Entrepreneurs get a boost from their peers
Over the next 12 months, as we head into the political season, we are going to be hearing a lot about the importance of entrepreneurs.
Presidential candidates will tell us that small businesses are the "backbone of the economy," that entrepreneurs are what make our country great, and that they [the candidates] have some incredibly impressive plans for how to promote entrepreneurship.
Yes, people love entrepreneurs (especially this time of year), and lots of folks talk a good game, but in my experience it is rare to see people not only talk about helping entrepreneurs, but actually do it.
That is why the EY Strategic Growth Forum (SGF) and EY Entrepreneur Of The Year awards are so great. If you don't know about them, you should:
■ The SGF is probably the country's most prestigious gathering of entrepreneurs and high-growth companies, bringing together more than 2,000 top executives, investors, and business leaders
■ The four-day event concludes with the national Entrepreneur Of The Year Awards, honoring some of the very best entrepreneurs in the country (indeed, around the world as the program is global.)
I had a chance to attend the SGF this year and speak with some of the committed, talented people who put it on. Being inside such an entrepreneurial ecosystem is an exciting, inspiring thing.
As Herb Engert, EY Americas Leader of Strategic Growth Markets, explained to me, "The Strategic Growth Markets group at EY endeavors to be an entrepreneurial ecosystem that provides entrepreneurs with help across the board, from startup through high-growth." These programs and solutions include
■ The SGF and the Entrepreneur Of The year process and awards
■ IPO and strategic partnership assistance
■ Family business consulting
■ The Winning Women program (see below)
■ Venture capital and private equity guidance
Herb seemed to be speaking for the entire Strategic Growth Forum when he said, "It can be lonely at the top for entrepreneurs, and lonely on the way up too. So what we try and do is create a support system that recognizes exceptional entrepreneurship and which gives entrepreneurs a lift."
Certainly part of that lift comes from the EY Entrepreneur Of The Year awards. Long seen as one of the top business award programs in the country (not insignificantly, this year's show was hosted by none other than Seth Meyers), the awards recognize and reward America's most innovative entrepreneurs.
According to Mike Kacsmar, EY Americas Director of the EY Entrepreneur Of The Year awards, there were some 1,500 nominations this year in the U.S. "and what's really special about these awards is that we look at the whole entrepreneur, not just his or her financials." Indeed, participants are judged by such diverse criteria as entrepreneurial spirit, innovation, personal integrity, financial performance, strategic direction, market impact and social responsibility. That's smart of course; a lot goes into being an entrepreneur beyond simply being able to turn a nice profit.
So it was not surprising when Mike told me that the winners tend to be "innovators and disrupters. Their common characteristic is vision — they see things others don't, and they see through a different lens than the rest of us." (And do they do things in a way that you can adopt? You bet. See below.)
Let me give you an example: One entrepreneur I was fortunate enough to meet was Alissa Bayer, Founder of Milk + Honey, a spa based in Austin and Houston, Texas, and one of 12 finalists in EY's Entrepreneurial Winning Woman program.
Seeing a gender gap in the high-growth companies it works with, EY decided about a decade ago to help rectify the situation by creating EY Entrepreneurial Winning Women. The program gives successful female entrepreneurs access to capital, business know-how, resources, and networking opportunities. At the event I attended, a dozen women were announced as the latest members of the program.
It is not surprising that Bayer was one of them. An entrepreneur at heart, Bayer has created an exceptional business and brand that now includes four salons, two flagship spas, and a burgeoning line of clean, green, organic spa products.
What is the key to her success? Among other things she says, "We're nice. We're nice to our people and we're nice to our customers. I support my employees 100% and in turn they support me. I learned this in grad school when I heard Herb Kelleher of Southwest Airlines say, 'Put people first.' That was a great lesson." Bayer took it to heart. She has no contract employees and her team gets a full slate of benefits that increase as the company grows. People love working for her.
Treating people right? Creating a great brand? Thrilling customers? Growing her business? It sounds like Alissa Bayer has indeed been hanging around with the good folks at EY and the important entrepreneurial ecosystem they have created.
Today's tip: EY also partnered with the Harvard Business Review and the Kaufman Foundation to figure out what the award winners had in common. The survey revealed four distinguishing characteristics of these exceptional entrepreneurs:
1. Digital sophistication: "Digital technologies (such as social, mobile, analytics and the cloud) are at the core of their business strategy and operations, rather than as an additive approach."
2. Collaboration: The winners use strategic partnerships to grow and expand their reach.
3. Risk mitigation: They are "savvy risk managers."
4. Culture: The winners know, value, and stress the importance of teamwork and a great culture.
Steve Strauss, @Steve Strauss on Twitter, is a lawyer specializing in small business and entrepreneurship and has been writing for USATODAY.com for 20 years. E-mail: sstrauss@mrallbiz.com. Website: TheSelfEmployed.