VID105 Peggy Parfenoff, CEO World Chicago FINALMain

David Rosen: hello. Hello. Welcome to episode 1 0 5 of The Amazing Exec Show. I’m your host, David Rosen. And I’m here today with Peggy Parfenoff, the CEO of World Chicago from Chicago. Peggy I met six years ago has put together an amazing program in coordination with the US State Department that creates cross-border relationships between owners, entrepreneurs, and executives of European companies with US based entrepreneurs, owners and executives of companies as well. She not only focuses around Europe, but brings in fellowships with hundreds of people from throughout the world into meet and interrelate with US businesses, educational institutions, nonprofits, and other GMOs.

In this program specifically that we’re talking to today, you’ll hear about the highlights of the differences between European entrepreneurs and the US entrepreneurs that they interact with, and you’ll also hear that there’s also subtle differences in cultures even amongst the US entrepreneurs and the European entrepreneurs within their own continents And so it’s not a unique thing, but this is an amazing program that that sheds light on the value and benefits of US democracy, as well as the benefits and value and the good and the bad of the US entrepreneurial and capitalistic, uh, cultures that exist here that I think bring opportunities to all.

I hope you enjoy listening to our conversation today with Peggy, and I would love for you to subscribe down below if you’re listening to us on your favorite podcast station, or if you’re watching us on YouTube or watching us on our website.

We’d love to get your feedback, have you subscribe and be the first to get upcoming episodes with some other amazing executives. Welcome Peggy.

[00:03:08] Episode Start – #105 Peggy Parfenoff Introduction

Peggy Parfenoff: Hello. David.

I’m good. Glad to be here with you.

David Rosen: Thank you for being here today. Tell us about World Chicago, the program and tell us about you and how you got it started.

Peggy Parfenoff: Excellent.

[00:03:21] About World Chicago -Hosting International Exchanges with the US and Emerging Leaders from 140 Countries

Peggy Parfenoff: World Chicago is a nonprofit organization that hosts international exchanges, sponsored primarily by the US Department of State. So we’re bringing emerging leaders from 140 countries around the world, nearly the entire world to Chicago on exchange programs. They might be youth who come for a two week exchange and stay with host families.

They might be a government official on a international visitor leadership program sponsored by the state, staying for a week in a hotel and meeting with their peers and counterparts. Or they might be an entrepreneur coming from Europe, staying for a month in a fellowship, in a higher level internship, and really engaging in the entrepreneurial community.

So through all of our various styles of programs, we get about a thousand people a year in Chicago and in sending out great impressions of our city around the world.

[00:04:15] Introducing YTILI – Young Trans-Atlantic Innovation Leaders Initiative

David Rosen: In, my experience though, your program extends beyond just Chicago and brings in entrepreneurs. Where are they coming from?

Peggy Parfenoff: Some of the entrepreneurs, one of our biggest programs we have for entrepreneurs is called the Young Trans-Atlantic Innovation Leaders Initiative, or YTILI is what we call it for short. And that brings 60 entrepreneurs from 39 possible European countries. So this is one of the State Department programs.

It’s focused on Europe. There are other department estate programs for entrepreneurs focused on the western hemisphere, focused on Southeast Asia and on Africa. But this particular program that World Chicago works on is focused on Europe. So every European country from Russia down to Malta and Ireland all the way over to Turkey.

So it.

David Rosen: So, tell us, how did you get started with this organization what transcended for you?

[00:05:10] Background On Peggy Parfenoff

Peggy Parfenoff: I was working for government. Before this, I worked in the federal government for the arts. I came to Chicago and worked for the city government for the arts. The Chicago has great support for the arts in our, city. And during that time had gone to Kellogg to get my mba. And that was a great experience.

I firmly believe you apply the business principles that I learned at Kellogg to nonprofit management. And after that started looking around and one of my mentors at the city’s cultural affairs department was on this board and recommended I apply. So I have been at World Chicago for 20 years now, and we have grown it a lot changed its name changed our portfolio of programs, but every, year countries change, regimes, change, priorities change.

So it’s kept it interesting and engaging and I’ve, very much enjoyed it.

David Rosen: That, that’s amazing. And so you I, wanna focus a little bit I, guess on the YTILE program and what you do with entrepreneurs. This is a, very business focused thing, and it’s, so what do the entrepreneurs look like that you’re bringing in from Europe and, what do they do?

What’s, what does their program look like?

Peggy Parfenoff: Sure. So these are our young professionals ages 25 to 35. And these are part of the grant regulations laid out by the State Department. And they must be an entrepreneur, have started a business and have it as a going concern for at least two years. So we’re looking for people that have started companies, not with that great idea that they know some US investor is gonna invest in, but they need to be on the ground working as an entrepreneur, starting to grow their scale, their company, hire staff, and have that experience.

So then when they come, we start with an a virtual curriculum, and then they will come for the opening program for four days in Chicago. . And then we send up to nine cities across the United States where they spend a month in a fellowship. So they’re really embedded in a US startup where they’re learning from their peers.

It’s gonna be in the same general sector, same general business field, so digital marketing and a digital marketing firm. But of course, they won’t be an exact match because it wouldn’t be their unique entrepreneurial idea if it was an exact match. So they’re gonna be in the general same field, and they will really be part of the team of that company for a month.

And they learn by working on projects, by being involved in staff meetings and client calls. And then they’re taking that back to influence their their business and their entrepreneurial community back in their home countries. And the best part of this exchange is that it’s a two way exchange. So after the fellow the 60 fellows from Europe come to the US about a third of the American host organizations send one, send the mentor over to Europe for a 10 day exchange.

So they get to go back and help influence the fellow’s action plan and how they’re gonna influence their community and make positive change based on their experience in the United States. So it’s great to be able to send Americans abroad as and impacting communities for with, the United States and the US government.

So it’s, it’s an impactful exchange..

David Rosen: And, can I ask, or can you tell me what, the real mission is here? Because having the State Department involved, I’m assuming it’s helping to build better relationships with the European countries. And from what I’ve noticed a little bit to the ones, especially closer to the eastern part of Europe, close to Russia

or China,

Peggy Parfenoff: it it, does impact all European countries, but certainly certainly the state Department has foreign policy priorities. But it is building that trans-Atlantic relationship. Europe has been our longest partner and it’s, our first partner. It’s a strong partner.

And when we, look at working with, we we look at building new relations with other regions in the world, but Europe is just such a longtime partner. So developing that trans-Atlantic relationship and developing the connections and part of building relationships is business, is the commerce and people that do business together nobody does business with somebody they’ve never met.

They don’t see, you don’t do business from an email. So having people. Come together, meet in person is just invaluable. And it builds it builds a relationship. It strengthens the entrepreneurial commun community across Europe and it does build contact for the United States. So it’s a positive relationship that we’re seeing from this program.

David Rosen: So what, do you see that make, that makes these entrepreneurs from Europe, what makes them successful? The participants. What, what, really comes out of

Peggy Parfenoff: entrepreneurship

[00:10:27] Entrepreneurship is something We Take for Granted in the US.

Peggy Parfenoff: is something that we take for granted in the United States. We’re, seeing entrepreneurs pop up all through our lives, and it’s just natural. That’s what you do. You figure out a way to get some additional money. You figure out a way when you’re in school to earn extra funds and maybe you can sell these things, do your lemon lemonade stand.

That’s, a badge of honor in the United States. And it’s also common to fail and to figure out what to do next. And you brush yourself off, you pick yourself up and you pivot and you figure out what your next program is. And that’s not necessarily a common mindset around the world.

Many countries coming out of of different old school regimes would say, go work for the government.. It’s safe, you’ll have a secure job. You leave the office right at 5 0 1 and you’re done for the day. And, they don’t encourage their children to become entrepreneurs. So what we are looking for are those people that aren’t, listening necessarily to what came before. And to say I, have an idea to start this company.

And we know that people then who start the company will stay in the country ideally and hire others, and they’re strengthening the economy in those countries. So we see the, people who come on this program really are ambitious, inspired, and they wanna make a difference and wanna make change. And that’s the key ingredient we look for is that leadership scale beyond, I wanna grow my firm and sell it to a big company someday.

I’m gonna impact my community. And that’s, the leaders we’re looking for. And fortunately we’ve been able to find them every time.

David Rosen: right.

[00:12:07] The Amount of Charity by the US Citizens is Massive and Distinctive Compared with other Countries and Cultures

David Rosen: and I on a side note, Peggy, I found it very interesting in, when I was involved in one of your programs and we were in Slovenia, that. , you brought along a couple of, nonprofit entrepreneurs from Chicago who are amazing people, and one of the things I noticed was another difference in their cultures in terms of having nonprofit businesses that do things for the community on a charitable basis.

Can you elaborate that on that a little bit as well?

Peggy Parfenoff: Sure. There just the socialist structure for many countries take care of a lot more social services that are done by nonprofits in the United States. And then I think we’re seeing now nonprofits step up and take on more roles that can fill society’s needs. What I’m seeing in Europe is a much stronger focus on social enterprises and for profits that address social needs.

And I hear a lot of talk about that in the United States, and I haven’t, I think there’s more and more companies as we see young entrepreneurs coming up or newer entrepreneurs. I’m seeing more social enterprises, but it’s something I think the US is, looking at Europe to see, because I see a lot of discussion around social enterprises in Europe which is great to see and

David Rosen: Right.

Peggy Parfenoff: support for them as well.

David Rosen:

[00:13:36] Charity in the US and Businesses with Social Impact

David Rosen: One of the things that I don’t have numbers on, but I have a sense that we are still one of the most charitable countries in the world in terms of giving back not only just money, but volunteering and NGO programs and things like that. And we also share that with the world.

But interesting in just seeing the minds clicking in Slovenia while we were there talking about what our nonprofits are doing. And I felt like there was a disconnect from their socialist backgrounds about giving at all in their culture. And they were starting to real wake up and realize, oh yeah, that there, there are things that we could do and not just wait for the government to do it for us

Peggy Parfenoff: Right.

David Rosen: or not do it for us.

Peggy Parfenoff: I think there’s a diff there’s a different mindset about asking people for money necessarily in Europe, whereas in the US it’s a common thing. Although I won’t discount all the people that have come to the aid of Ukraine and really reached out and helped throughout Europe. So there is the giving back, but it’s maybe not in the traditional fundraising send out a big appeal that we’re used to in the United States.

But we are seeing some of the newer corporations think about this corporate social responsibility and how

David Rosen: right.

Peggy Parfenoff: it’s not traditional, it’s not marketing, but it’s still gonna provide a benefit for your company and for your employees and help you tie your employees in. Or I

David Rosen: Right.

Peggy Parfenoff: retain loyalty.

David Rosen: I think you’re spot on there, Peggy, because to me it’s community that brings us together and those communities are local and those com communities are national and they’re global, and, but it really starts at the local level. And this is where I think some of our challenges in the US here are coming from, I don’t wanna get into politics in this discussion, but I just feel like if we had stronger bonds and communities and people looking out for each other, we would probably have a lot less shootings and crime and and better respect for others and better respect for people’s lives if the communities had a better bond.

So you’re, helping in more ways than just the exposed ways that we’re talking about here.

[00:15:59] Diplomacy is Our Structure, At-Home and Abroad

Peggy Parfenoff: We talk about, we use diplomacy is our structure right? Our base is diplomacy and we can use it both at home as well as internationally.

That’s one of the beauties of our program is when our fellows come, nobody hides the challenges the US is going through.

No one’s trying to whitewash it. It’s pretty clear and out there in the papers what’s happening. But we also try to highlight the amazing people in the US who are trying to address the challenges.

[00:16:25] Alumni Networks… A Great Valuable Part of our Culture

David Rosen:  You have a great alumni network. And I still have them reaching out to me and individuals and they keep in touch and I keep in touch with them even though we’ve been not able to travel for two and a half years.

Peggy Parfenoff: I, think that’s another uniquely American not necessarily trait, but it’s, part of our culture as well to build this network. You and I met six years ago, eight years ago in Chicago, and we’re still in touch. And that’s what you do. And I know I can recommend when somebody’s going to Boston, Hey, you should talk to David and you’ll do that.

David Rosen: Absolutely.

Peggy Parfenoff: traditional. So for our fellows to see that network, build it within themselves and build the network across Europe is one of the values of this program as well.

David Rosen: Yeah. And so you’re doing a great job of building that network. I’ve always been very impressed with the people I meet, the learnings that they have.

I like to polarize some things sometimes. What are the common mistakes that some of the European entrepreneurs make in the program that, that they learn from and hopefully take back and do

Peggy Parfenoff: Part of our work, part of our job is expectation setting. And you have a product, you know that Google’s gonna love it. So you wanna do a fellowship at Google. First of all, Google is not a startup, right? Google is a large major company. They’re not gonna hire somebody for a month or, not even hire cuz it’s a unpaid fellowship.

They’re not gonna bring somebody on for a month. So our job is to make sure people have reasonable expectations of what companies can host and what they will be able to gain. When you come to this program, you’re not gonna come home with a list of 50 new clients. It doesn’t work that way. That’s not how business works.

That’s not how US business works. So we have to make sure those expectations are set. And even though there’s so many tales from Silicon Valley of. Angel investors, venture capitalists, and all this money being given out, it’s still very difficult to get financing in the us And so we try to make sure that message is heard, that, and we know it’s a challenge for you in Europe.

It’s a challenge in the United States for a new entrepreneur as well. And you need to work hard. You need to have a proven product and you need to be able to tell your story. those are the things we try to make sure we’re managing expectation-wise.

[00:18:52] The US is NOT One Homogeneous Business Market

David Rosen: That’s an interesting point, Peggy, because what I’ve found is that even a lot of Americans don’t understand that we’re not just one country and we are , a melting pot that’s more diverse than the rest of the world. But the reality is how we do business in California in the tech world is completely different than how we do business on the East Coast, whether it’s Boston, New York or Miami versus LA and San Francisco. And it has to do with the kinds of industries that exist in those areas. It has to do with the cultures in those areas that influence those businesses.

Peggy Parfenoff: Yeah.

David Rosen: as a country, one of my favorite maps is to always look at how other countries fit into our states,

Peggy Parfenoff: And

David Rosen: them on an economic thing to say, okay, Texas is the economic size of China or California

Right, as the equivalent

to China and,

Peggy Parfenoff: Yeah. Chicago would be the 15th largest economy in the world if we were a

country,

That network and that social capital you build within your community is something. . I will say this though, that of all the business sectors I’ve sent visitors to and connected entrepreneurs are one of the most generous sectors they’re willing to give back.

They remember what it was, like when they were bootstrapping, when they were figuring out how to get a business license how to get an accountant to figure out their books and they will reach down and help the next entrepreneur come up. And I give so much respect to entrepreneurs in certainly the Chicago community that I’ve seen, but across the nation who really reach back like yourself and say, I wanna help the next generation and bring them up.

And even if they’re Europeans let’s make connections. Let’s see what we can do to help these young

David Rosen: people become

Yeah,

Peggy Parfenoff: successes. So applause to the entrepreneurial community for

David Rosen: So well said. Peggy. I, think you’ve got it spot on. Yeah I’d I’m gonna shift our conversation now to more about you being president of an organization, but you’re president of a nonprofit and I think the majority of our viewers or listeners are for-profit companies and middle market companies and larger.

But it’s interesting. I view your business as much more challenging than a typical two-sided market where you’ve got buyers and suppliers in your case, I look at you having to manage. Not only do you have to find participants that want to apply to the program and then vet them, but you also have to find thought leaders and experts and supporters that will sponsor them and bring them over or help support them. And then you have to also make sure that you’re fundraising to ensure that the programs you’re working on are of benefit and continuously generate benefits so you can continuously generate your revenue or funding to keep your business going. So us about you, you’ve got those three components.

[00:22:07] A Lot of Value to the Host Companies in the US

David Rosen: What does a a, US company get as a host to these companies and what’s the value to them that you’ve heard?

Peggy Parfenoff: Yeah, it is interesting cuz we go out and we look for US companies to host this young entrepreneur in their office for a month. And essence, you’re opening up your, maybe not your books, but your secret.

Yeah, exactly. , there you go to

David Rosen: Your London Fog trench coat

Peggy Parfenoff: And I think it gives companies some really great perspectives. One, you’ve got the voice from somebody in Europe and you’ve been trying to break into that market for this many months, or you’ve been trying to really grow your market in this country, Slovenia, and why can’t you do it? And this person is coming in and saying this is how we would approach it.

This is how we would get new clients in this country. So you’re getting the insights that our fellows are getting from the US but you are also getting somebody who comes in who started a business and asking you these questions of why do you do it that way? And often the answer is because we always have instead of, because you’ve looked at your processes, you’ve thought through it, and this is the best path forward.

So I find having that voice of someone to just a ask you about your processes helps everybody be more reflective and step back on what they’re doing. And I think it’s a great way for you as a small team to have an international presence in your office. We do, we are a country in immigrants, but having somebody who’s working in the international business overseas really brings in that perspective without having to send your toll team to Europe.

and It also is a great way, again, for those entrepreneurs who are willing to give back and and willing to, help and have this international experience. Which again, I just appreciate all the American companies who do that.

David Rosen: Yeah. That, that that, that’s very interesting perspective, Peggy. Because one of the things that I find in common is I, just took on a principal who’s in Slovenia, in Libianca, and she’s an amazing Entrepreneur herself. She’s run a couple of manufacturing companies and I think she can provide a lot of value for companies that want to come to Europe.

[00:24:39] How Big Do Entrepeneurs Think?

David Rosen: But one of the observations that I keep making is that smaller companies are sometimes have smaller views, and that happens in the us it happens in Europe, it happens everywhere where somebody in Slovenia or somebody in Croatia or somebody in Great Britain or uk, whatever we’re gonna call it, only thinks about that marketplace.

Or in the US they might only think about the city that they’re in, or they might only think about the state that they’re in. And they might only have a local viewpoint. And part of the awakening of these entrepreneurs is, okay, if the market is 1000 customers in Slovenia, how big is the market in Europe?

how big is the market in Eastern Europe versus Western Europe? How big is the market in the US for? And so it can open up the possibilities and changed and transform the shifting of thinking. Do you see that happening a lot because it’s, the same thing for somebody in Iowa, they might just be thinking about selling their to local companies when maybe they can open their software up across the country and they haven’t even thought about the next step of, oh my God, I could go global with this if I translated it into multiple languages.

Or even just go after the English countries like the UK and others that will accept this.

[00:26:08] Eastern European Entrepreneurs Think of Europe, Not Just their Own Country…

Peggy Parfenoff: Yeah, I would say, in fact, I would push back a little to say I found the European entrepreneurs to have a broader, more global mindset. Because there’s 4 million people in Slovenia, there’s 4 million people in Norway. Your market is not gonna be that big if you stay with one country. So they automatically think of Europe.

They might not think global, or they might think the US is my next market. We wanna coach them to say, where are you going first? And then you can look at the US market. Whereas many US entrepreneurs think national, they don’t necessarily think international. However, I’m gonna qualify that by saying I’m not sure younger generations will continue to have that mindset. Have that mindset because they can’t afford to. I look at my son who’s 17 and the amount of news he gets by the minute is just so different than we, I had at 17. So young people I think will be innately global because our world has, changed so much with media. So, yes and no.

[00:27:14] It is Becoming More Common to think Globally…

Peggy Parfenoff: It is definitely the benefit of the program for people to see how easy it is to do. Business internationally, especially now, so much of our business is like this is virtual. And also seeing new markets. Often when people think of they think of India. Did you know the Balkans has a huge amount of highly sc skilled tech professionals because of their, education system and the time zone might work better.

It might be better prices. It’s definitely look, here’s another market that people see when they, get exposed to programs like

this.

David Rosen: In some of the areas that I get involved with, they have a lot of great experience in machining and manufacturing that still exists. Those crafts and skills still exist there. That doesn’t exist in many other places in the world except for China and India and a few other locations.

interesting. What outcomes have you seen from the host companies? Anything interesting or exciting that’s happened that you, that came up as a part of the programs?

[00:28:22] Great Outcomes for All

Peggy Parfenoff: Definitely we see relationships made and we see people who have new clients, some of the Europeans have new clients. Some of the American companies have new service providers or new companies they’re working with. We see those long-term relationships develop and we see the entrepreneurs on both sides able to better skillfully network and grow their businesses because of this experience.

It has a long-term impact. So the transatlantic relationship, definitely the biggest. And then the network with each other and the fellows across Europe, just a huge impact and really rewarding to see that.

David Rosen: And do you find that some of the hosting companies here in the US are now doing some business as well in Europe as a result?

Peggy Parfenoff: Yeah, absolutely. They know somebody when they’re going to X, Y, z When you go to Lubyana, people to call, people who can make connections for you and hook you up with the next person they wanna meet. And yeah I, absolutely, we see those international relationships bonding because of this program

David Rosen: And I also learned very importantly, where to get a good cold beer from an automated outdoor dispenser

I thought you were there, Peggy

Anyway, moving on

What, are the greatest learnings that you’ve had as a leader? I look at things very simply from my acquisition and investment experience. I look at four things for a business.

The people. Are probably the number one thing and how effective and mature and nimble they are. Then I look at how well do they understand their customers and their markets and where they are, what they do, how they’re incented, what their risk profiles look like. Where do they learn things?

What, risk profile do their businesses have? The other two things relate to what is their service? What is their product that they deliver, and how viable is it and how nimble are they? And how effective at, meeting the needs of the customers and solving their problems or helping them achieve their customers goals and things like that.

And then most importantly, is the business economics in between the market and the product. to make sure that you can actually make money in doing it, and that you’ve, you’re doing it on the straight and narrow. You’re doing it and making sure you’re filing your taxes, but also that you’ve got a smooth operation where you’re people are having fun and being a place where you want to be.

Tell us about what you’ve learned from what you started with, World Chicago and how long ago was that and where are you today as a leader?

Peggy Parfenoff: That’s a big question, David. After 20 years you’re absolutely right. The people, the team is the core part of what we do. Core part of our team at world, the core part of our organization. We could not move these programs forward without a smart staff behind it. And so I’m delighted.

I’ve had such fortune to hire really bright people and people who are really mission driven. And so I know many organizations keep trying to find that way to tie, to bring people meaningfulness in their work and our work brings with it inherent meaningfulness cuz you are I said at the end of every staff meeting, we’re making the world a better place through citizen diplomacy.

And, I truly believe that because I’ve seen people connect, I’ve seen people understand the United States so much better by being here. Having dinner with a family, having dinner at meeting business professionals, understanding that we’re not all like our government says what our leader might say but we’re all passionate about our country and about our families and caring for each other just like they are around the world.

So that is so I straight off from our team, but but I thought it was really interesting you brought up risk profile. Our speaker at our fundraising breakfast last in May was a woman named Michelle Wilker who wrote a book called You Are What You Risk. And I thought it was so interesting that she wrote an entire book about risk because it’s one of those words we.

We toss away all the time. And oh, that’s a risky behavior that’s, I can’t believe you took that risk. And I started looking at what I do in term, in the lens of risk. And I thought it was fascinating because maybe we took a risk, we did an exchange during the height of Covid in 2021, but we did everything we can to mitigate that risk.

So are we risk takers or did we make a calculated risk? It’s it’s an interesting, quite, I haven’t quite come to the conclusion everyone was safe and returned home healthy, so it was a is a positive risk. But I think we take people who are, I think our team. Maybe I’m not gonna go with risk taker, but I would say they are adaptable and flexible.

You’re on the train, you’re going to this meeting and something happens. So what are you gonna do? How do you change when that happens? And everyone’s gotta be able to think on their feet, figure it out, and come up with a new solution. Or they are set to meet with David and he gets covid and what do you do?

Figure out which who’s on your bench. And so it’s it’s rewarding. It’s fun, but it is a lot of work. And I would also really stress, as you mentioned, a business. You need to run it as a business. You need to have the income streams that are measurable. And we discuss it regularly as a board.

I have an amazing board who supports our work, and we talk about what’s our future look like, what do we think we can do, what else can we take on? And how do we diversify our funding sources, like many, organizations do. So

David Rosen: Right.

Peggy Parfenoff: questions, but in the nonprofits now realm.

David Rosen: Yeah,

Peggy Parfenoff: it’s been rewarding,

David Rosen: I don’t know if I jive with this speaker’s perspective. My view is that the most successful people are those who manage their risk effectively as well as manage pursuing opportunity. It’s always about calculating and figuring out in, in my career, because I’ve bootstrapped my own companies and I’ve funded my own companies, my risk profile’s a lot different than someone else who’s raising $50 million and then using other people’s money to build that business.

And so it, to me it’s all about the spectrum of risk management. So I think she’s dead on if she’s

it from what you’ve been saying.

Peggy Parfenoff: She absolutely talks about your risk profile and there’s a risk compass you could take and yeah, so it, it’s very interesting.

[00:35:33] David Rosen’s Nick Name Was “Life on the Edge, David”

David Rosen: And one of my nicknames used to be “Life on the Edge”, David . So maybe I pushed my risk profile too far. So, Peggy, what are the secrets to your success? At World Chicago and in life. What can you impart to our viewers and listeners

Peggy Parfenoff: Oh gosh. I don’t know that I have the final answers to that, David, but I would say valuing and appreciating your team is key. I, When you say life, I look at work life balance. I, try to say, look at it as a, two week process and maybe you’re out three nights this week, but next week can you be home with your family?

And I don’t know that there is balance, but love what you do and it doesn’t become work. So I guess I’ll leave there. Nothing new on that

David Rosen: now, Peggy? That, that, that’s awesome. I, was always. by my parents and others that if you enjoy what you do, you’ll never work a day in your life. And I am not planning to retire. To me I just like the work life balance. And what’s interesting is my observation about US owners, business owners and leaders, that the pandemic gave them a time to realize how much of life’s balance that they’ve been missing.

Peggy Parfenoff: Yeah.

David Rosen: A and so many of them are not going back to working a hundred hours and being in the office and the first one to turn on the lights and the last one to shut them off. They’re actually realize that they’re better off giving somebody else the keys to open up the store, and close the store and they’ll be a better leader as well.

So

Peggy Parfenoff: Yeah, I think, it was, the pandemic was definitely hard in many ways, but I think it was a positive pause for many people to finally, let’s stop the treadmill for a minute and take a breath and also appreciate nature and getting out and walking your dog. And I, do think there has been some positive from that.

So we’ll see. I’ll be curious to see what the hybrid in-person work looks like in two years.

David Rosen: There’s no answers yet. And the reality is, that every company needs to make a decision for itself and not do what others are doing. They need it because it’s really based upon the people, the culture, the metrics that you’re using, the goals that you have and, figuring out what the right formula is for.

Does two days a week in office make sense? Does once a month make sense? What’s the real balance going to be? Because it, we swung the pendulum to zero in office except for critical workers. But in places like manufacturing where I’m very involved, you have to have people repairing the robots on the line, or you have to have people there to assemble things or you’re not gonna get the toilet paper on the shelves.

Peggy Parfenoff: And I think we would’ve never happened, but for a pandemic, we would’ve never figured out how to be fully virtual except for something globally impactful like that.

David Rosen: What are the opportunities that you see for World Chicago in a post pandemic environment? Because I know we’ve all been frustrated, but I think you’ve done a great job of bringing people together virtually to continue the programs as much as possible.

so what’s Next?

[00:39:16] What is Next in the Post Pandemic Period?

Peggy Parfenoff: I, think for us the new frontier is exploring virtual exchanges when in person can happen. And I don’t know if you’ve decided to fly anywhere for the weekend, but it’s not easy and your flights could be well canceled. This summer’s been a challenging year from the airlines, but how, what does that mean for future travel and long term future travel and how much can you do virtually?

So we’re looking at exploring that without being fully virtual as we were in the last two years. There’s nothing that

David Rosen: Right.

Peggy Parfenoff: walking down the street in Chicago and seeing the diversity of a city like that, then being there in person. But what else can we do? How can we enhance what we do or continue those connections like you were mentioning with the virtual environment?

So I’m looking forward to exploring that cuz that’s a sort of new frontier for us. So that’s

David Rosen: What advice do you have for middle market company owners and executives? What do you find, based upon the observations of the entrepreneurs you have of your own experience in running an organization, what do you think is important for the next two to three, four years for them to consider and think about?

Peggy Parfenoff: I, I think again, give back. That’s gonna bring so much more than you put into it. And I think look at global markets because that’s really where we are going. Where, what’s the future of your market? I just don’t see there will be always be the tamale stand that’s just gonna be in the lo one place, but what other, what else is coming up?

So I think that keeping an eye on the global market and, what’s the next tamale that’s gonna take over in, in all the neighborhoods in town. So keep an eye out for that.

David Rosen: So it’s a really good point the opportunity is to be global, and I definitely know that the world is flatter based upon our technology, based upon how effective the relationships have been in building globally, even virtually. But what can be done? . One of the greatest challenges is, back to those four pillars, the people, the market, the business and the product.

Understanding the market is really key and what you think the market is here in the US. When you get to another market, whether it’s Europe, whether it’s Africa, whether it’s Russia or wherever else the market may be, what have you seen that will help them get more intimate with those markets and customers and understand if they even have the same problems that we have here, or they have the same goals or not.

Peggy Parfenoff: And I think talking to that culture, from that region, really having those in depth conversations, nothing can replace that person to person connection and them connecting with their networks. That is by far the strongest strongest way forward is making those connections.

David Rosen: So if I was a company thinking about doing business in Europe, then should I come to World Chicago and, become a host and also look at as a way to transition? And what else can you do for, me, as somebody who wants to expand into Europe,

Peggy Parfenoff: Absolutely. Yeah. Come to World Chicago. The website of the exchange is https://ytili.org/ and you can see some of the, places where our fellows have been and where they’re from and reach out. World Chicago is a part of a network of 90 organizations across the country, all members of Global Ties.

So there’s a World Boston, there is a Global Ties Detroit and World Denver. So we have partner organizations across the country. So look for those in your communities because they are sister organizations. We work with them and they know the communities and the international network like World Chicago does.

So definitely reach out to the globalized network because they’re a great group of people who are passionate about the work we do.

David Rosen: So are is, there are, is there a similar organization that focuses on Latin America, south America.

Peggy Parfenoff: There’s a similar program through the Department of State, and it’s called Young Leaders the Americas Initiative. So currently

David Rosen: Okay.

Peggy Parfenoff: 14 entrepreneurs from Latin and South America in Chicago right now. And there’s a similar program young Southeast Asian Leaders Initiative. And these are all on the Department of State website, so you can find them there and ways to get connected if those regions are the place you’re looking at doing business.

I give the Department of State, of course, many great minds there but a lot of credit for recognizing the value of entrepreneurship and supporting entrepreneurs and how they support their communities. So it’s it’s fun to work with those programs.

David Rosen: So, what favorite business books do you have that you think are interesting for owners of businesses and leaders?

Peggy Parfenoff: I do a lot of reading of the blogs and newsletters that come out. Inc. (Magazine) sends something out every morning. I read all the political ones as well, but I, let’s see you are What You Risk by Michelle Roe. She also wrote The Gray Rhino. So that was a, well-known book that was really interesting.

David Rosen: Okay. No. Yeah, no worries. All right, so Peggy, this has been a great conversation. I really appreciate you sharing all about the program. I personally have had a great experience with you and your team and the people I’ve met in Europe and here. And how do people get in touch with you and follow you socially and get in touch with World Chicago?

Peggy Parfenoff: Excellent.

David Rosen: is either listening on any of the podcast programs, whether it’s Spotify or Amazon or Apple we’re available there. Or whether you’re watching it, the video live from our website and watching the program, we’ll have it listed below.

Peggy Parfenoff: Excellent. World chicago.org. Dot org is our website. The big entrepreneurial exchange program is y tilly, y t i l i.org. And we’ll, share all of our social media handles with you so you can keep them

David Rosen: Awesome.

Peggy Parfenoff: and encourage people. Hashtag # @ World Chicago. We’re on all of LinkedIn and Instagram and all of those.

so,

David, it’s been a pleasure and so nice to connect with you again. Thank you,

David Rosen: Yeah. This has been awesome, Peggy and, thank you for taking the time and in our next discussion, I’d like to have your secret for how you keep looking younger every time I talk to you. So,

Peggy Parfenoff: Thank You.

Fortunately, smaller screen, it looks, , smaller picture. Thank you, David.

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