Purpose First Entrepreneur – EFBC Book Review and Takeaways

The EFBC is always on the lookout for works that may support our members and community in different ways. Whether it’s a whitepaper from our Strategic Partners, programming led by EFBC community members, or thought-provoking reads members may enjoy, we want to share the wealth of knowledge that comes from the people around us! Today we are reviewing Purpose First Entrepreneur, a book from upcoming Fireside Chat speaker Pete Wilkins, and sharing some key takeaways for anyone interested in EFBC!

Purpose First Entrepreneur opens with Wilkins explaining his road to discovering his purpose in entrepreneurship, a road that left me stunned at the resilience displayed. Through a series of events that each seem more catastrophic than the last, Wilkins weaves his story of setbacks leading to an important self-discovery. In Wilkins’ case, this was the discovery of his vision for what he wanted to work toward in his life and career – something that EFBC members are likely closely familiar with, as many of them likely found themselves in similar situations, starting businesses based on their discovered passions and purposes.

Wilkins spends time helping the reader define their vision early in the book through guiding questions. If you’ve read other books in this genre, you are likely familiar with people asking, “What do you enjoy doing?” and “What are you good at?” to determine your purpose. Wilkins adds an additional layer to these questions, asking, “How will you make the world better?” This rounds out a purpose further and helps to connect the reader with the world around them instead of focusing solely on themself. This connection with a community around the entrepreneur is central to the themes of EFBC – from forums to dinner events to simply calling another member up to chat, helping make those around you better is at the core of our beliefs.

“Purpose First Entrepreneur” is a fitting title for the book as Wilkins guides the reader through the discovery of their purpose but doesn’t ever forget the entrepreneur promise made by the title. There are in-depth examples of how someone might go from the initial purpose discovery to the launching of their business to some of the tools or strategies that these people may employ, and even further into how someone might seek funding for their business. While many of our members are past this stage of their business development, receiving this level of detail on funding and investing will still be useful to much of our community!

The depth given regarding the business side of being a purpose-first entrepreneur is impressive – especially regarding growing the business. This should be no surprise due to the author’s perspective as a venture capitalist who has seen many companies go through this growth first-hand. That said, Wilkins also knows when to refer to another expert in the field and is not shy about sharing resources that help the reader’s understanding when a topic might be too off-path for this particular book.

Wilkins explains that while there are many things about an entrepreneur’s journey that they can control, there are uncontrollable factors that each person may have to overcome; this demonstrates a level of consideration for people who may typically be disenfranchised by works aimed at potential entrepreneurs. EFBC is all about uplifting each other to overcome obstacles, so this sits well with us! To consider those who may need additional support from their surrounding community is to show a degree of care that EFBC strives to instill in its members.

Throughout this book, Pete centers on the entrepreneur’s well-being, not just in a business sense but in a holistic sense. There’s an emphasis on maintaining one’s emotions and relationships with others while building their vision. That’s refreshing and is a core reason EFBC reached out to Wilkins about speaking at an event with us, given our insight into emotional intelligence and how it relates to entrepreneurs and family-owned businesses.

Purpose First Entrepreneur was a compelling read. It helps that alongside the book, the reader gets a worksheet that directly guides them through the process laid out by Wilkins. The story is encouraging, the advice is accessible, and the writing is engaging. If you’re interested in what you’ve read here – which was a surface-level look into the information offered by Wilkins – it’s worth a read. That is even more true if you plan on being at EFBC’s Fireside Chat on October 26th with a chat by Pete Wilkins himself.

Retreat Reflections from EFBC Members

A quick visit to our homepage, myefbc.com, will have you met with an abundance of information from blogs to events to membership benefits and everything in between. A smart eye will see the words “forum” and “peer group” sprinkled throughout the pages. EFBC is good at many things, but we excel at forums. Our peer group model is extremely successful. Additionally, we are proud to boast a high member retention rate, to which we attribute to the forum model. A component of forum that isn’t talked about enough but provides extreme value to members is retreat.

Each forum goes on an annual retreat. Retreats are 3 days away together and are only for active members in the forum. Retreat gives members time for introspection and time for shared experiences and personal growth. The retreat is an opportunity for members to reflect on their past and explore their future within an environment that is confidential and open.

We asked some of our members who recently went on retreat and here’s what they had to say:

“Bonding: As a business owner and a family man I have no time to create these special bonds with others. I am either taking the kids some place, trying to make plans with my wife or having to work. I don’t have time for myself to create these outside bonds with others. This is a way for me to really talk to each person in my forum and create individual bonds. I guess I really enjoy hearing about other people that have to deal with the same struggles I do. It helps show that we are not alone dealing with issues in our business. Other people have problems with staff and have dealt with their situation in a certain way. I get to hear from 5 others in a safe group setting on how they deal with a problem and maybe it can help me get through mine.

Confidentiality: At our retreat a lot gets talked about our businesses and personal life that really allows for us to open up to each other. Hearing and understanding what the other person is going through. It was made clear from the start of forum that confidentiality is so important and that at our retreat you can talk about anything with no judgement. There is not a subject that I feel uncomfortable talking about to each of the others members. We really get to dive deep on retreat because of the time we get to spend with each other. You never feel like you don’t have the time to let it all out. I think that the retreat really helps form a great way for us to kick off the year of forum with a new outlook on things.” – Scott Lichtenstein, President, Richardson Seating Corporation

“For me the forum experience is the best part of my EFBC membership. The monthly meetings are a great time to talk shop with other business owners in similar positions to me. But the retreats are where we make and reinforce the personal connections we lean on during the rest of the year. The monthly meetings are so much more valuable because I know my forum mates personally so well. And that personal relationship really stems from the exercises and time we spend together at retreat.” – Jay Smith, President, MacGill

“My first retreat gave me pause and reflection for weeks before I went. My forum had been together for a few years, and I was the new member attending. Everyone had such exciting and warm emotions before attending. I was scared. I wasn’t sure how I was going to meld into the group. When I arrived at the house, I didn’t bring my things inside or pick a room. Part of me wasn’t sure if I was going to stay. To top it off, they suggested that I present first to the group. Here I went… vulnerable and raw with my lifeline and then the assignment. So many emotions, from tears of sadness to tears of joy. My group welcomed me with open arms and showed me that strangers can make lasting friendships when you allow them in your life.” – Colleen Kramer, President, Evergreen Supply Co.

“I feel that retreat is an opportunity to go deep with content as well as relationships with my fellow forum members. I find that retreats are also a chance to challenge me to listen more, reflect more, and love more. Retreats are at the center of what the EFBC is all about.” – Eric Weinstein, Principal, Specialty Store Services

“Retreat is something I look forward to each year. I always enjoy the presentation topic and this year was no exception, The Road Ahead. Through my preparation I was able to think about where I wanted to go and create a path on how to get there. I discussed my obstacles with my forum and received amazing shared experiences. We also had time to hang out as a group and our group activity this year was a hot air balloon ride. It was breathtaking and an experience I think everyone should do. Over the three days we spent together our relationships deepened and I got the chance to just be me. It is an incredible experience and feeling to know you are around people that will support you and allow you the safe space to express what you are going through without judgement.” – Nicole Ziemba, Chief Compliance Officer, Primrose Candy Company

“The retreats have been critical to the success of forum. Retreats breed connectedness, or even call it intimacy, and intimacy or connectedness is critical to the year’s forum meetings being enriching for the presenters as well as the forum at large. The richness of a forum is critical for sharing a deepness to the experiences we all have personally, professionally and within our families. I am grateful for the retreat we had this year and the connectedness we all feel currently as we move into our year of forum meetings.” – Jon Kabance, President, Biokinetix

“Other than the opportunity for reflection and planning, I feel that the outside activities bring the group closer together. Our recent retreat we went a hot air balloon ride of which a few members were originally uncomfortable but did so anyways. During the ride it was great and everyone was relaxed and had the opportunity to do something that is unique and memorable.” – Mike Walsh, Vice President Business Development, ATMI Precast

“Retreat for me is always a highlight of the year. It has all the benefits of forum and then some, but without the same time constraints. It’s an opportunity to do a deeper dive and reflect on my life and business as a whole rather than one specific issue. I share those reflections with my forum members and learn from their questions and experiences. Since at retreat we all do the same exercise, it is interesting to see each member’s take on the exercise, their presentation, and their insights. I don’t have another place where I can explore issues as deeply and get rich feedback from trusted friends.” – B.J. Slater, President, Plant Marvel

Of course, these are only a few voices that live within EFBC, but the message is clear. The value in retreat, to supplement the forum experience, is un-matched. Retreat allows members to not only go deeper with themselves, but with each other. It strengthens the health of the forum and aids their longevity. We have groups that have been together for 25 years, and we are proud of that. Members who have leaned into forum state that they have not only become better in their business, but better in their families and their friendships.

Interested in joining EFBC and experiencing forum and retreat? Learn more about forum and join today!

Propelling Ourselves Toward Success At the Year’s End

Dear EFBC Members,

As we find possible hopes for a Bears Super Bowl diminishing, we pivot forward to the classic Chicago Marathon on Oct 8th to highlight our city. As EFBC business leaders we find ourselves in the final stretch of the business year. October marks the beginning of the last quarter of 2023, and it’s the perfect time to refocus our efforts, set our sights on year-end goals, and finish the year stronger than ever.

Q4, Finish Strong! Now is the time to double down on our efforts and work collaboratively to achieve our year-end goals. Let’s harness the energy of the season to propel ourselves toward success. Whether it’s meeting sales targets “Always be Closing (DTW)”, launching new projects, or achieving personal milestones, let’s approach this final quarter with determination and enthusiasm.

October is a special month for many of our forum groups as they embark on their yearly retreats. These retreats provide an invaluable opportunity for members to step back from their day-to-day routines, gain fresh perspectives, and engage in meaningful reflection. We encourage all members to make the most of these retreats and return with renewed focus and clarity.

DePaul’s Coleman Entrepreneurship Center 20th Anniversary Celebration – October 17th We are excited to join our friends at DePaul’s Coleman Entrepreneurship Center in celebrating their 20th anniversary on October 17th. Over the years, this center has played a pivotal role in fostering entrepreneurship and innovation in our city. This milestone is a testament to their dedication and impact on our business community. Please join us in congratulating them on this remarkable achievement.

EFBC Fireside Chat Series – October 26th We’re delighted to announce the kickoff of our EFBC Fireside Chat conversations on October 26th at the beautiful Morton Arboretum. Our first guest is the renowned author Pete Wilkins, who will be discussing his latest book, “Purpose First Entrepreneur.” This promises to be an inspiring evening filled with insights and thought-provoking discussions. Make sure to save the date and view the event page for further details on registration.

As we embrace the opportunities and challenges that October brings, let’s remember that our strength lies in our unity and commitment to each other’s success. EFBC is not just an organization; it’s a community of driven professionals who support, inspire, and empower one another.

Dave Horvath
EFBC President 2023-2024

HR Policies and AI: Evolving Guidelines for Evolving Technology

In today’s digital landscape, artificial intelligence (AI) has become a valuable tool, offering new solutions to problems across all industries. One area where AI has been highlighted prominently is content generation. It’s now crucial for HR policies to adapt and clearly define what is and isn’t allowed regarding AI-generated content. Let’s explore why this evolution is necessary and then look at some guidance on how HR policies can effectively address AI-generated content and its use.

Understanding AI-Generated Content

Before writing something as critical as HR policies, it’s essential to understand what AI-generated content is. AI-generated content is any form of content created by algorithms and machine learning models. These algorithms generate written, audio, or visual content without a human involved in the creation process. This is done by analyzing data and patterns to produce content similar to what a human might create if prompted correctly. From generating news articles and product descriptions to creating never-before-seen images and even composing music, AI has proven its versatility in content creation.

Why HR Policies Need to Adapt

Integrating AI-generated content into various business processes presents new challenges for HR professionals. Here are a few reasons why HR policies must evolve to address this technological advancement:

• Quality Assurance: AI-generated content is not perfect. Errors can occur, and the content may not align with the company’s brand image, tone, or values. HR policies should establish guidelines for reviewing and editing AI-generated content to ensure it meets quality standards.
• Ethical Considerations: AI-generated content can inadvertently perpetuate biases present in its data models. HR policies should emphasize the importance of ethical content generation, including avoiding exclusionary language or perpetuating stereotypes.
• Transparency: Companies need to be transparent with their customers and other employees about how and where AI-generated content is used. HR policies should address the disclosure of AI involvement in content creation to maintain trust.
• Employee Roles: With AI taking on content creation tasks, employees may find their roles evolving to focus on more strategic tasks. HR policies should outline how employees will adapt to working alongside AI tools and address any concerns related to job security.

Defining What Is and Isn’t Allowed

Clear boundaries are vital when updating your HR policies on this topic. Looking directly at the problems raised in the previous section, plus some additional factors, here are some things to consider when determining what is and isn’t allowed at your company:

• Quality Control: Specify the quality control measures in place for AI-generated content. Ensure that a human review process is incorporated to catch errors and align content with the company’s standards.
• Ethical Guidelines: Incorporate ethical guidelines into HR policies that emphasize the importance of avoiding bias, discrimination, or misleading information in AI-generated content.
• Transparency: Require transparency in customer communication. If AI tools are used to create content, make it clear in marketing materials, disclaimers, or product descriptions.
• Employee Training: Provide training and support for employees who work alongside AI tools. Address concerns related to job replacement by emphasizing the role of AI in content creation and how this provides more time to focus on tasks that only a human can complete, like strategy, planning, and other related work.
• Data Privacy: Emphasize the importance of protecting user data and ensuring that AI tools used in content creation adhere to privacy regulations.
• Monitoring and Compliance: Define procedures for monitoring AI-generated content to ensure ongoing compliance with HR policies and ethical guidelines.

Collaboration, Not Replacement

It’s important to emphasize that integrating AI-generated content into HR policies is not about replacing human employees – it’s about giving them the capacity to do more. AI can handle repetitive and data-driven tasks, allowing employees to focus on more creative and strategic aspects of their roles.

HR departments should actively communicate with employees about HR policies adopting or barring AI-generated content. Here are a couple of strategies to consider:

• Open Communication: Maintain transparent and accessible communication channels to address employees’ questions and concerns.
• Feedback Systems: Establish feedback systems for employees to report issues or improvements related to AI-generated content.

Conclusion

As AI transforms content creation, HR policies must evolve to address the challenges and opportunities it presents. Defining what is and isn’t allowed in regard to AI-generated content while emphasizing quality, ethics, and transparency is essential for companies to maintain trust with their customers and employees. By establishing guidelines for employee usage of AI, organizations can harness the full potential of this technology while ensuring the comfort of their workforce.

Want to hear more about HR and how it’s evolving? Sign up for EFBC’s next HR Roundtable!

End of Summer New Beginnings

EFBC President, Dave Horvath, shares a few words this month about the transition from Summer to Fall and all the exciting things that come with it!

Dear EFBC Members,

As the vibrant colors of summer give way to the warm hues of autumn, we welcome September with open arms. With the start of a new season comes exciting opportunities and events for our EFBC community. Here’s what’s in store for the month ahead.

Summer Farewell and Celebrations: As the summer sun sets on another remarkable season, we extend our heartfelt appreciation to all members who joined us for the memorable summer social event at Avli on the Park. The evening was filled with laughter, camaraderie, and the joy of reuniting with fellow members. With just over 100 attendees, it was a beautiful occasion to celebrate Andy and his outstanding contributions during his presidency. The event not only marked the end of summer but also showcased the unity and strength of our EFBC family.

Celebrating Milestones: Let us also join hands in recognizing the remarkable journey of Mike Moran, who has been a valued Strategic Partner for an impressive 15 years. Mike’s dedication, insights, and unwavering support have been instrumental in our collective growth and success. We look forward to celebrating this incredible milestone with Mike and expressing our gratitude for his longstanding commitment to EFBC.

Upcoming Events:

• Leadership Application Course 2.0 Kick-Off – September 20th: We are excited to announce the commencement of our Leadership Application Course 2.0 on September 20th. This transformative program is designed to equip participants with the skills, knowledge, and strategies necessary to excel in leadership roles. Whether you’re an aspiring leader or seeking to enhance your existing leadership skills, this course is tailored to meet your needs. Don’t miss this opportunity to elevate your leadership journey.
• Community Engagement Forum – September 26th: Mark your calendars for September 26th as we gather for a Community Engagement Forum, a biennial tradition that fosters open dialogue and collaboration within our EFBC family. This forum provides a platform to exchange ideas, address challenges, and collectively contribute to the growth of our community. Your active participation is highly encouraged, as your insights and perspectives play a crucial role in shaping our shared future.

As we move forward into September, we remain committed to advancing our goals, supporting one another, and creating an environment that encourages learning, growth, and innovation. EFBC is more than just a business group; it’s a community of professionals dedicated to mutual success and progress.

Thank you for being a part of our dynamic and engaged EFBC family. Your presence and involvement are what make our community truly exceptional. Wishing you a fulfilling and inspiring September ahead!

Thank you!

Dave Horvath
EFBC President 2023-2024

Three Things You Should Be Doing Today To Support Your Middle Managers

They are the figurative – and sometimes literal – middle children in family and entrepreneurial businesses. Nestled between senior management and frontline team members, middle managers are often the peacemakers and pleasers of the organization (much like the middle children in a family.) Straddling both strategic decision-making and day-to-day operations can leave middle managers struggling to fulfill multiple roles and responsibilities, especially when operating with limited resources and staff. Here are three ways you can purposefully support the team members who often serve as the glue for your organization.

Nurture Their Growth

Team members are often promoted to middle managers because they are great at their job. But being great at performing a role doesn’t automatically translate to being great at managing a role. Support your middle managers as they take on these new responsibilities by offering regular training sessions or workshops focused on key areas such as active listening, having difficult conversations, providing actionable feedback, and problem-solving. A great place to start is EFBC’s The Art & Science of Executive Leadership Program, which aims to develop operational managers into strategic thinkers.

Give Them A Place To Belong

It can be isolating to suddenly be the supervisor of colleagues who used to be your peers, and often may also be your friends. Give your middle managers another peer group by forming an internal company Forum especially for them. Not only does a Forum give middle managers a safe place to share trials and triumphs, but it also has the added bonus of knocking down silos between departments.

Let Them Shine

Once you give them the professional development and community they need, take a step back and empower your middle managers with decision-making authority. By entrusting them within their areas of responsibility, you are fostering a culture of autonomy, accountability, and innovation. Together, set the boundaries within which they will operate and then expect them to act decisively and take ownership of their departments. And should they falter or fail? Support that too. Your middle managers need to feel empowered to take calculated risks and explore new ideas without the fear of harsh consequences. That is how they grow even more to some day take over your role!

Want more details on our Leadership Program or looking to launch a middle manager Forum at your organization? Contact Liz at liz@myefbc.com.

Hello EFBC

Dear EFBC Members,

Summer Greetings to all EFBC members! As the warmth of the season envelopes us, we hope you are finding time to relax, rejuvenate, and spend quality moments with loved ones. August marks the peak of summer, and we have some exciting updates and events to share with you.

First and foremost, we would like to extend our heartfelt congratulations to our outgoing President, Andy. His dedication and leadership have been instrumental in guiding EFBC to new heights during his tenure. To honor his contributions, we will be hosting a special event on August 2nd, where we can come together to express our gratitude and bid him farewell. Please mark your calendars and join us in celebrating Andy’s achievements.

We are thrilled to announce that I will be assuming the role of President for EFBC in 2024. It is an honor to serve such a vibrant and dynamic business community. I look forward to working closely with all of you and continuing the legacy of excellence established by our past leaders. Together, we will strive to further elevate EFBC and foster an environment of growth and success.

In preparation for the upcoming year, we have assembled a strong team of professionals who will be working alongside me to shape the future of EFBC. Let us extend a warm welcome to Darrin, Bob, Marybeth, and Marcus, etc, who have graciously accepted their respective positions. Their wealth of experience and diverse expertise will undoubtedly contribute to the overall success of our organization.

Looking ahead to 2024, we have already begun the strategic planning process for EFBC. My primary focus for 2024 will be to investigate option for EFBC geographic expansion, as we aim to extend our reach to new markets and communities. By expanding our presence, we can create more opportunities for collaboration and growth, fostering a thriving business ecosystem for our members. We will keep you updated on the progress and initiatives related to this strategic endeavor. For more information on the strategic planning initiatives for 2023 please click here.

As always, we encourage all members to actively engage with EFBC. Your feedback, suggestions, and involvement are crucial in shaping the direction and success of our organization. If you have any ideas or initiatives you would like to propose, please feel free to reach out to me or any member of our leadership team.

Finally, we would like to express our gratitude to each and every one of you for being a part of the EFBC family. Your unwavering support and participation have been the driving force behind our accomplishments. We are excited to embark on this journey together and create an even more prosperous future for EFBC and its members.

Wishing you all a fantastic August filled with joy, relaxation, and memorable moments. We look forward to seeing you at the upcoming event for Andy on August 2nd.

Dave Horvath
EFBC President 2023-2024

Meet the 2023-2024 EFBC Board of Directors