Why? Because Black professionals still suffer from discrimination and microaggressions in the office. Companies that are less flexible have DEI staff ringing alarm bells about how the desire for remote work among underrepresented groups threatens diversity goals.

How to Slay Them

In working with my clients who wish to bring their employees back to the office to slay the Four Horsemen, I find a combination of strategies to be crucial. Before launching an office return, we consider compensation policies. A June 2022 survey by the Society for Human Resources reports that to get employees to stay at a hybrid job with a 30-minute commute, they would need a pay raise of 10%. Research by Owl Labs suggests that it costs an average of US$863/month for the average office worker to commute to work versus working from home, which costs about half that, US$432/month, for utilities, office supplies and so on. That data helped my clients develop a fair compensation plan that paid staff a higher salary if they spent more time in the office. Doing so helped address the first two Horsemen, resistance and attrition.

Addressing quiet quitting requires working to improve culture and feelings of belonging, such as through retreats with fun team-building exercises. Another idea centered on helping staff address burnout, such as by providing mental health benefits. To help prevent diversity losses, as well as facilitate underrepresented groups moving forward on their career paths, it’s valuable to create a formal mentoring program with a special focus on underrepresented staff.

So if you and your leadership team are committed to returning to a mostly or fully in-person workforce, remember that you need to watch out for—and defeat—the Four Horsemen. Make a plan in advance, and determine how you will overcome these problems before they threaten the success of your return-to-office plan.

Contributed to EO by Dr. Gleb Tsipursky, who helps EO members seize competitive advantage in hybrid work by driving employee retention, collaboration, and innovation through behavioral science as the CEO of the future-proofing consultancy Disaster Avoidance Experts, and authored the best-seller Leading Hybrid and Remote Teams: A Manual on Benchmarking to Best Practices for Competitive Advantage.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Best Practices Company Culture PEOPLE/STAFF

Tags: Disaster Avoidance Experts Dr. Gleb Tsipursky entrepreneurs' organization Gleb Tsipursky Great Resignation quiet quitting return to office

What Market-Entry Experts Recommend for Expanding Business to Asia

25 January, 2023

Contributed to EO by Tomas Svoboda, an EO member from the Czech Republic in the Europe Bridge chapter. Tomas is a business speaker and the founder of InCorp Vietnam (formerly Cekindo), a market entry consulting firm that also provides business process outsourcing. InCorp has helped investors and entrepreneurs expand to Asia-Pacific for over 30 years and gained the trust of over 15,000 clients across the world. Tomas recently shared 6 Tips for U.S. Entrepreneurs Expanding Their Business to Southeast Asia on Inc.com.

I’ve spent the last four years starting a market entry business consulting company from scratch in the young and developing Southeast Asian market of Vietnam. I’ve learned a lot about the region and its best practices for conducting business successfully.

We’re currently experiencing a large number of Western entrepreneurs who want to leverage the benefits of establishing their regional headquarters and manufacturing functions in Southeast Asia. To help those who may be embarking on this journey, I will share first-hand insights learned in my role as a market entry consulting firm and business outsourcing expert.

In the coming years, ASEAN, a group of 10-member countries in Southeast Asia, is expected to grow significantly, becoming the world’s fourth largest economy thanks to access to international markets through free trade agreements, and an abundant, young and skilled workforce. Moreover, participation in international trade agreements, including the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, are expected to bolster regional investment further.

According to a recent Standard Chartered Bank survey, Singapore is becoming an increasingly popular place for companies to establish regional headquarters, sales and marketing offices, R&D and innovation centers. Moreover, 80% of firms in the survey ranked Singapore as the ideal destination for expanding operations. Thailand stood in second place with 60% and Vietnam in third place with 50%.

I’ve seen many medium and large companies set up their financial headquarters in Singapore due to the ease of cross-border transactions and low taxes, while setting up operations or manufacturing in emerging markets, due to their low cost of operations.

Why companies are headquartering in Singapore for operations across APAC

As per the Global Financial Centers Index Survey 2013, Singapore ranks fourth among global financial centers for competitiveness. Wealth management, risk management, and private banking are three of its expected future growth areas. In addition, the country is home to some of the world’s biggest names in finance, risk management, insurance brokering, offshore insurance, and captive insurance.

With a US$1 trillion asset portfolio, the city-state is regarded as one of Asia’s leading asset management hubs. In addition to being the fourth-largest foreign exchange market in the world, Singapore also has the second-largest trading of over-the-counter derivatives and the largest trading of commodity derivatives.

More than 200 global companies are listed on the Singapore Exchange, offering exchange-traded funds, individual stock futures, and bond futures. Due to a liberalized banking sector, the Singaporean financial sector has been able to withstand global competition.

Consider incorporating your regional HQ in Singapore but manufacturing and operations elsewhere in Southeast Asia

Establishing your regional headquarters in Singapore is the first step in your entrance into Asia. Here are some examples with related structures:

Nutrition Technologies, an agri-tech company, manages its finances, R&D, and overall group operations in Singapore, but runs its manufacturing out of Malaysia.

LEGO, one of the world’s best-known toy manufacturers, has a similar setup, with its financial headquarters in Singapore. Following the previous model, LEGO has recently started construction on its US$1 billion manufacturing facility in Vietnam, in addition to its existing factories in China.

Outside of traditional manufacturing, the IT and software development sector tends to operate under a similar model. Countries including Indonesia, India and Vietnam offer a sizeable and well-trained workforce operating in the IT and software industry.

With some 26,000 international subsidiaries (including a number of multinationals), the benefits of setting up a company in Singapore are evident. The city-state offers at least two significant advantages to corporations:

75 double taxation agreements and 8 limited ones pertaining to shipping and air transportation income
No controlled foreign company rules, no capital gains taxes, and the lowest corporate tax rates in the world

It’s easy to understand why foreign investors prefer to base their headquarters in Singapore, which offers easier financial transfer, and a high-growth emerging market for low costs.

Emerging markets in Asia: manufacturing and tech outsourcing

Once you establish regional headquarters in the modern financial capital of Singapore, you’ll want to expand your operations or manufacturing to an emerging market in the Southeast Asia region. The cost of operations and manufacturing can be significantly lower in these countries.

Following is the ASEAN.org list of industries that offer plentiful investment opportunities in the Southeast Asian region, at significantly reduced costs compared with Western locations:

Vietnam

Vietnam has recently become the fastest-growing economy in APAC, Incorporating a company in Vietnam is ideal for the following industries:

Infrastructure Development
High-tech Products
IT
Food and Agro-Forestry Product Processing
Construction Materials
Electricity (especially Developing Renewable Energy Sources, New Energy and Clean Energy)

Indonesia

Agro-Industry
Downstream Oil and Gas and Mining
Food and Beverages
Automotive and Aerospace
Iron and Steel Petrochemicals
Pharmaceuticals and Medical Goods
Chemicals, Textiles and Apparel

Malaysia

Chemicals and Chemical Products
Electrical and Electronics, Machinery and Equipment
Aerospace, Medical Devices, Global and Regional Establishments
Medical Tourism
Research and Development
Green Technology
Oil and Gas Services
Information and Communication Technology Services

Philippines

R&D and Innovation, including Smart Manufacturing
Electronics
Automotive, Aerospace and Shipbuilding
Iron and Steel; Tool and Die
Health Products and Medical Supplies
Chemicals, Textile and Garments
Processed Food
Agriculture, including Urban Farming and Support Services
IT-Business Process Management
Renewable Energy including Waste to Power and Infrastructure

In conclusion

So, as you can see, while your manufacturing, outsourcing, and other operations are being taken care of in one of the region’s developing markets such as Vietnam, Indonesia or the Philippines), your finances can be efficiently processed and distributed in Singapore, backed by a world-class financial system. You can accomplish all of this for a significantly lower cost, with no loss in productivity, compared with keeping your business running in a developed Western country.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Best Practices BUSINESS GROWTH FINANCES international OPERATIONS

Tags: APAC ASEAN best practices Cekindo entrepreneurs' organization entrepreneurs' organisation EO Europe Bridge InCorp Vietnam LEGO Nutrition Technologies Singapore Tomas Svoboda Vietnam

Reflections on the Origin Story of EO Global Leadership Academy (GLA)

20 January, 2023

by Erick Slabaugh, a long-standing EO member in Seattle and former director on the EO Global Board

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” — John Quincy Adams

As a member of EO for 25 years, I have had the immense privilege of partaking in countless initiatives that transformed my own experience along the way. One of the highest-impact highlights of my EO journey has been participating in the creation of the EO Global Leadership Academy (GLA).

While the role I played in launching GLA was simply acting as one brick in the wall of a beautiful cathedral of leadership, I couldn’t help but spend some time recently looking back fondly on the wonderful stories born out of the experience.

Whether you have attended EO’s Leadership Academies or still look forward to the opportunity, the foundation upon which this remarkable programme was built is notable. The programmes have since evolved—but the original spirit of leadership, character and shared growth remains fully intact. It is a spirit that has contributed to the personal development of some of the world’s finest entrepreneurs making a true impact on companies, communities, and families across the globe.

The Origins

David Galbenski and I served on the EO Global Board together in 2007. David—a truly remarkable world-class leader—called me with an idea for a “project” he had: a condensed, high-impact leadership training programme for current and future EO Global Board members. The concept was to create an educational event that would provide experience and development for what it took to be a better leader of a global organization.

I loved the idea and his vision. However, I told David that when it came to my coming aboard to help build the programme, I had one condition: I wanted authorization to recruit the Dean of the faculty from outside the organization.

I said that to him with someone specific in mind.

A year earlier, as EO began fostering stronger collaborative bonds with WPO/YPO, I had attended the Public Policy Forum, a YPO event in Washington, DC. There, I became acquainted with Warren Rustand, who was leading it. I vividly remember sitting in the audience and thinking:

“This man is the most inspiring thinker and speaker on leadership that I have ever seen.”

Our goal became clear: to recruit Warren to serve as the Dean of our learning programme faculty.

I flew to Washington, DC, and sat down with Warren, then-EO Director Bob Strade, and Ben Richter (who also had a programme to pitch to Warren). Warren loved our ideas but had a condition of his own: He wanted to include Dr. Gerald Bell of the University of North Carolina’s Bell Leadership Institute in the programme.

Dr. Bell also agreed to come on board, and all together, we collectively built the programme’s strategy, structure, and content. That’s how EO’s Global Leadership Academy (GLA) was born.

For the first four years, we had Warren Rustand for the entire programme and Dr. Bell present for a full day of leadership training. It was one of the most remarkable rooms, let alone classrooms, I had ever found myself facilitating.

In the first year (2008), we had a meager budget, limited staff support, and only seven months to pull everything together. Keith Williams, EVP of Learning; Chelsea Dennison, EO Staff lead; and I had US$50,000, which was one-tenth the budget American Express was spending on a similar event. We had to develop a minimum viable product that would “wow” the organization’s top leadership and prove the initial investment worthwhile.

We went to Andrew Sherman, EO’s legal counsel, and asked if he would donate Jones Day’s Washington, DC, executive conference center for four days. I asked three tenured EO Global Board members—David Galbenski, Greg Crabtree and Jesus De La Garza—to join me at their own expense as facilitators of the breakouts we planned. They, too, were happy to support the cause.

Keith sold the vision of what could be and asked our speakers to reduce or waive fees. All of them did. Even some of the venues and caterers worked with us to produce tasteful yet affordable experiences that elevated the inaugural class’s experience.

The first year was a success.

Somewhere around the second year of the Academy, we had a feeling that this programme, impactful and transformational as it was, might have the potential to serve a bigger purpose. We thought: What if we made the programme available to other members? What if we made it available to all EO members as a true global member benefit?

Michael Caito took over in year five, and then George Gan took the reins from there, playing a pivotal role in developing the programme at the regional level. A few iterations later, it became the EO Regional Leadership Academy (RLA), accessible to every region across 60+ countries under EO’s global umbrella.

A Need for Leadership

I’ve known and deeply respected Warren Rustand for 15+ years now. Warren recognized early in his life that the world had a remarkable thirst and deep need for better leaders. In what he calls the continuous act of “humans becoming,” Warren saw the potential for more humans to become the leaders the world needed them to be.

Much of Warren’s methodology for inspired leadership comes down to knowledge and choice. Warren believes that greatness is a choice rather than an endowment. It means that all individuals, should they make the choice for personal greatness, could become remarkable leaders. Warren’s most recent book, The Leader Within Us, echoes that belief: “We must choose greatness. People don’t hand us greatness. We decide to be great and then discipline ourselves to be great. It’s about choice and discipline.”

I agreed with Warren at the time, but I hadn’t realized the extent to which he was right. It seemed that as the years went on, nearly everywhere I turned, I was exposed to poor leadership at both macro and micro levels. From the rise of situational ethics to “scotoma” (blind spots) that so many leaders seemed to have, I felt our generation of leadership needed a transformative education.

GLA strived to prepare our membership to help them exist as the strongest exemplars of leadership they could possibly be. The ripple effects of GLA’s original vision for leadership development extended far beyond the boardroom: members learned how to be high-caliber leaders within their families, communities, and sociological environments at large.

Warren Rustand’s version of leadership has always extended wholly into the civic realm. While GLA never encouraged political action of any kind, Warren and I shared a fundamental understanding: As people, we live in a town or city, within a larger state or province, within a larger country, within a larger world. The choice was ours. Either we could choose to be part of the leadership at any of those levels, or we could choose to sit idly by and watch those levels get worse before our very eyes. Whatever “level” of leadership engagement speaks to you, the goal was to serve the totality of an entrepreneur. Upon doing so, leaders are equipped and empowered to choose to engage where we’re most inspired to do so.

Accordingly, early GLA training sessions created opportunities for new knowledge acquisition and encouraged individuals to make the choice for personal greatness beyond one’s traditional boundaries. Warren’s version of knowledge, greatness and discipline took many forms—including one which many EO members might not know about: etiquette training.

Shelby Scarbrough and I worked together to recruit a key partner, and good friend of Shelby’s, from the Smithsonian Museum. We arranged a mock State Dinner as part of the early-day GLA experience. It was first held at the Daughters of the American Revolution Banquet Hall, an absolutely incredible setting that was a mockup of the White House Dining Hall.

The intent was to empower leaders with traditional etiquette training. We learned about using the right forks for the right portions of a formal dinner; how to give a proper toast; the origins of the handshake and how to conduct an effective one; how to leverage mnemonics to deliver an effective speech; and more. I will never forget George Gan’s toast to EO, which started out, “A score and some years ago….” It was absolutely moving and brilliant.

Some of those things have since gone away. Many of us have access to resources, coaching and training on etiquette elements outside of the Leadership Academies.

Yet, having the opportunity to break down and challenge our ego, build character, be totally raw and exposed, and build back up again is not something we can do in our regular contexts and environments. It was a unique leadership skillset and mindset that couldn’t be acquired anywhere else—and it slowly became a major focus for GLA and RLA experiences.

Adversity exposes character. It is exceptionally easy to be compassionate, loving and kind when all is going great. When all isn’t going great, our character takes the reins on every decision, action, and reaction. Character matters, and GLA continues to focus its curriculum on building character-driven leadership, which is achieved once the ego gets out of our way.

The Spirit

While EO’s Global Leadership Academy has evolved, the original spirit is entirely present–and it is a spirit of Warren Rustand himself, whose fingerprints remain deeply embedded in the Academy as it stands today.

At the time, it was the highest-rated event in EO history. Global Leadership Academy (GLA) and Regional Leadership Academy (RLA) remain to this day the highest-rated programmes offered by EO. The reason is simple: The programmes are truly transformational.

And they have evolved, which is a wonderful thing. There are remarkable leaders across the globe who have done a phenomenal job growing the programme and cementing its future. The future is bright—but the past, and the original spirit of GLA, are worth recognizing, celebrating and maintaining.

Dave Galbenksi does not receive enough credit for it, but it will unquestionably go down as one of the great ideas of his lifetime. I am thankful for Bob Strade, who empowered us to execute on it. I am forever indebted to Warren Rustand—not only for giving me a “yes” when he agreed to come on board, but also for taking GLA well beyond where it was and for staying committed to building a legacy for EO members everywhere. He has instrumentally helped us fulfill a vision far exceeding what I ever thought we would do.

Today, I remain incredibly excited to see the next generation of vision that will take GLA, RLA and EO leaders to new heights. In the act of “humans becoming,” I hope that we all make the choice to become better leaders. The world needs us.

Contributed to EO by Erick Slabaugh, a long-standing member leader of EO Seattle and former director on the EO Global Board, who is a serial entrepreneur, board member and advisor. He serves as the CEO of Absco Solutions, a 40+ year market veteran in the facility security and fire-life safety industry, as well as CEO of FCP Insight, a cloud-based enterprise software solution for electrical contracting businesses. Erick recently shared 5 Timeless Principles of Entrepreneurial Success on EO’s Inc.com channel.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Entrepreneurial Journey LEADERSHIP Legacy

Tags: absco solutions bob strade david galbenski entrepreneurs' organization eo seattle erick slabaugh FCP insight george gan gerald bell GLA global leadership academy keith williams michael caito regional leadership academy shelby scarborough Warren Rustand

Why Challenging Times Can Help us Learn, Grow and Find our ‘Flow’

17 January, 2023

By Marc Stöckli, Global Chair, Entrepreneurs’ Organization

This may be a contrarian point of view, but whether we are confronting a looming recession or adapting to difficulties in business as a result of a historic pandemic, I believe it is precisely life’s challenges—and how we rise to meet them— that create personal satisfaction.

When we work hard by choice, when we strive to learn and overcome difficulties, these are the sources of pride, joy and fulfilment, which ultimately shape us into our best selves. Or, as the late scholar, author and psychologist Mihaly Csikszentmihalyi described it in his classic book ‘Flow’, these are the times we find our most productive flow; our path toward personal happiness.

Conventional thinking suggests that we should dodge adversity and move into protective mode when times are tough. We might even stop trying. I disagree not because I enjoy making my life harder, but because to keep moving forward, to value progress, and forever eye development is what makes life most satisfying and enriching. Better.

I was reminded of this before the holidays during a trip to Boston, US, to spend an immersive week with the Entrepreneurs’ Organization (EO) at Harvard Business School’s Executive Education program, which focuses on Inspiring Entrepreneurial Strategy. It was a week packed with learning, designed to propel leaders onwards and arm us with new skills and thought processes that will enable our businesses to succeed.

It was also a week for nearly 100 diverse company founders to come together in person, and share experiences that will bond many of us for years to come.

Thirst for Learning is one of EO’s four core values and a quality that informs and shapes everything we do. Without learning, we are not just standing still; we risk going backwards. One element I especially enjoy about lifelong learning is that it is subjective. We each absorb information differently, then make use of it in our own ways. We never know what valuable new piece of intelligence we might gain by showing up and saying ‘yes’ to learning.

EO’s five-year-old relationship with Harvard Business School exemplifies this value, ensuring that our members have access to the pinnacle of entrepreneurial thinking. The exclusive program recognizes that, as leaders and founders, we need to be up-to-date with the latest innovations and ideas if we are to keep our businesses thriving. We are challenged to not necessarily work harder, but to think harder.

Here are a few of my insights from those rewarding days at Harvard, which I hope spark some curiosity in you.

1. Pause and reflect

What is your immediate thought when confronted by inconclusive data? Or even data you were not expecting? Perhaps your reaction is to panic, throw your computer out of the nearest window and start afresh. Instead, we were taught at Harvard to pause. All is not lost. Now is the time to reassess our options, challenge our assumptions and reconsider the status quo. This data might be more valuable to us than first thought.

Once we have taken stock, we can arm ourselves with the new data and use it to challenge the thinking of our boards or investors. Knowledge is power, and we are now empowered with fresh insight.

2. With scale comes stress

This will not be a surprise to many business founders and owners in the EO community, but if it helps to hear it again: any organization that scales will inevitably experience varying degrees of stress. Teams, systems and processes all need to adjust when a business grows. So how do we use our learnings to assess growth options?

We learned how the RAWI framework can be a simple but powerful method of taking control of the situation. R: are we Ready? A: are we Able? W: are we Willing? And I: are we Impelled?

3. Calendars do not lie

This, for me, links back to my central argument that time spent learning is never time wasted. When assessing one’s priorities and choices, the real test comes when comparing what is in my schedule with what will most propel me and my team or family forward. Is how I am spending time aligned with my core values and my highest, long-term priorities? It is tempting to spend our immediate time putting out figurative fires, and to accomplish that pressing, near-term goal; to get the quick win. But if we make time for learning, it can help us tackle that urgent task more easily next time.

It can feel tempting, even advantageous, to take the path of least resistance. But by pushing ourselves to embrace challenges, and learn through them, we can move closer to achieving that energizing state of flow, which is ultimately more rewarding.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Entrepreneurial Journey Lessons Learned

Tags: entrepreneurs' organization entrepreneurs' organisation Marc Stockli

How Entrepreneurs Can Manage Quiet Quitting in 2023

13 January, 2023

Contributed by Dhiren Harchandani, an EO UAE member who is a transformation architect, speaker, author, and endurance athlete with over 2,500 hours of coaching experience. He’s the creator of several personal development programs designed to transform each area of life: Superhuman Journey, Master Your Inner Game, Guided Forgiveness, and Recode your Thoughts. He’s on a mission to show every human being on planet Earth how to Master their Inner Game.

Why is “quiet quitting” detrimental to an entrepreneur’s growth?

If you are an entrepreneur, you’ve almost certainly come across the term “quiet quitting”. The term has evolved from a TikTok trend to a work culture that has captured the interest of many LinkedIn experts and is currently in practice in workplaces all over the world.

As an entrepreneur, you may wonder what this means for your business or why you should even care. But if your goal is to build a successful business, the quiet quitting trend is definitely a concern.

What is Quiet Quitting?

Unlike the literal definition of “quitting,” quiet quitters do not leave their jobs. Instead, they choose to work strictly within their job description with no desire to work longer hours or display full enthusiasm toward their job. The roots of this trend can be traced back as early as 2009, according to a remark that Wikipedia attributes to “economist Mark Boldger,” but gained popularity after the pandemic. However, Bryan Creely is believed to have used the term “quiet quitting” for the first time on March 4, 2022 in a TikTok video. It has since gained quite a buzz among workers in the corporate world.

Why should entrepreneurs care?

Some common traits of quiet quitters include a lack of enthusiasm toward work and a loss of interest in the company’s success. Big companies with large financials and human resources might not suffer irreparable damages as a result of these toxic work traits, but entrepreneurs with small businesses will most likely feel the negative impact of quiet quitting. Teamwork is key to business growth, and it is difficult to achieve this when some employees are deeply opposed to showing productive commitment toward their work.

How can entrepreneurs manage “quiet quitting” among their employees?

To manage “quiet quitting” as an entrepreneur, you must first be willing to identify its possible causes without bias. There are certain reasons why employees might begin to practice quiet quitting, but the major reason that entrepreneurs might want to consider is the work culture at your company.

Since the pandemic, people are more concerned about finding a balance between their Outer Game (career) and their Inner Game (peace, happiness and well-being). Nobody wants to be stuck with a job that does not offer this balance. Most employees do not become quite quitters overnight, but an absence of balance can force them to practice the trend.

Following are four logical tips to help entrepreneurs combat quiet quitting among employees:

1. Evaluate and review work culture. The last thing anybody wants is to be stuck in a toxic workplace. Research has shown that toxic work culture is the leading cause of quiet quitting. That’s why it’s critical for entrepreneurs to prioritize regular evaluations of workplace culture. Entrepreneurs should also review their leadership abilities and how they contribute to employee morale.

2. Any increase in workload should be temporary. The major reason why most employees are seeking balance between their Outer and Inner Game is that they would rather be happy than burnt out. Increased workload is a major contributor to burnout and quiet quitting. Increased workload in workplaces is unavoidable at times, but it should never become a norm that employees are forced to adjust to.

3. Set honest and clear job expectations. Some employers are guilty of adding more requirements to an employee’s job description. This is not only unfair, but it also reduces productivity. When you set clear expectations as an employer, you’ll be able to properly evaluate the efforts of your employees and easily identify underperforming employees. Many employees are willing to work outside their job description but not when they are coerced to do so. Use your leadership skills to foster joy and productivity in your workplace, and your employees will respond accordingly.

4. Prioritize employee growth. The feeling of being “stuck” is one of the most hated feelings in the world, especially in the corporate world. As an employer, it is important to have performance discussions and identify opportunities for employee growth in your workplace. When your employees understand that you are committed to their growth, there will be an increase in productivity and general workplace growth.

However, there are certain cases that might require you to have a word with the “quiet quitters” at your workplace in an attempt to figure out their exact reasons. These cases might also require you to take serious actions, including suspension or termination of employment contracts to protect your business.

Entrepreneurship is one of the hardest journeys in the business world. In order to walk successfully down that road, you must be willing to detect factors that might stand as threats to your business and address them immediately.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Company Culture PEOPLE/STAFF Productivity WORK-LIFE INTEGRATION

Tags: Dhiren Harchandani entrepreneurs' organization EO UAE Inner Game Master Your Inner Game

4 Ideas for Maximizing Cash Flow in Your Business

11 January, 2023

Contributed to EO by Chris Ronzio, a recent guest on the EO 360° podcast, where Chris and EO 360° podcast host Dave Will discuss $33 Million in Funding.

“Cash is king.” You’ve probably heard this phrase hundreds of times in the business world.

It’s always been true, but cash flow is especially important to think about now as we’re (potentially) heading into a recession. A cash crunch can quite literally be a matter of life or death for your business.

You might think simple stuff like raising prices and pushing sales will boost your cash flow. But revenue doesn’t always mean an increase in cash. So, to help you brainstorm, I thought I’d share some things I’ve done over my years in business to help increase how much cash my businesses have on hand.

Buy in bulk, even if you can’t buy it all now

My first business was a video production and distribution company that I ran out of my dorm room in college. We’d ship literally thousands of DVDs every month. And every month, I’d go to a warehouse to buy DVDs, DVD cases, ink cartridges for the DVD labels, and all kinds of other supplies.

One month I went into the warehouse and the guy who ran it, Wayne — I’ll never forget his name — says, “Hey Chris, you’ve been coming in here month after month. Why don’t you make a bulk order?”

“Well,” I told him, “I don’t have extra cash to buy that much right now. I can’t just buy 10,000 DVDs.”

“Well, how many do you think you’ll buy in the next year?” he asked. “Thirty thousand? If you can commit to 25,000, I’ll give you the bulk price, and you can pay as you go.”

This immediately gave me huge purchasing power, and I ended up saving 30% on my cost of goods sold. So, even if you don’t have cash for a big bulk order, try committing to buying a large amount from a vendor and see if they’ll give you the bulk price. It’s a cash win for them, too, since they’ll have a consistent revenue stream locked in.

Weigh owning vs. renting equipment

That video company required a lot of equipment, and because video technology was changing so fast, I literally needed to replace my gear every year. Because our business was seasonal—we mostly shot videos for students and student-athletes during the school year—I knew when business was about to slow down, so I would plan to sell off that year’s equipment to recoup some of the cost.

That gave us a quick influx of cash to last over the summer, and when jobs came up, we’d just rent equipment. So if you know you have some equipment or technology that’s going to need an upgrade, consider selling it ahead of your slow periods and renting until it’s time to buy again.

Get payments up front

At Trainual, we sell monthly and annual plans. When we started out, I thought there was no way people would buy a year subscription to a training manual service. But fast forward two years, and half our sales are in annual plans because there’s a small discount tied in.

From a vendor’s perspective, this means you get 10-11 months of cash up front instead of one month, which can make a huge difference when revenues are falling. On your balance sheet, this shows up as “Deferred Revenue.” But in practice, putting that cash in the bank helps you fund expenses in the short term. Essentially, it buys you time when money isn’t coming in.

If you’re a service provider, you can also increase cash by raising the amount you charge up front for a project. So, say you’re charging 25% to get started—increase that to 50%. I was able to do this with my consulting business once I’d created enough demand because once you can control the payment terms, you can get a lot more cash from the get-go.

Ask for discounts

This one seems incredibly simple, but just calling your vendors and asking them for discounts can save you a few hundred dollars a month. That can add up to a lot of cash over a year. It costs your vendors considerably more to attract new customers than to invest in existing ones. Use this as leverage, and if you see a vendor offering an introductory sale or promotion, give them a call. Say, “Hey, I saw you’re running this special. I’ve been with you a long time—can I get that price?” Making a few calls can save you a lot of cash as the discounts add up.

None of this is groundbreaking news, but they’re all little things you can do to help your company’s cash flow. By negotiating with vendors, committing to larger supplies, changing your payment terms, and weighing renting versus owning equipment, you can pump some much-needed liquidity into your business. Remember, “Cash is King,” so you should always be thinking about ways you can maximize your cash flow.

Chris Ronzio is the founder and CEO of Trainual, a leading SaaS platform that transforms the way small businesses onboard, train and scale their teams. Chris is the host of “The Fastest Growing Companies” and “Organize Chaos” podcasts, as well as the author of the best-selling book, The Business Playbook— How to Document and Delegate What You Do So Your Company Can Grow Beyond You.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: FINANCES OPERATIONS STRATEGY

Tags: cash flow Chris Ronzio Dave Will entrepreneurs' organization EO360 Trainual

Why I Drove Across India in a Glorified Lawnmower

6 January, 2023

In addition to rethinking business strategies to help your company thrive, the new year is an ideal time to assess your personal journey and decide which bucket-list items to pursue.

If you’re the adventurous type (we see you, EOers!), take inspiration from Matt Haney of EO Minnesota. In 2022, Matt and his Forum-mate, Riley Harlan, completed a Rickshaw Run across India. We asked Matt all about it. Here’s what he shared:

What is the Rickshaw Run?

The Adventurists website describes the Rickshaw Run like this: “Imagine yourself and a couple of mates squashed into a 1 donkey-power rolling cake tin tackling thousands of miles of old-school adventure. There’s no set route, no backup, and no way of knowing if you’re going to make it. The only certainty is that you will get lost, you will get stuck and you will break down.”

Matt: The glorified lawnmower we drove across India was an auto rickshaw (or “tuk-tuk” or “auto” as they are often called). It is an open-air vehicle with three wheels, a 7-horsepower engine and top speeds of around 35mph (maybe faster when going downhill).

The Rickshaw Run is a loosely organized adventure in which teams of two or three people take on the two-week challenge of navigating a tuk-tuk from one end of India to the other, with no set route, relying on the kindness of strangers along the way.

That’s the adventure we signed up for, and we enjoyed (almost) every minute of it.

What inspired your recent Rickshaw Run?

Matt: I discovered the Rickshaw Run during a random YouTube rabbit hole, maybe 10 years ago. And it drove me to obsession! Covid and losing loved ones during the pandemic inspired me to get busy living. Thankfully, Riley Harlan (fellow Forum mate) was willing to join me on the adventure.

Riley: It started out as a way for me to test the business I built to see if it could manage without me for three weeks, while enjoying an awesome adventure. Once I was there, however, we kicked off the trip by meeting some great EO Kerala members, who were incredibly welcoming. Over the course of the journey, we met many wonderful locals who were incredibly generous, as well as other adventurers from around the world who were also participating in the Run.

Please share the details of the Rickshaw Run.

We started in Fort Kochi, Kerala and finished in Jaisalmer, Rajasthan—that’s more than 4,000 kilometers (almost 2,500 miles). There were no rules, just a starting point and a finish line. It was 100% up to the participants to find the way from start to finish.

We were given a rudimentary tool kit and basic maintenance instructions on the rickshaw that required screenshots for future reference. Issues with the tuk-tuk were common, but we only had one major breakdown: a blown head gasket that sidelined us for the better part of a day. We also experienced consistent, persistent issues such as clogged fuel filters and a clogged carburetor.

Highlights of our two-week adventure across India:

Finding ourselves all alone on the yet-to-be-opened Mumbai Expressway. We drove two hours on a six-lane superhighway with zero traffic!
Driving 4,000+ kilometers and only six traffic lights.
A harrowing descent into a forest with hundreds of monkeys crowding our rickshaw, quietly staring at us, trying to force us to stop as we slowly and eerily drove by!

The Rickshaw Run is an endurance test—the only winners are the finishers. There is a Survivors’ Party at the finish line. But the journey along the way is the big win.

Did you choose the color and design of your rickshaw?

The Rickshaw Run allows each team to pimp their rickshaw by submitting a design that is painted onto it. Since Riley and I are in the same Forum, we thought it would be fun to include the EO Minnesota logo.

The design was a blast to figure out. We chose colors that were an homage to Prince, as was the Prince guitar on the front. Festina Lente is the name of our Forum, which aptly translates to “Make haste, slowly”. The turtle with the sail is the visual representation of Festina Lente.

My favorite part was the name we came up with for our rickshaw: Rocinante—the name of Don Quixote’s horse. Wikipedia describes him best: In many ways, Rocinante is not only Don Quixote’s horse, but also his double; like Don Quixote, he is awkward, past his prime, and engaged in a task beyond his capacities.

Is the Rickshaw Run a fundraiser?

The Rickshaw Run requires that each team have a charity. We raised US$5,200 for local Minneapolis small businesses along Lake Street via the Lake Street Business Council. We wanted to create awareness and show solidarity with the Minneapolis entrepreneurial community, which was devastated by both Covid and the 2020 civil unrest.

What surprised you most about the entire experience?

The people! The local people we met along the way were absolutely amazing. Every single day, people would ask us to pull over for a selfie, invite us for a chai, or even to stop for lunch. Every single day, and multiple times per day! It was unbelievably wonderful.

We also connected with EO Kerala members, who came out to support and encourage us, which was fantastic. On the night before we started in Kochi, we met Rohan Mammen, Rajeev Tharian, Mathew Mazhuvanchery, Issac Alexander and Sonu Vaidyan from EO Kerala South. Then, after the first day of driving, we were excited to meet new friends from EO Kerala North in Calicut: Vineeth Abraham, Zinekhar Ahmed, Nasly Mohamed, Varghese Alukka, Reshma Varghese, Ashique Tahir, and Vinay Kynadi from EO Kerala North. Our EO connection made the adventure more meaningful.

Along our route, we took advantage of Taj Hotels being an EO sponsor and got a 15% discount at all Taj properties, which coincidentally ended in September 2022 at the end of our Run. So that worked out. We stayed at many Taj properties, most notably the Taj Palace Udaipur.

Did you gain any entrepreneurial insights from this adventure?

Matt: Yes! I learned that I can be away from my business for three weeks and that everything was fine, if not better, without my presence or interaction

Riley: There was no option while driving to be anything but focused on the journey, something we rarely do. The evenings were filled with exhaustion, but also great opportunities to get to know people from all over the world.

Would you do it again?

Matt: Yes, please!!! How often in life do you get to shed your calendar, rely on the kindness of strangers, and troubleshoot in the moment—all while open-air careening down roads that were entirely unknown to us for 14 straight days? It was amazing! And it makes all other modes of travel seem boring.

Riley: I look forward to doing it again—and hopefully involving more EOers via a MyEO Group I plan to establish.

Matt Haney, an EO Minnesota member, is founder and CEO of Universal Network Solutions, which provides Cybersecurity managed services. To hear more about the Rickshaw Run adventure, view Matt’s appearance on Rudy Maxa’s World and check out the Festina Lente Rickshaw Run Instagram account.

Riley Harlan, an EO Minnesota member, is the CEO of Symtec, an engineering firm that designs and manufactures specialized products and components for the marine, powersports, E-bike, agriculture, medical and E-vehicle industries.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Entrepreneurial Journey members

Tags: entrepreneurs' organization EO Kerala EO Minneapolis Matt Haney Rickshaw Run Riley Harlan Symtec The Adventurists Universal Network Solutions

EO Members Share Entrepreneurial Trends for the New Year

4 January, 2023

We asked EO members to look ahead in 2023 and identify trends they see for entrepreneurs and entrepreneurship overall. We asked them to share the skills, mindset or tools that entrepreneurs would be wise to adopt to meet the moment. Here’s what they shared.

Video pitching

I see an uptick in pitching via pre-recorded video. We used Loom to pre-record our pitch and share it with potential investors. It’s a great way to personalize a pitch deck and share it with interested parties. I see this as a new trend that will only grow over time.

— Maureen Brown, EO Austin, co-founder and CEO, Mosie Baby

Cutting expenses in the wrong place

Economic pressures, supply chain delays and employee issues will cause leaders to look for places to cut costs. The big mistake is if they cut in the areas of customer service and customer experience, leaving them vulnerable to competition and eroding market share.

Unfortunately, if history repeats itself—and I predict it will—many companies and brands will make this mistake. Hopefully, your company isn’t one of them. One of the worst places to cut costs is anywhere the customer will notice.

— Shep Hyken, EO St. Louis, professional speaker and author, Hyken.com

A travel boom

Within the travel industry, we are seeing more purposeful travel—longer stays, with more meetings crammed into those days away. And with lockdowns now a thing of the past, we predict travel to also increase from 2022 levels which is a great sign for the industry and for business. We’ve missed face-to-face interaction for too long; building relationships is key to winning more business in 2023. Travel is going to be one of the biggest investments companies will make, and it will be well worth it.

— David Fastuca, EO Melbourne, CMO and co-founder, Locomote

Conscious entrepreneurship and adaptability

I’m hearing a lot about conscious entrepreneurship, the act of prioritizing socially and environmentally conscious values for the company and its employees, which starts in the early stages of forming a business.

Rapid advancements in technology—including artificial intelligence, IoT technology and blockchain—make it crucial for entrepreneurs to stay informed about technological advancements. Being flexible and adaptable will be key for entrepreneurs entering this climate.

With an increase in remote work and cyberattacks on the rise, particularly ransomware attacks, prioritizing cybersecurity is key.

— Benjamin Katz, EO Los Angeles, CEO, Happy Head

Watch the insect industry

In 40 years as a second-generation insect farmer, I’ve never seen this much interest in insects. Insects will be instrumental in the pending global food (human) and feed (animal) deficit. Hundreds of millions of dollars are being invested in this sector for commercial-scale facilities. There is also a groundswell of small farm startups, especially in developing nations, where farmers such as 2022 GSEA Global Finalist Arnold Shoko can convert biowaste streams into feed and fertilizer.

— David Fluker, EO Louisiana, president and co-owner, Fluker Farms

Stakeholder capitalism

I recently read a report by Alan Murray, CEO of Fortune Media, that top executives in charge of Environmental, Social and Governance (ESG) initiatives show no signs of retreating despite talks of an economic downturn. I, too, believe ESGs are here to stay and will become more—not less—fundamental in the way companies operate.

But, while ESGs are a step in the right direction, they are typically just a side initiative rather than a central part of a business’s operating system. In 2023, I believe that stakeholder capitalism will grow exponentially as it offers a true modern-day business model that can be transformational if properly integrated into the organization’s processes.

— Kent Gregoire, US East Bridge chapter, founder and CEO, Symphony Advantage

Temptation to regress

Entrepreneurs shouldn’t worry about the recession; they should worry about what the recession will tempt them into doing. Slowing sales and dwindling customer bases will tempt entrepreneurs into regressing their businesses and themselves by pouring more of their time back into the business. Or, they may regress into traditional ways of work by mandating employees back into the office, even though so many employees love their new-found style of remote work.

How can you fight the temptation to regress?

Prepare for winter—hold some reserve cash to ride out bumps.
Tap into the mentality of Leaders Eat Last by Simon Sinek and decide whether maintaining your team is more valuable than your own take-home pay.
While employees are there to make your life as a business owner easier, it’s even more important to think about how you can make your team’s lives easier. If they like remote work, maybe you need to evolve as a leader.
Focus on creating more valuable offerings to customers by reinventing what you provide.

— Richard Phu, EO Sydney, founder and CEO, Outsourcing Angel

Truth will prevail

As a professional business and society intuitive, I see the following coming in 2023:

More people than ever will start businesses due to the negative publicity of many companies that weren’t telling the truth about past misdeeds or failures. Small businesses will need to mentor others. This will result in community successes.

Proactive mental health and spiritual practices that are based on staying calm and accessing the higher truth will be a foundation for success and survival in these tumultuous times.

Money will be available for businesses that are able to handle the higher truth of this time, without going into the drama of global events designed to bring out the higher truth. For those that go into fear or that aren’t ready for higher truth, it will be a struggle with money until they are ready.

— Kira Leskew, EO Toronto, Professional Business Psychic, The Eagle Institute

Opportunity for startups

As a fashionpreneur and strategist, I work closely with early-stage entrepreneurs and startups. It gives me immense pleasure to see India emerging as the third-largest ecosystem for startups globally.

The coming year will offer new, innovative avenues to make an entrepreneur’s journey more worthwhile, provided we adopt technological advances while staying rooted in our vision and guiding principles. Here’s what I see:

1. Accelerated digital transformation. Be it a product or service, technology and digital tools add to enhanced reach, innovation and overall customer experience.

2. Continued focus on sustainability. Investors and consumers prefer businesses that prioritize ecological impact and sustainability.

3. Immersive customer experience. Never underestimate the power of social media and its effective utilization to provide rich dividends at a fraction of conventional marketing costs.

— Badal Saboo, EO Pune, CEO and managing director, Pune Fashion Week

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: Entrepreneurial Journey members

Tags: entrepreneurs' organization eo austin eo los angeles eo louisiana eo melbourne EO Pune EO St. Louis eo sydney eo toronto EO US East Bridge tips

THE EO BLOG

INSIGHTS FROM

LEADING ENTREPRENEURS

Categories

Tags

Search

The SDG Lab

Inspiring Creativity Among Youth

Overall Takeaways from the WEF meeting in Davos

EO and WEF

Resistance

Attrition

Quiet Quitting

Loss of Diversity

How to Slay Them

Why companies are headquartering in Singapore for operations across APAC

Consider incorporating your regional HQ in Singapore but manufacturing and operations elsewhere in Southeast Asia

Emerging markets in Asia: manufacturing and tech outsourcing

Vietnam

Indonesia

Malaysia

Philippines

In conclusion

The Origins

A Need for Leadership

The Spirit

1. Pause and reflect

2. With scale comes stress

3. Calendars do not lie

Why is “quiet quitting” detrimental to an entrepreneur’s growth?

What is Quiet Quitting?

Why should entrepreneurs care?

How can entrepreneurs manage “quiet quitting” among their employees?

Buy in bulk, even if you can’t buy it all now

Weigh owning vs. renting equipment

Get payments up front

Ask for discounts

What is the Rickshaw Run?

What inspired your recent Rickshaw Run?

Please share the details of the Rickshaw Run.

Did you choose the color and design of your rickshaw?

Is the Rickshaw Run a fundraiser?

What surprised you most about the entire experience?

Did you gain any entrepreneurial insights from this adventure?

Would you do it again?

Video pitching

Cutting expenses in the wrong place

A travel boom

Conscious entrepreneurship and adaptability

Watch the insect industry

Stakeholder capitalism

Temptation to regress

Truth will prevail

Opportunity for startups