Key factors that help form a successful business include a commitment to ethical standards, embracing the entrepreneurial spirit, taking risks and having fun, said an area health care leader.

“(These factors) begin to feed off of each other so that you don’t know where one begins or ends,” said Pam Davis, CEO Edward Hospital, speaking at The Business Ledger’s Annual Awards for Business Excellence at the Danada House in Wheaton.

“They’re part of the Edward culture. They’re part of how we make decisions, how we work together and most importantly, how we treat and care for our patients.”

Davis’s experience with ethics is far-reaching and involves her undercover work with the FBI. It is through these experiences that she developed a respect and use for ethics in her professional career.

“The type of situation that caused me to go to the FBI was something we all encounter at various times throughout our lives: an ethical challenge,” she said. “How we deal with those challenges determines the future of our businesses, how others view us and most importantly, how we view ourselves.”

High ethical standards are the basis for the entrepreneurial spirit, which involves much risk-taking.

“When we examine taking calculated risks, it means that we can look at doing things differently and even better,” said Davis. “We’re taking the risk of failing and knowing that even if we make a mistake, it’s okay and we’ll recover and move on.

“For me, it’s certainly much better than simply doing the same old things the same way day in and day out.”

The following are examples of the calculated risks Edward has taken in the past 20 years:

· In 1991, Edward was the first hospital in Illinois to offer all private patient rooms.

· 1993 marked the opening of the Edward Cardiovascular Institute, the first freestanding outpatient cardiac center in Illinois.

· In 2000, Edward created the first pediatric emergency department in DuPage County.

· The Edward Heart Hospital opened in 2002, the first of its kind in the state.

“We make it a practice to take risks,” Davis said. “It is an inescapable part of doing business. It’s essential for growth and achievement.”

Many business owners are risk averse due to their fear of failure. According to Davis, this approach will only stunt company growth.

“Trying to avoid risk may be the worst strategy of all because the world is continually changing around us. As businesses, if we don’t change and grow, we become obsolete, fade away and are either taken over or are forced to close our doors.

“When you think about it, risk taking is about making yourself—or your company—vulnerable but believing the discomfort and sacrifice will be paid back and ultimately rewarded.”

The final characteristic of a successful business is having fun in the workplace.

“The key,” Davis said, “is being able to laugh at yourself as well as others and seeing that there can be humor even in the most serious situations.”