On Friday, I had the good fortune to be a speaker at the 2009 annual conference of Women Presidents Organization (for the third year in a row). What an experience to spend several days with 550 women whose companies generate an average of $13 million in revenue and employ, on average, 96 people. A majority are between 40 and 60, so, essentially, it was a conference of smart female boomer entrepreneurs.
So, it was no surprise that Thursday's keynoter was highly regarded and eagerly anticipated. Meg Whitman, former CEO of ebay, offered some interesting insight into her amazing career and she offered solid advice and encouragement to women leaders in the room.
As a reminder, she became CEO of ebay 10 years ago when there were 30 employees and $4 million in revenue. Today, there are 15,000 employees, $7.7 billion in revenue, and e-Bay is hailed as an example of one of America's finest corporate growth stories. It's easy to see why this authentic, charming and witty woman was able to oversee this phenomenal business success story.
And many women in the audience seemed to believe that same authenticity and leadership will help her win the Republican nomination for Governor of California, which she announced at the meeting - and later in the day at a press conference - she intends to do.
She was clear with the audience that she believes it will be small businesses -- many being run by boomers - that will pull this country out of its recession. She noted that in a recent conversation with her friend Charles Schwab (yes, that one), he made an interesting observation: there are 5.8 million small businesses in the U. S. If there were an economic incentive for each of those businesses to create just one more job, the unemployment crisis would be largely eliminated. She soon added, though, that no small business owner should sit and wait for the stimulus package to really make any difference for them.
I filled several notebook pages with her wisdom, but it can be distilled down to four key points that she believes can help any business be successful. It seems especially relevant for the millions of boomers who are currently running - or starting - businesses:
1. When hiring, choose the right person for the right job at the right time. She also encouraged carefully analyzing where the business is going and hire ahead of the curve. But in no circumstance should you leave someone in a job that's not a fit, even if it creates personal discomfort to remove him/her.
2. Focus. Focus. Focus. Know what you do best and do it. Don't try to be all things to all people. "Exclusion is as important as inclusion," she said.
3. The price of inaction is far greater than the cost of making a mistake. "Be bold and be courageous," as she put it. Don't expect perfection. Hurry and up and fail so you can hurry up and succeed.
4. Be willing to push the edge of the envelope. Try new things and be willing to push for what you believe in, even when there are naysayers. (This single piece of advice probably is playing a huge role in her current bid for Governor.)
Whitman cautioned that she believes "we're in the eye of the storm... it hasn't passed yet... things will get worse" when it comes to the economy. But she was also clear to express her conviction that boomers will play a huge role in the turnaround, either as business owners helping to lead it or as consumers reshaping the course of consumerism forever.
In a nutshell, one more smart bonafide leader "gets it" that boomers are key to the success of this country. It's a heady, and yet terrifying thought, isn't it?
(P.S. In the spirit of full disclosure, I should note that ebay is a new Edelman client. We were selected by the company after the departure of Whitman, however.)
