Entrepreneur committee seeks out Hall of Famers

Finally, the effort you've put into your business is about to be recognized:

• Listen to the crescendo of applause when your name is announced to 500 of your new friends at the annual Chicago Area Entrepreneurship Hall of Fame awards dinner at the Chicago Hilton and Towers.

• Look at the video story of your business that flashes across the screen as you shake hands with previous inductees.

Yep. That's you being inducted into the Entrepreneurship Hall of Fame administered by the University of Illinois at Chicago. Congratulations.

In fact, that can be you: Nominations are being accepted until Oct. 1 for the 2008 class. You can nominate yourself. Someone else can nominate you. Or you can nominate some other deserving entrepreneur.

First, of course, you should take a look at the nomination package. E-mail me and I'll send you a copy. Better, e-mail Joanna Wolek at UIC, jwolek@uic.edu, and ask her to send a nomination packet to you.

It also helps to know what the judges look for when they review nominations. For the past two years, I have been one of 20 or so judges who vote on nominees. Here, based on my experience, is what we as a group like to see:

• Sales and profits. Generally don't bother unless your business has annual sales of $10 million or more. That eliminates many successful entrepreneurs, but businesses that meet that revenue floor generally have a track record of success. There's no revenue ceiling. You must submit annual sales data for the past five years.

Profits matter, as they should, but financial statements are not required. You will have to indicate whether the company was profitable for each of those past five years -- and the number of employees for each year.

• Innovation matters a lot. In my two years, changes in processes or technology are the easiest for judges to see -- though you have an opportunity on the nomination form to make your case for a different type of innovation.

There are three sections of the nomination form that give you -- or the person nominating you -- an opportunity to really sing:

• Section four of the form requests "history, innovation in products/services or management practices; risks taken; competition and future expectations."

• Section five seeks details about "business operations with attention to significant actions taken, difficulties faced, opportunities captured, adaptation to changing markets, changes in products/services, relationships with employees and customers, the current management team" and other relevant information.

• Section six requires comment on "such things as financial performance relative to industry averages, growth in sales and employees … competitive strengths, leadership in community, civic and industry activities, charitable involvement … innovations in meeting challenges" and the like.

The nomination requires some effort, but it might be worth a shot. If nothing else, you'll have several months of telling customers and prospects that you've been nominated for the Entrepreneurship Hall of Fame.

© 2007, 121 Marketing Resources Inc.