Recapping the fifth WHACC Round Table Discussion: Entrepreneurism in 2018

Our fifth 2018 WHACC AM Learning Series Round Table discussion was held on Tuesday, August 28 and focused on Entrepreneurism.

The Round Table discussion was lead by Judy Abelman, Principal,  Abelman Communications, Mark Bailin,  President, Diamond Signs and Graphics, and Tammy Dubin, Workforce Management Consultant with Core Potential Coaching, LLC.

The program began with a lively conversation about the definition of an “entrepreneur.”  Bailin noted that an “entrepreneur is looking at his or her business from many different views.  From the outside in.  They must look at what is happening now to make things go smoothly and what it takes to grow and be around in the future.”

Bailin went on to discuss the importance of a vision for 3, 5 and 10 years out. He shared highlights of the 3-year vision he created for his company – which includes a clear definition of customers, what he needs from employees, where he’ll be located, what equipment he’ll need and what products he’ll produce.  To get there, he’s created a marketing and sales plan, clear structure with processes and tools and a critical organizational chart to determine who does what in the small company.

Dubin focused her insights on the importance of good staffing for entrepreneurs.  She shared a recent update from “Human Resources Today” on the 10 Recruiting Trends you should Implement in 2018.  Here are eight of the trends which would be of importance to startup or small company:

1. Recruitment Marketing  – 70% of candidates are passive – you need to go after them.
2. Inbound Recruiting– 62% of candidates listed a company’s career site as the top channel for researching new job opportunities.
3. Employer Brand – 69% of job seekers would not take a job in a company with a bad reputation.
4. Candidate Relationship Management– 98% of candidates who had a good experience in recruiting would encourage others to apply.
5. General Data Protection Regulation– new regulations went into effect on 5/25/18- know them!
6. Talent Pool– 48% of global employers report a talent shortage as their greatest challenge.  It’s competitive out there for good talent!
7. Candidate Experience– 88% of candidates with a good experience in recruiting would increase their purchases with that company
8. Social Recruiting  – 73% of millennials found their last job through a social media site.

Abelman then took it local and shared five entrepreneurial predictions for 2018 in Northeast Ohio.  These were authored by Todd Goldstein, of LaunchHouse, and were first published in “Crain’s Cleveland Business” in January, 2018.  They include:

1. The companies that do the best will be the ones that play to Northeast Ohio’s strengths.  We don’t need to compete with Silicon Valley – our region excels at manufacturing, healthcare and food.
2. Libraries will continue to evolve as hubs for entrepreneurs. Libraries across Cuyahoga County are evolving to be more than just repositories of knowledge – they will be places where entrepreneurs launch their big idea.
3. The conversation around supporting startups will shift from “funding” to “community”. To keep our local startups growing we need to look into ways to help them beyond funding. Many in the business community can provide access to networks, mentoring opportunities and guidance for startups.
4. There will be an increase in collaboration between entrepreneurial communities in Cleveland, Akron and Youngstown.  Each city has developed its own unique entrepreneurial community … and it’s only natural that collaboration will increase between them.
5. Suburbs will play an increased role in Northeast Ohio’s economic development.  Members of the “gig economy” and freelancers are increasing; more parents are staying at home and starting side hustles.  And that’s great news for WHACC!

Bailin concluded the program with a great thought, “As the entrepreneur, I drive the bus and everyone else follows my lead.  I need to make the decisions where the bus goes. This can be very hard.  Decisions need to be made not based on individuals – but for the organization to grow.”

Recommended Reading:  “The E-Myth Revisited”by Michael E. Gerber

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AM Learning Series Round Tables are absolutely free and open to the public.  The goal is to incorporate networking, open discussion, and valuable content with all WHACC members and to kick off a committee to answer questions in the future.

However, the number of attendees is limited to 20 to ensure a robust and worthwhile discussion. So be sure to register for our last Round Table on September as we discuss Technology trends and challenges.

Judy Abelman, Tammy Dubin, and Mark Bailin have joined our new committee on Entrepreneurship.  Click here to pose any questions on this topic.