SHRM (Society for Human Resource Management) Online: “Study – More Female Leaders, More Philanthropy”

Rebecca Tekula, Ph.D., executive director of the Wilson Center for Social Entrepreneurship at Pace University, debates whether gender plays a role in increased corporate giving.

Companies with more female leaders are more charitable than businesses with few or no female leaders, according to recent research.

This trend is reflected in the report Gender and Corporate Social Responsibility: It’s a Matter of Sustainability, distributed by Catalyst, a nonprofit organization based in New York. Catalyst and Harvard Business School researchers found that companies with female board directors at Fortune 500 companies contributed significantly more charitable funds than companies without women in senior roles.

However, Rebecca Tekula, Ph.D., executive director of the Wilson Center for Social Entrepreneurship at Pace University in the New York City metropolitan area, debates whether gender plays a role in increased corporate giving.

Tekula said in an interview with SHRM Online that the Catalyst study lacks data showing that women are completely responsible for increased giving on behalf of Fortune 500 companies.  The Catalyst study report authors agree with Tekula, writing: “Going beyond correlation—proving that gender-inclusiveness leadership actually causes companies to be more socially responsible—can be difficult given all the factors at play.”

“Companies are realizing that advancing more women to senior leadership roles has many benefits, including increased financial performance and sustainability,” Anabel Perez, Catalyst’s senior vice president of development, said in a statement. “As this study shows, inclusive leadership has a positive influence on the quantity and quality of an organization’s Corporate Social Responsibility (CSR) initiatives. When business leadership includes women, society wins.”

Tekula agreed, explaining that such studies help companies recruit talent. “Companies that actively pursue CSR practices improve the firm’s recruiting power,” she said.  “Human resources [professionals] want to get the best of the best, and if the most competitive candidates are those who value social responsibility, then a strong CSR policy will ultimately have a positive effect on a company’s bottom line.”

TeenBusinessForum: “Why Entrepreneurs Should Celebrate Global Entrepreneurship Week”

Global Entrepreneurship Week (November 14 – 20, 2011) is the world’s largest celebration of the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare. So why should entrepreneurs celebrate it?

7. To Celebrate The Entrepreneurial Mindset

Because entrepreneurship is a mindset — a way of thinking and acting, not simply about starting a business. It is about imagining new ways to solve problems and create value. These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of careers given today’s hyper-competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.

Bruce Bachenheimer, Clinical Professor and Director of Entrepreneurship, Pace University

To read the other 19 responses on TeenBusinessForum, where teens discuss entrepreneurship, click here 

Kiplinger’s Retirement Report: “Help Your Child Launch a Business”

The tough job market has more people considering entrepreneurship. But starting a business requires capital that can also be difficult to secure, so many young entrepreneurs are turning to their parents for investments.

Bruce Bachenheimer, clinical professor of management and director of entrepreneurship at Pace’s Lubin School of Business, provides tips to parents who are considering helping an adult child start a business in the November issue of Kiplinger’s Retirement Report.

How much due diligence should the parents do to ensure the business is doable?  Should they require a kid to draw up a business and marketing plan? Should any loan be formal with a promissory note, etc.? How often should the parent check in on their investment? Should parents put kids in touch with other experts? How do you stay far enough away so you’re not meddling?  

Professor Bachenheimer’s “tips to parents who are considering helping an adult child start a business” are embedded below.

Crunch the numbers.

Bachenheimer suggests telling the budding entrepreneur you will invest your $50,000 after he or she finds outside investors willing to put up the other $100,000.

These investors “are going to know what a business plan should look like, what the valuation of the business should be and what the privileges of the investors are,” says Bachenheimer.

Write up the terms.

It’s critical to document in writing the terms of your loan or equity investment. At a minimum, your document should spell out the amount being invested, how the funds are to be used and how the parent investor will be repaid. Bachenheimer says you can find sample loan documents on the Internet or seek advice from experts at a small business development center.

“Parents usually have a very valuable amount of social capital,” Bachenheimer says. Your accountant, lawyer, banker, business associates or golf buddies could be potential customers, advisers or investors.

 

NEWS ADVISORY, NOV 15 at 6 PM: IN CELEBRATION OF GLOBAL ENTREPRENEURSHIP WEEK, “Technology Innovation and Entrepreneurship in Israel – The Biopharmaceutical Industry” with Guest Speaker Fredric D. Price, Chairman and CEO, Chiasma

Israel is an innovation nation, a country of entrepreneurs, with the largest number of NASDAQ-listed companies outside the United States … more than all of Europe or all of Asia (including China, India and Japan) combined. A young and highly educated workforce, including a talented pool of physicians and biologists, makes the country a natural breeding ground for biotechnology development.

IN CELEBRATION OF GLOBAL ENTREPRENEURSHIP 

Tuesday, November 15th at 6 PM in Manhattan

Entrepreneurship@Lubin Presents:  “Technology Innovation & Entrepreneurship in Israel: The Biopharmaceutical Industry,”  An Evening with Fredric D. Price, Chairman and CEO, Chiasma (Israel).   Chiasma is developing new oral drugs for treatment of orphan diseases.  Its lead product Octreolin™ (oral octreotide acetate) is in clinical trials for acromegaly.

Come and be inspired by Fredric D. Price, who has: 

  • Membership on 9 Biotech Boards (past and present)
  • Raised more than $500 MILLION in a variety of securities transactions
  • Led a total of 18 M&A and licensing transactions
  • Built FDA approved facilities
  • Had drugs approved in the US as well as in international markets
  • 13 issued US patents (Co-inventor)
  • BA from Dartmouth College; MBA from the Wharton School of the University of Pennsylvania

When: Tuesday, November 15, 6:00 p.m. to 7:30 p.m

Where: Pace University’s Midtown Center, 551 5th Avenue@45th Street, 8th Floor, New York, NY

About Entrepreneurship@Lubin’s Fall 2011 Speaker Series on Technology Entrepreneurship with an Israeli Focus:  In addition to Fredric Price, Chairman and CEO of Chiasma, who will present on Tuesday, November 15, Ran Harnevo, Co-Founder & CEO of 5minMedia, will speak on Tuesday, December 13.  Yaron Galai, Co-Founder and CEO of Outbrain, spoke on October 11.

International Field Study Course in Israel: The three CEO lecture series is part of an international field study course titled Technology Innovation and Entrepreneurship in Israel, which is being led by Professor Bruce Bachenheimer, Director of Entrepreneurship at Pace University. Classes are being conducted in the fall semester and travel to Israel will be from January 5-15, 2012. Pace students will learn about the key economic and social drivers of technology development and entrepreneurial activity in Israel. Students will also develop an understanding of how international business and globalization is impacting the country.

General Public RSVP:  Space limited; to request a seat, e-mail entrepreneurship@pace.edu

Media RSVP: Samuella Becker, sbecker2@pace.edu, 212-346-1637 or 917-734-5172

Chatham Courier: “Women’s drive helps canning company thrive”

Professor Bruce Bachenheimer, Director of Entrepreneurship@Lubin, shares insights about starting and growing a business in this tough economic climate.

The Shaker Mountain Canning Co is a women- owned food production and co-packing facility in New Lebanon, N.Y. in Columbia County. They made it through their first year and they said business is increasing.

Lisa Connell, a reporter for the Chatham Courier, reached out to Lubin’s Bruce Bachenheimer — clinical professor of management and the mastermind behind the annual Pace Pitch Contest in which contestants in the New Business Concept and Social Venture categories each have three minutes to make his/her pitch — and asked him:

  • What skills and knowledge does it take to be an entrepreneur, particularly if the owner and staff are female? 
  • What challenges may the woman entrepreneur face that a man does not?
  • Or, is it too simplistic to talk about succeeding as an entrepreneur along gender lines? 

According to Professor Bachenheimer, finding the right people and retaining them can actually be much more of a challenge than the idea for the business itself.

“It’s hard to identify them and even if you do, how do you recruit them?” asked Bachenheimer.  “Attracting, recruiting, training, retraining and delegating — all of these factors are key to an entrepreneurial venture,” Bachenheimer said during a telephone interview.

“It’s about people and innovation and truly growing the business,” he said.

BPC/BizPlanCompetitions.com: “Pitch contests gain popularity”

For years, business plan competitions were the only option for would-be entrepreneurs seeking prizes, funding and the chance to get in front of venture capitalists via a competition framework. But now, more and more competitions are adding elevator pitch — or simply pitch — contests as an option within an overall business plan competition.

Many of the major Ivy League competitions — including Harvard, Yale and MIT — feature pitch competitions. The advantage of a pitch competition is that it’s much easier to enter, organize, participate and judge than a typical business plan competition, which typically encompasses an entire academic year, according to Bruce Bachenheimer, a professor of management who runs both the Pace University Pitch and Business Plan Competitions.

“Basically, competitors have three minutes in front of a panel of judges to sell their idea,” he told BPC/BizPlanCompetitions.com, a website which bills itself as the “world’s most complete listing of entrepreneurship contests and business plan competitions.”  He added that “there’s an audience for our competition, who can suggest questions, and who also get an education in entrepreneurship. Last year, Pace gave $50,000 in prizes to the competition winners.  The pitch competition has become very popular among business students.”

Pitch contests require different skills than business plan competitions.  In a pitch contest, you don’t necessarily need to have the fully-fleshed out idea that you need to succeed in a business plan competition. Instead, as Bachenheimer puts it, competitors need to “have excellent presentation skills, be quick on their feet, be able to provide a quick summary and be responsive to the very pointed questions of a panel of very distinguished judges.”

He’s very pleased with the way the pitch competition, which is now in it’s eighth year, has evolved. “In the beginning, some of the ideas were kind of crazy, but it’s gotten very serious,” he continues. “It’s very educational and very entertaining for the presenters and the audience. It’s a fast-paced, fun learning opportunity for everyone, including the audience.”

One big advantage of pitch contests is that they are relatively painless to enter. Instead of writing up a complicated, in-depth business plan that participants may have to revise numerous times over the months, a simple 500 word or so entry form, a brief biography and a 10-question form are the sole requirements for the Pace Pitch Contest. Not only is it simpler for the contestants, it is also much easier for the judges and organizers, he says.

And that makes it a good selling point for judges, who have to make a big time commitment to judge a business plan competition. Those can take months and judges must read multiple business plans, evaluate them at various stages and mentor competitions. With the pitch competition, it’s a one-day commitment. It’s also much easier on organizers, which is why it’s easier to start and run a pitch competition than a full business plan competition, Bachenheimer continues.

Crain’s New York Business: “New York exports its entrepreneurial expertise”

Although the new semester had barely begun this year at Pace University’s Lubin School of Business, Director of Entrepreneurship Bruce Bachenheimer already had teaching requests from groups and institutions in India, China, Norway and Israel.

Universities find that business professors’ knowledge is invaluable to international colleagues seeking routes to economic development, according to the lead Small Business article in the Sept 26-Oct 2, 2011 issue of Crain’s New York Business.

Although the new semester had barely begun this year at Pace University’s Lubin School of Business, Director of Entrepreneurship Bruce Bachenheimer already had teaching requests from groups and institutions in India, China, Norway and Israel.

Mr. Bachenheimer returned from India in early September, spoke to a Chinese delegation at Pace immediately afterward and then taught a course on writing a business plan for students visiting from the BI Norwegian Business School. He will travel to Israel in early January.

Colleges and universities abroad, especially those located in developing nations, are increasingly trying to establish the kinds of entrepreneurship programs that exist here in the U.S.

Generations of immigrants may have fueled American entrepreneurialism, but, according to Mr. Bachenheimer, entrepreneurship education on the college level is primarily an American export. And local professors are seeing the demand for their expertise grow beyond the occasional request to teach overseas while they’re on a school break or a sabbatical. Foreign universities are more and more willing to pay a premium for the know-how of professors from entrepreneurship centers such as Silicon Valley, New York City and Cambridge, Mass., the Lubin professor says.

Reflecting the growing international interest in entrepreneurship education, the Bloomington, Ind.-based Global Consortium of Entrepreneurship Centers, whose members are university-based, switched to its current name three years ago, notes Mr. Bachenheimer. Founded in 1996 as a national consortium, the organization made the change in response to interest from international institutions.

Although students obviously can’t absorb everything about running a business while in a classroom setting, the fastest way to get started and learn to manage risk is often with the guidance and assistance available through universities and colleges. (Other kinds of structured support can be invaluable as well: Research from the National Business Incubation Association and the U.S. Small Business Administration show that businesses coming out of incubators have a much lower failure rate than that for startups overall, says Mr. Bachenheimer.)

BizPlanCompetitions: Is a bigger jackpot better in business plan competitions?

Promoting entrepreneurship is a goal of the Pace University Business Plan and Pitch Competitions, says Bruce Bachenheimer in BizPlanCompetitions, clinical professor of Management, who runs both of the competitions. “One of our goals is to encourage an entrepreneurial mindset, which is important in today’s hyper competitive global economy, whether you work in an established business or not.”

Promoting entrepreneurship is a goal of the Pace University Business Plan and Pitch Competitions, says Bruce Bachenheimer on BizPlanCompetitions.com, clinical professor of Management, who runs both of the competitions. “One of our goals is to encourage an entrepreneurial mindset, which is important in today’s hyper competitive global economy, whether you work in an established business or not.”

The brevity of the university’s Pitch Competition is one reason it attracts a 400 person audience and a substantial number of actual competitors. That’s impossible to accomplish in a business plan competition because of the nature of business plans and the sheer length of the competition.

“The participatory nature of the pitch competition means that it’s benefitting the audience as well as the competitors,” he says. “Everyone gets to hear about the ideas and follow the give and take between competitors and the judges as questions are asked and answered.”

Is a bigger jackpot better in business plan competitions? | BizPlanCompetitions.

Crain’s New York Business.com: “How to handle, and profit from, last-minute jobs”

Entrepreneurs are finding that in this economy, they can’t afford to refuse 11th-hour projects. Professor Bruce Bachenheimer on why being prepared to assist Johnny-come-lately clients can be a good way to boost revenue when growth is hard to come by.

Making the most of late orders can be a win-win. 

“With all of the uncertainty, tight purse strings and risk-aversion, people are waiting until the last minute” to make purchases, said Bruce Bachenheimer, clinical professor of management and director of the entrepreneurship program at Pace University.  Increasing globalization has intensified competition in many fields and destroyed traditional business hours.

“You may have to work on Sunday at 2 a.m. to fill an order going outside of the U.S.” Mr. Bachenheimer said in an article appearing on Crain’s New York Business.com

Consumer Reports Money Adviser: “Want to be your own boss?”

If you think only young people have the guts and stamina to start a business, think again.

The highest rate of American business startups is in the 55-to-64 age group, and nearly one-quarter of baby boomers are self-employed, acccording to the Kauffman Foundation. But you need more than a good idea to run a successful business, says Bruce Bachenheimer, who launched several successful entrepreneurial ventures before beginning his career as a professor.

Becoming a successful entrepreneur isn’t easy …  even for those with advanced degrees and healthy bank accounts.   Here are some steps to becoming your own boss.

* Be honest with yourself.  Not everyone is cut out to be an entrepreneur.  “The best are risk takers confident in themselves and their ideas,” Bruce Bachenheimer, a professor of management at Pace University in New York told Consumer Reports Money Advisor, a newsletter distributed to about 300,000 paid subscribers.

* Take time to consider what you’re giving up or getting into.  Do you need a structured environment?  A steady paycheck?  Are you fleeing a bosss only to find all customers will be your boss?” Bachenheimer asks.  “Are you dumping a time clock but investing 100 hours a week?”

* Buying an existing business can be a good route.  “Sometimes owners run out of capital or enthusiasm,” Bachenheimer says.  “You can get a lot of assets, inventory, and a client base.”  Still, he warns buyers to perform due diligence to prevent gettting stuck with someone else’s bad debts.  

* Smart entrepreneurs surround themselves with even smarter experts.  Find a financial consultant or lawyer for advice, but choose advisers carefully.  “Don’t pay hucksters to do things that are free – like obtaining an employer identification number,”  Bachenheimer says.  “Anyone can sell themselves as an expert, so get references and proposals.”

* Funding will probably come from your own bank account, not from some wealthy venture capitalist.  Even bank loans are tough to get these days.  “Once your business has some cash flow, you might find it easier to get a small-business loan, Bachenheimer says.