Post on 15-Aug-2015
BUSINESS AND BEAUTY: LEARN, LEAD AND LEAVE A LEGACY WOMEN LEADERSHIP TOUR 2015, DC
STOP
TRANSITION FROM WORKPLACE TO ENTREPRENEURSHIP
By Fayola Delica, BSHSE, BSN, RNAuthor/Speaker/Life and Business Coach/Radio Host
Founder/President/CEO of Fayola Delica LLCFounder of The 360 Evolution Academy
Women Entrepreneurs in America
• Independent Contractors and self-employed individuals has grown by 1,000,000 since 2005
• Women make up 38% of workers considering self-employment to be their main source of income
• Women-owned firms account for nearly 30% of ALL new businesses
• Women-owned businesses have led privately held company job growth in America, second only to publicly traded firms (2007)
Source: Women-Owned Businesses: Carving a New American Business Landscape Report by Center for Women in Business of The U.S. Chamber of
Commerce Foundation, 2014
What industries are self-employed women working in?
0.77
29%
3%
3%
4%
29%
Industries self-employed women are working
Healthcare and social serviceEducationConstructionMining, oil, gas, etcTransportation and warehousingOther services
Source: Women-Owned Businesses: Carving a New American Business Landscape Report by Center for Women in Business of The U.S. Chamber of Commerce
Foundation, 2014
Steps to becoming an entrepreneur
Step 1: Finding Your Passion
Step 2: You are the Solution to a Problem
Step 3: Make sure you know your industry well
Step 4: You are better than the rest, now show it
Step 5: Products and services
Step 6: Business structure
Step 7: Need money to make money
Step 1: Finding Your Passion• Make a list of what you have been said to be good at throughout your life.
• Then choose the one that you have been most complimented on and passionate about.
Step 2: You are the Solution to a
Problem• Keep in mind from Step 1, whatever characteristics that you have received the most
compliment and truly passionate about. Now think about what problem does or can it address.
• That passion will become a solution, now it can be in the form of improving something or a new solution to an existing problem.
• To capitalize on this passion, the solution has to be solving a problem that already exists, making this a need of YOU, the solution!
Step 3: Make sure you know your industry well
• You have to research your industry as well as your solution to the problem you have identified.
• The more educated you are about the industry, the more you are able to know and understand how to build your business in that industry, “space.”
• If you want to be known as the expert in your industry, you need to be able to present yourself as an expert.
Step 4: You are better than the rest, now show it
• After researching your industry, now you need to identify how you are going to make yourself unique in that industry. This is your competitive advantage.
• Your imagination, personality, and innovation is key to building an outstanding competitive advantage.
YOU ARE IT IN A THAT INDUSTRY!!!!
Step 5: Products and/or services• In going back to Step 3: the more you know about your industry through research,
the more you are able to develop products and/or services that will be appropriate for your target audience.
• Your products and/or services are your solution. Your solution should be unique with your special touch.
• How you package your products and/or services is key in being successful in business!
Step 6: Business structureThe main sections of a business plan:
I. Executive Summary
II. General Company Description
III. Products and Services
IV. Marketing Plan
V. Operational Plan
VI. Management and Organization
VII. Personal Financial Statement
VII. Startup Expenses and Capitalization:
IX. Financial Plan
Step 7: Need money to make money
• Costs to keep in mind in starting a business:• Start-up costs
• State registration of your business
• Website
• Start-up operational costs
• Materials, Equipment, etc.
• Various types of financing for your business• Traditional banking loans• Alternative financing:
• Purchase Order (PO) financing
• Investors
• Business partnerships
Why should you become an entrepreneur?
• Have a passion or hobby that you love and can make money from it
• Freedom
• More financial stability
• Better Work/Life balance
• No issues with unequal pay
• Leave the legacy you would like to leave for your family and/or community
• Contribute to building America’s economy
• Help create more jobs
LIVING LIFE ON YOUR OWN TERMS!!!!
SummaryReview of questions to ask yourself as you begin to transition into
entrepreneurship
1. What am I passionate about?
2. Whatever I am great at, how can it be a solution to a problem people are already facing?
3. How knowledgeable am I about the industry my business will be in?
4. What is my competitive advantage?
5. How am I going to package my products and/or services?
6. How am I going to structure my business? What business structure is appropriate for what I am doing?
7. How will I finance/fund the business?
ResourcesUS Small Business Administration (SBA), locate your local office www.sba.govEntities affiliated with SBA-Women’s Business Center, locate your local officehttps://www.sba.gov/tools/local-assistance/wbc-Online Course for Young Entrepreneurshttp://imedia.sba.gov/vd/media1/training/YoungEntrepreneurs/player.html-Veteran’s Business Outreach Center, locate your local officehttps://www.sba.gov/tools/local-assistance/vboc SCORE, free small business advice; locate your local office www.score.orgSmall Business Development Centers, locate your local officehttp://americassbdc.org/
The National Federation of Independent Businesseswww.nfib.com The Business Journals, locate your local subscriberwww.bizjournals.com Kauffman FastTrac, various forms of training for new and veteran entrepreneurshttp://fasttrac.org/ Bplans, access to business plan templateswww.bplans.com Entrepreneurship for children:Junior Achievementwww.ja.org Secret Millionaires Club, Warren Buffett’s Kids Business programhttp://www.smckids.com/
Contact Info for Fayola Delica• Website: www.fayoladelica.com
• www.the360evolutionacademy.org coming soon
• Email: Fayola@fayoladelica.com
• LinkedIn: Fayola Delica
• Facebook: • Fayola Delica LLC• The 360 Evolution Academy• Finding Your Hidden Treasure
• Twitter: @fayoladelica
• BlogTalkRadio.com: Finding Your Hidden Treasure
• Books: • The Ultimate Speaker’s Manual• The Ultimate Life Coach's Manual