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What makes the Business Champion Awards’ Entrepreneur of the Year?

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Entrepreneurs are not made overnight. It’s a long journey of self investment in vision, drive, training and the will to succeed against all odds.

Whether it’s a gap in the market that the Entrepreneur of the Year has identified and filled or it’s been a major challenge to the status quo, over a good few years this person, that we’re looking forward to meeting, will have demonstrated that they can set goals, adapt to an ever changing marketplace, push forwards in the face of great diversity, raise and maintain a good and loyal team and are passionate about their impact on their industry and the world around them.

Here are some of the attributes that the Business Champion Award’s judges will be searching for, read this wisely and include references to these in your application.

Pro tip:

It’s well worth getting your management team together to go over this list as we know from experience that entrepreneurs can be so future focused that they forget the small achievements that make up the whole.

Tenacity

Business is not about sitting around and waiting for opportunities to happen, it’s about getting out there and making them happen. Accepting that rejection may occur and trying it out anyway. Creating collaborations that work for all parties and boosting awareness and sales from multiple angles. This all stems from having a growth mindset and a clear business vision …

Vision

You went into business because you had an end goal that you wanted to see come to life in the world. Perhaps it was to change how current systems are done, perhaps it was to fill a gap in the marketplace – either way you’re a changer of the status quo. It takes a lot of courage to do something new or to challenge what’s been done before, especially to a marketplace that might not even know that they need it yet. It’s time to get the recognition your business deserves – share your vision.

 Innovation

A true entrepreneur knows that as every project is ‘completed’ it’s actually only at 80% because there’s always room for feedback, phase two, three, four roll-outs … you should always be innovating. Looking inside at processes, taking notes on trends, better yet being ahead of them, leading with innovation and making their mark on your industry. This is especially difficult when you’ve entered the business world by filling a gap against competitors who will have seen what you’re producing and adapted their offering to compete. Sustaining a market lead and growth leads to many interesting stories and mindsets, the judges will want to hear of them.

Forward focus

True entrepreneurs know that they need to have an end vision and can show that they have remained adaptable in order to reach it. Nothing in life or business rarely goes exactly as you’ve planned it – the judges know this and yet having the drive to keep the business moving forwards against all odd to reach your goals and then setting new ones is of great importance.

Leadership

There’s a humility to the Entrepreneur of the Year that shows that whilst they may have started off on their own, they have only grown to become where they are today with the skill-sets and aligned vision of their team. How a workforce is treated is incredibly important to the judges, so don’t hide the aspects of how you’ve positively grown your team, however small you may think the elements of care may be.

Change attitude

Think of every business person’s book that you’ve ever enjoyed, they’ve never gone straight from A to B – they’ve gone sometimes from A-Z and back again before reaching their goal. Business mirrors life in the sense that it’s always changing. We’ve mentioned before about having a forward focus and adapting to change, however not everyone copes with change well or in the same manner. So ‘change’ as a notion in business has to be managed, not only by the leading entrepreneur, but how they extend that to and drive the team to be excited by the impact of the change and what it means for them.

Resilience

It can be lonely at the top. Dealing with change can be electrifying when you know what you want to do but for those moments, particularly as everyone saw during the pandemic, with less control, comes great uncertainty and yet you’re still expected to lead your teams who are looking to you for clarity. Be honest when you apply about your techniques for coping and staying strong – some entrepreneurs switch off completely to recharge, some lean on mentors, others on mantras. Whatever you rely on to inspire you becomes part of your story and how you portray that to others can be highly inspirational. Don’t forget to share that with the judges …

Sum of small things …





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Saudi Arabia’s Most admired Companies in 2022

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Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.



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Bank of England raises base interest rate to 1.75%

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The Bank of England has raised the base interest rate by half a percentage point to 1.75 per cent, the biggest rise since 1995, in an attempt to combat runaway inflation.

The nine-strong monetary policy committee voted eight to one in favour of a 50 basis point rise, defying some market expectations for an increase by 25 basis points.

It is the Bank’s sixth consecutive tightening in monetary policy and follows in the footsteps of the US Federal Reserve and European Central Bank, which have begun aggressively raising rates by larger increments.

Interest rates are now the highest since 2009 as the Bank attempts to bring down inflation, which is running at a 40-year high of 9.4 per cent and is on course to exceed 11 per cent later this year.

These would be the worst inflation rates in the G7, caused in large part by rising global energy prices driving household bills higher this year. The UK economy is also heading for a slowdown this year as consumer incomes are squeezed more tightly than since the 1950s.

Andrew Bailey, the Bank’s governor, has hinted that it will also announce how it intends to begin unwinding the £850 billion of government debt pumped into the economy since the financial crisis, offloading bonds worth between £50 billion and £100 billion from as early as next month.

The Bank will also deliver its quarterly outlook, with Bailey expected to forecast that inflation will rise beyond 11 per cent and remain in double digits into next year. The Bank’s target is 2 per cent.

Commenting on today’s Bank of England interest rate rise, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: “This rise is the clearest signal yet of the Bank of England’s intention to get inflation under control. Spiralling prices are cited by businesses as by far and away the top concern right now.

“However, given the extremely precarious state of the economy, this decision is not without risk for businesses and consumers that are exposed to banking or overdraft facilities.

“There are many causes of the current inflation crisis – global supply chain problems, trade barriers, soaring energy costs, increased taxes, and labour market shortages. Interest rate rises alone will do little to address these.

“Worryingly, our research indicates strongly that most small businesses are not investing for growth, and that longer-term confidence is beginning to wane.





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Opinion: OSC appointment fuss is a tempest in a teapot

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Jeffrey MacIntosh: The government has the legislated right to have a say in the agency’s course

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Ed Waitzer’s recent op-ed (“The issue at the OSC is integrity, not debate,” July 14, 2022) expresses surprise and disappointment in my recent op-ed (“Conflict at the OSC: Why the regulator needs to make room for dissent,” July 7, 2022). In that op-ed, I argued that lawyer Heather Zordel’s appointment as non-executive chair of the OSC in March of this year should be met with open arms, as it introduces new points of view into what seems to be a rather intellectually closed shop. I don’t suppose it will come as a shock to Ed Waitzer or anyone else that I am surprised and disappointed at his rebuttal.

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To begin with, it contains a number of inaccuracies. It states that Ms. Zordel was denied reappointment to her earlier position (2019-2021) as part-time commissioner. In fact, given her busy legal practice, she took herself out of the running. This puts a rather different complexion on the matter.

And I never stated or implied that Ms. Zordel was not reappointed as part-time commissioner because of two dissenting opinions that she wrote as commissioner. My point was that for Ms. Zordel’s critics the dissents were a factor in opposing her appointment as chair of the board.

The nub of my argument was that the OSC could benefit from greater variety of viewpoints among its brass as to what investor protection and other aspects of the OSC’s mission entail. By contrast, Mr. Waitzer argues: “the importance of debate and dissent is not the point here.” I beg to differ. As I indicated, some prominent accounts of Ms. Zordel’s appointment have put a pejorative cast on her disagreements with her fellow commissioners. That puts the issue of debate and dissent front and centre.

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I certainly agree with Mr. Waitzer that the independence of administrative agencies is a cornerstone of our democracy. But does that mean that every administrative agency should be entirely divorced from any government oversight whatsoever — a little fiefdom unto itself and in no sense answerable to its political masters? Not a whit. It is the government that creates the agency, defines its mandate, gives it the powers that it needs to carry out that mandate and defines its organizational structure. And it is entirely within the purview of the government to enlist its legislative power to re-define that mandate, powers, and organizational structure if it chooses.

We don’t have to look into the distant past to find an example. On the advice of a non-partisan blue ribbon panel — the Capital Markets Modernization Taskforce (“CMMT”) — the Conservative government has recently substantially reorganized the OSC via the Securities Commission Act, 2021 (declared in force in April). That legislation splits the adjudicative function (the “Capital Markets Tribunal”) from the regulatory function. Moreover, where before the reorganization the OSC Chair and CEO were the same person, the two offices are now split. As expressed by the CMMT, “The Board of Directors, led by the Chair, (will) focus on the strategic oversight and corporate governance of the regulator,” while “The CEO (will) be responsible for the overall management of the organization and execution of the OSC’s mandate.” The directors, including the chair, are all government appointees.

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This new structure, recommended by a non-partisan committee, gives the government of the day the power to influence, at the highest level, the strategic direction of the OSC. But why should it not? If the government is dissatisfied with the strategic vision or regulatory philosophy of the regulator or the manner in which it is being implemented, it would be profoundly anti-democratic — and at odds with the rule of law — to forbid the government from seeking to alter the agency’s course.

Indeed, the Ontario Securities Act states “The Commission is an agent of the Crown in right of Ontario.” The key word here is “agent.” It is not “hegemony,” “fiefdom” or “satrapy.” At the end of the day, the OSC is a government creation performing regulatory functions ceded to it by the government.

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Do Ms. Zordel’s conservative connections compromise the independence of the institution of which she is now head? Absolutely not. In the making of such appointments, the twin issues of competence and integrity will take up a lot of shelf space. But why should the government not also consider, if it chooses, whether potential nominees share the government’s regulatory philosophy

The true worry about political interference is that the government might attempt to dictate or influence the result of particular cases. But the new legislation builds in the important protection of ceding no operational powers to the board of directors. Thus, aside from the government’s power to approve or decline proposed rule changes (a longstanding feature of securities regulation), its sole discretionary avenue of influence lies in its power to appoint directors and hence influence high-level strategic direction.

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What is left of the argument that there has been inappropriate political interference over the OSC? Only the assertion that Ms. Zordel and three other part-time commissioners were appointed without the government having consulted the OSC, as has customarily been done. Yes, it would have been better if the government had consulted the OSC. In all likelihood, however, the outcome would have been the same. The OSC might not like not having been consulted but at best this is a foible not a fiasco.

In the end, this tempest easily fits within a standard-issue teapot.

Financial Post

Jeffrey MacIntosh is a professor of law at the Faculty of Law, University of Toronto, and a director of the Canadian Securities Exchange.

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