Posts Tagged ‘Magatte Wade’

Entrepreneurial Education conference at Rockford University, March 14

Wednesday, February 10th, 2016

[JPEG] E Conference Poster
The Center for Ethics and Entrepreneurship will be hosting a conference at Rockford University, March 14, 2016, on Entrepreneurial Education.

Invited speakers include: Stephen Hicks (Illinois), Bernardita Jensen (Santiago, Chile), Michael Strong (Austin, Texas), Albert Loan (Guatemala), Magatte Wade (Dakar, Senegal), Jed Hopkins (Madison, Wisconsin), Piotr Kostylo (Poland), Khalil Habib (Providence, Rhode Island), and keynote speaker John Chisholm (San Francisco, California) on “An Entrepreneur’s Perspective on Entrepreneurial Education.”

Free Registration here. (Lunch and refreshments included.)

Theme:

On the Entrepreneurial side of the phrase: We live in entrepreneurial times. From the work demand side, there is increasing proportion of employment within entrepreneurial firms and a slow upward trend in the number of startups. From the work-supply side, younger people of this generation express higher levels of aspiration to start their own businesses or to work within entrepreneurial firms. Increasing globalization and liberalization also mean that the entrepreneurial trends are not only regional or national.

On the Education side: How can we best help younger people become entrepreneurial—either to prepare them for creating their own businesses, or to be entrepreneurial within existing firms, or as freelancing artists, writers, and musicians? If the traditional model of education—students sitting in straight rows of desks and all doing the same work at the same time following the directions of an authority figure—does not prepare students for entrepreneurism, then what should we replace it with?

We also live in a time of dissatisfaction with the dominant forms of education, with many complaints about stagnant or declining outcomes, bureaucratization, demoralization and worse, especially in poorer neighborhoods.

And we live in times of disruptive education technologies—from simple email and online chat to pre-packaged podcasts and video series to robust online MOOCs and more.

apple-176x100Putting all of the above together, how do we answer this question: What should entrepreneurial education look like?

Free Registration here. (Lunch and refreshments included.)

Here is a PDF of the Conference Poster.

This conference is made possible in part by support from the John Templeton Foundation.

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Video Interview with Magatte Wade and Michael Strong — Transcript

Tuesday, September 1st, 2015

Interview conducted at Rockford University by Stephen Hicks and sponsored by the Center for Ethics and Entrepreneurship.stong-wade_stossel

Hicks: Hi, I’m Stephen Hicks. I am executive director of The Center for Ethics and Entrepreneurship here at Rockford University, and my two guests today spoke at Rockford University on the themes of entrepreneurship and ethics. With me is Michael Strong, who is educated at Harvard, St. John’s College, and at University of Chicago. He is the author of a new book last year called Be the Solution, and the theme there is conscious capitalism and entrepreneurial solutions to major world problems and social problems. My other guest is Magatte Wade, who is a serial entrepreneur, originally from Senegal, Africa. She founded a business there that is quite successful and is now engaged in a new entrepreneurial venture here in the United States.

So, Michael, I will start with you. One of your provocative opening lines was an account of entrepreneurship as a kind of magic, as creating something out of nothing. What do you mean by that?

Strong: Well, you know, Magatte and I went to Rwanda this summer, and Rwanda is all subsistence agriculture, meaning it’s nothing but little tiny patchworks of people growing corn and potatoes, and so forth. In 1800 the whole world was full of basically people who lived in subsistence agriculture. Whenever we walk around the world and we see airports, computers, buildings, and chairs — all that stuff had to come from somewhere, and my point is that science and technology made certain discoveries that contributed to all of the stuff around us. When we walk around, we should be aware of the fact that if it were not for entrepreneurs creating profitable businesses that marketed goods and services that people wanted made from inventions and designs and so forth, we would all still be living at the level of subsistence agriculture. So we need to have some realization that, without the entrepreneurs, we might have scientists in labs, if, you know, maybe the kings could have a few scientists in a lab, and we would have subsistence agriculture, but we would not have the extraordinary life we have. I think we should bow down to the Industrial Revolution every day. This extraordinary life is entirely due to the fact that millions of entrepreneurs for the last two-hundred years have created millions of businesses that provided innovative goods and services, month by month, year by year, and have created and are still creating the world we live in today.

Hicks: Okay. The cultures that have become rich in the last two-hundred years beyond the normal standing point for humans for most of human history, what were they doing differently that hadn’t been done before? I mean, you mention the Industrial Revolution, but what were the components that were there?

Strong: A great question. And there are controversies in this. There is certainly a legal part and there is a cultural and intellectual part, but one thing that is becoming increasingly clear is that the legal structure is crucial. In particular, you need a secure and transferable property rights, you need rule of law, contract enforcement that is reliable and fair, and you need economic freedom, the freedom to create things. In my book I talk about this as the entrepreneur’s toolkit, where just as an artist can’t paint a painting if she doesn’t have a canvas and paints, so too an entrepreneur can’t create if they don’t know what they own, if they can’t exchange what they own if other entrepreneurs or other businesses and finally produce things freely for the market. So economic freedom, property rights, and rule of law are crucial. When you look at countries of economic freedom, every nation with economic freedom is wealthy; every nation without economic freedom is poor. It’s complicated, but in general as countries increase at levels of economic freedom they become wealthier. Hong Kong and Singapore are the two most economically free entities. For the last 50 years, they have been the fastest growing entities; they went from approximately African levels of poverty in the 1960s to now to the wealthiest sovereign entities on Earth. Hong Kong is not quite sovereign, but, still, has higher GDP per capita than Britain. They are both former British colonies.

Hicks: So, if you look at the continuing problem areas, the parts of the world that are still consistently poor, this then will indicate that the problem that needs to be dealt with is the economic freedom issue primarily including the legal component?

Strong: Absolutely. Africa is the most over-regulated region on Earth. It is easier to open a legal business in Denmark than any African country. It’s easier to fire an employee in Denmark than in any African country. Now I just mentioned Denmark because lot of anti-capitalists think of Scandinavia as a socialist haven. What they don’t realize is that Scandinavia is more free-market than the developing world. That’s why regions like Africa are poorer. African entrepreneurs need to be liberated so that they can create legal businesses, create wealth and jobs, and thereby have Africa become as prosperous as the developed world is.

Hicks: You mentioned one anecdote about having documents notarized to make them legal if you want to start a legal business. How expensive, on average, is that for an American entrepreneur compared to, say, a Mexican entrepreneur?

Strong: That’s huge. Mexico has a problem. In general, Mexico is not nearly as free market as the U.S. One of the specific ways in which there are obstacles to legal business creation are the notary publics. In the U.S., most of us can get a document notarized for less than ten dollars, often for free. And if you want to create a legal business, then you need a notarized document. No big deal, we don’t even think about it. In Mexico, notaries charge between 500 to 1000 U.S. dollars. Many business documents that will be required to create a legal business there cost so much money that unless you are already at upper-middle class or wealth Mexican, you don’t stand a chance of creating legal business in Mexico. As a consequence, it’s easier for a poor and uneducated Mexican to cross the border illegally into the U.S., create a legal businesses here, become wealthy, and go back to Mexico. They just don’t have that opportunity in Mexico.

Hicks: Now, I am going to turn to your experience in Senegal. What was your entrepreneurial venture there?

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Wade:
Well, my company basically is a company that is a U.S.-based company, but most of our main providers of the supply that we need are from Senegal. But the problem we had there was it that we had to create an entire supply chain from scratch. So, in a way, it’s already hard enough to start a company, but on top of that, if you have to create your entire supply chain, you can see you have an additional issue there. And what happened is that in Senegal we needed hibiscus because our main flagship drink was the hibiscus drink called Bissap from Senegal. So, there what we really had to fight was this notion that a lot of African women, Senegalese women, had. They had all of these NGOs come and tell them to grow hibiscus, and now it’s rotten in all of these warehouses. And so, by the time I arrived, none of them wanted to get into that anymore. And that’s in a way how the aid business has really tweaked, in the most negative way, a lot on the ground.

Hicks: You mentioned the supply chain issue had also been, in part, due to Coca-Cola coming into the country. You had the traditional drinks that were very popular and successful, but they were replaced by successful soft drinks. How can the smaller businesses in Senegal compete with a large corporation? How did you do that?

Wade: I think what we did is we really benefited from what I call a convergence of trends, but these are all really trends that are here to say. And what it is all about is that around the world we’re going back to a global consciousness. We’re going back to global consciousness meaning that, I think, all of us realized that something is not working, from the way we eat to the way we exercise. Our lifestyles, a lot is not right. And the type of wave that I am riding on is a wave that has to do with people wanting to go back to authentic and indigenous things, whether it is in drinks and foods and beverages or if it’s the type of lifestyle that you try to adopt. And so, a type of demographic I am going after is for us to say, you know, Coke is doing whatever Coke is doing, but we also know that there is a part of the population that is really interested in going back to our cultures and to the roots of a culture. Also, no one is interested in products that are not elaborated or sophisticated. So, if you can use authenticity and indigenous assets as a base foundation of a new brand you are about to build, but you surround that with modernism, you then have a brand new product that a whole group of people are looking for, and that’s where we’re going. And it turns out that that type of trend is actually contagious. Even the classical Coke drinkers are now interested. They are going away from Coke classic towards a drink that we’re creating, and that’s how we’re winning.

Hicks: So part of your solution is a marketing strategy that plays on innovative trends and what people are interested in as consumers. Your big challenge, in part, was destruction of supply chains that had been brought on by foreign competition. But your argument is that if you have a passion for your product as you do, then a supply chain can be rebuilt. That’s good for you and is also good for the indigenous farmers in Senegal. And the little guys, so to speak, can compete against larger corporations. You are now doing a second start-up business here in the United States. Are the entrepreneurial challenges easier or greater for you here?

Wade: I think it’s about different trade-offs. First of all, what happens is a lot of the supply chain, if I wanted to do my businesses and keep it in America, it would be so much easier, let’s be frank. But, if I find a way to get the Senegalese part involved again, it helps me build equity in my brand. And we also have found that if you are able to set up the right type of supply chain, eventually the cost will go down and be actually less than if I were just relying on an existing supply chain here in America. So it’s worth it, but the transition is not an easy one.

Hicks: Toward the end of the talk you were speaking more directly to the students here at Rockford University, and you had asked how many of them were considering being entrepreneurs and very few were. Most are considering a traditional career path, going to work for someone else. And it might be that they just don’t know very much about it or they find it a bit intimidating. Well, how do I become an entrepreneur, so to speak? What is the best advice you can give to young people to get them maybe to think more seriously about entrepreneurship as a career? Why should that be attractive to them? And if they are going to do that, how best should they go about it?Magatte

Wade: What I tell everybody is that entrepreneurship, first of all, is not for everyone, because it should be okay for everyone to know it’s not for everyone. It’s a small percentage of the population that are entrepreneurs, so that’s the number one thing I want to get out there. And then, the next thing now, let’s say you are amongst that small percentage. You have the type of personality that fits it and the type of guts to go with that. And there is nothing right, there is nothing wrong, it’s just who you are. So, if that’s who you are, what I would tell people is, you know, as I was saying earlier, people have to pay attention. We’re in a world in which everything moves so fast, so quick, that people have to pay attention especially to moments of superb enlightenment. Sometimes you’re dreaming of something completely new, but it’s in the world of dreams. That’s something worth writing down, wherever that finds you. Sometimes it is in a plane. Everybody else is sleeping in the cabin, and it happens to me all the time. I mean the plane is flying over the Atlantic, going from one place to another in the globe. I have no idea where I am going, but up there in the altitude while everyone is sleeping around me, I’m dreaming up a better world here or dreaming up new types of this or that. So I write it down. Sometimes something really frustrates you. Why does every seat in a plane have to be this stiff? So, there are also moments to think about what could solve your problem right now. And if you are seeing it systematically everywhere that this doesn’t work for you, if you are feeling that away, chances are most of the people feel that way. What happens is there’s just a small percentage of us who are capable of saying, this is not working or I dreamt of something and go after it. What happens is the masses, the rest of the population, they are going through these frustrations all the time. They are going through these dreams all the time, but never will it cross their minds to act on it. And I feel it is our job to do it, and when we come up with a solution or we make those dreams real, we’re finding that a part of the population are adhering. They are coming to us and then becoming consumers.

Hicks: So, you come up with a really good idea that you get excited about or, by contrast, you have a thing that’s really frustrating, a problem that you think really needs to be solved. Then, what’s that trigger that gets you and other entrepreneurs off the sofa so to speak and actually doing something about it? There must be many people with good ideas, but they don’t follow through. How can you encourage people to take that step?

Wade: That’s why I try to go back to the passion thing. Because, for me, I look at what makes me quit. With my first company, I quit my job, a very comfortable job, to go into this world of unknown. People were like, what are you going to do, a beverage company? You know nothing about beverages. I told them, excuse me, I know a lot about beverages because I am a huge consumer of beverages. It’s my passion. I make these beverages in my kitchen. I know how to tweak them. I know all of that. So that gives me the right to do what I have to do. So I think at some point it is just this attitude. It’s an attitude of criticizing by creating. I think that when Michael first told me that saying from Michelangelo, it just made so much sense. And I think that if people really want to stick to that, it will lead them to the right thing. It will lead to them jumping in. I know that for me it was a feeling that I wasn’t able to express, but it sums up the way I felt. To say, you know what, to heck with this. I am going do it.

Hicks: It strikes me listening to both of you that it’s a perfect teamwork going on here. You are focusing on the entrepreneur as an individual, finding your dream, finding your passion, and doing that makes you come fully alive, who you are. You are emphasizing that to the extent that entrepreneurs follow their dreams and passion, that works out best for all of us.

Strong: Absolutely.

Hicks: It’s to the social benefit, so it’s win-win all around.

All right, thanks for being with us today. Wonderful talk.

CEE Review: African exotic oils entrepreneur, Lying’s high cost, Emotional marketing, and more

Wednesday, April 9th, 2014

News and Opinion

Kaizen interviewee Magatte Wade‘s exotic oils and beauty products profiled in The New York Times.

At Forbes, Carmine Gallo on the one habit that brilliant TED speakers practice up to 200 times.

LyingThe high cost of lying: Rebekah Campbell on how even small lies undermine your success.

Emotions and how our brains decide what we share online (Fast Company‘s site).

At YouTube, an unofficial Tesla ad made for $1,500 goes viral.

Individualism and economic growth: In an NBER paper, “Culture, Institutions and the Wealth of Nations,” Yuriy Gorodnichenko and Gerard Roland compare the growth gains that individualist ethics generate compared to those of collectivist ethics: “We construct an endogenous growth model that includes a cultural variable along the dimension of individualism-collectivism. The model predicts that more individualism leads to more innovation because of the social rewards associated with innovation in an individualist culture. …”

Announcements

Moral philosopher Neera K. Badhwar has a new book forthcoming from Oxford University Press: Well-Being: Happiness in a Worthwhile Life.

In October, Croatia’s University of Zagreb is hosting a conference on Global Environment, Stakeholders’ Profile and Corporate Governance in Geodesy.

See you next time with our digest of new and interesting items in entrepreneurship, ethics, and political economy.

KWR: Mackey, Rent Control, Magatte, the Sports Ethicist, and Measuring Innovation

Friday, April 12th, 2013

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Kaizen Weekly Review highlights activities of The Center for Ethics and Entrepreneurship and recent business ethics and entrepreneurship news.
Editor
: Virginia Murr
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John Mackey’s Conscious Capitalism
Whole Foods CEO John Mackey has made waves with his book Conscious Capitalism: Liberating the Heroic Spirit of Business. According to this Forbes review, the theme of conscious capitalism is “that business is good because it creates value, it is ethical because it is based on voluntary exchange, it is noble because it can elevate our existence, and it is heroic because it lifts people out of poverty and creates prosperity.” Below is a Mackey’s discussion of Conscious Capitalism with Tucker Carlson at the Cato Institute.
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Business Ethics Case Studies: Rent Control
Stephen Hicks has released Rent Control, the first in his Business Ethics Case Studies series. Forthcoming cases will include Minimum WagesThe Tragedy of the CommonsLaetrile and Experimental Cancer Drugs, and the FCC’s “Fairness Doctrine.”

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Audiobook Version of Explaining Postmodernism
Hicks’s Explaining Postmodernism: Skepticism and Socialism from Rousseau to Foucault is being released as an audiobook. Listen to the first chapter, “What Postmodernism Is.” Explaining Postmodernism has been translated into three languages, with a Spanish translation forthcoming. It is also available in e-book format.

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The Sports Ethicist Takes on the Miami Heat
The Miami Heat recently caused a stir when the players refused the traditional after-game handshake with the Chicago Bulls. This prompted announcer Jeff Van Gundy to state that sports “shouldn’t be warm and friendly.” Shawn Klein, aka “the Sports Ethicist,” disagrees. According to Klein, “[T]he very essence of good sportsmanship is that when the game is over, you step outside that frame of mind.” Read the rest of his critique.

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Magatte Wade: Model of Leadership
Da Promoter hails Tiossan owner Magatte Wade as a female model of leadership. This article states that Wade’s story “is proof that with determination, determination, courage, and boldness, we can achieve everything.” Wade was the subject of a recent CEE interview in which she shares her personal successes and challenges as well as her advice for aspiring entrepreneurs.

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How to Measure Innovation
How should innovative companies be evaluated? Currently, there is no industry consensus on what factors best demonstrate the success of innovation. According to this article, there isn’t even agreement on such fundamental questions as “what defines an idea?” or “what does ‘success’ mean?” The author of the article believes there should be one standardized methodology. What do you think?

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See you next week!

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Previous Issues of Kaizen Weekly Review.

Interview with entrepreneur Magatte Wade

Monday, March 25th, 2013

Forbes magazine named Magatte Wade one of the “20 Youngest Power Women of Africa.” Magatte was born in Senegal, educated in France, and started her entrepreneurial career in the U.S. Her first company, Adina World Beverages, based on indigenous Senegalese beverage recipes, became one of the most widely distributed U.S. brands started by an African entrepreneur. Her second company, Tiossan, sells skin care products based on indigenous Senegalese recipes online and at high-end boutiques. Magatte was also named a Young Global Leader by the 2011 World Economic Forum at Davos and is a frequent speaker on college campuses.

Kaizen: Where in Senegal were you born?

Wade: I was born 80 kilometers south of Dakar on the coast of the Atlantic, in a small town called M’bour. It used to be a very small town but because it’s a beach village, it’s become one of the main leisure and tourist towns.

Kaizen: The Gambia River runs from the west through Senegal?

Wade: Yes. We are about three hours north of that.

Kaizen: What was your education as a child like?

Wade: I never went to school when I was a child in Senegal. I credit a lot of who I am and my love of freedom to that—to the fact that my grandmother allowed for me not to go to school.

Kaizen: So you were raised by your grandmother primarily?

Wade: Yes, for three or four more years. Instead of going to school, I would spend all of my time playing with boys, going on expeditions, and things like that.

Kaizen: At what age did you go to Europe?

(more…)

November 2012 Issue of Kaizen

Monday, November 19th, 2012

Our latest issue of Kaizen features a bold new design and an interview with William and Wilson Ling, shareholders and board members of Petropar S.A., one of the major producers of aluminum beverage cans and plastic closures in Brazil, and the world’s second largest supplier of lightweight spunmelt nonwovens fabrics for disposable hygiene applications.

Also featured in Kaizen are: an interview with Professor Matt Flamm about our Ethics Minor; our trip to the Students for Liberty Chicago Regional Conference; our screening of Atlas Shrugged: Part II; and our new Philosophy and Film Study Groups.

A PDF version of Kaizen is available here. We will soon post separately the full interview with William and Wilson Ling.

If you would like to receive a complimentary issue of the print version of Kaizen, please email your name and postal address to CEE [at] Rockford.edu.

March 2011 Issue of Kaizen

Monday, March 14th, 2011

In our latest issue of Kaizen we feature an interview with Jack Stack, Founder and CEO of SRC Holdings Corporation, author of The Great Game of Business and A Stake in the Outcome, and “Father of Open-book Management” (Inc. Magazine).

Also featured in Kaizen are student essay contest winners Sarah Boykin, Shelly Wenzel, and Bethany Borgmann, and guest speakers Michael Strong and Magatte Wade.

A PDF version of Kaizen is available here. We will soon post separately the full interview with Mr. Stack.

If you would like to receive a complimentary issue of the print version of Kaizen, please email your name and postal address to CEE [at] Rockford.edu.

Interview with Michael Strong and Magatte Wade

Friday, November 5th, 2010

Michael Strong and Magatte Wade, CEE’s final Fall 2010 Guest Speakers, discuss with Dr. Stephen Hicks the social and lifestyle benefits of entrepreneurship, as well as what type of society best promotes entrepreneurship. Mr. Strong and Ms. Wade gave talks in conjunction with Dr. Hicks’s Business and Economic Ethics class.

Watch Part I

Watch Part II

Michael Strong and Magatte Wade: CEE’s Final Fall 2010 Guest Speakers

Wednesday, October 27th, 2010

On Wednesday, November 3rd CEE’s final Fall 2010 guest speakers, Michael Strong and Magatte Ward, will each give a talk at Rockford University.

Michael Strong: “Be the Solution: How Entrepreneurs and Conscious Capitalists Can Solve All the World’s Problems”

Michael Strong is the co-founder (with John Mackey, CEO of Whole Foods Market) and Chief Visionary Officer of Conscious Capitalism, Inc., a non-profit organization that promotes Conscious Capitalist solutions to world problems. Michael’s work is featured in academic journals (The Journal of Business Ethics, Economic Affairs, Critical Review, etc.) and in media reaching popular audiences (The New York Times, Bloomberg, The Huffington Post, RealClearPolitics, etc.). He is author of The Habit of Thought: From Socratic Seminars to Socratic Practice and co-author of Be the Solution: How Entrepreneurs and Conscious Capitalists Can Solve All the World’s Problems.

Magatte Wade: “How an African Entrepreneur is Working to Solve African Problems”

Magatte Wade is a serial entrepreneur who was raised in Senegal, educated in Germany and France, and began her entrepreneurial career in the San Francisco Bay Area, where she co-founded Adina World Beverages. Her current project is The Tiossano Tribe, Inc., a high-end skin care products line. Magatte writes and speaks for many audiences, and is on the boards of several non-profits that support African causes, including Afropop Worldwide, the SEEDS Academy, AllforAfrica.com, and ASNAPP.

Michael and Magatte will give their talks in conjunction with Dr. Hicks’s Business and Economic Ethics class on:

Wednesday, November 3

11 am, SCAR 220

All who are interested may attend.