For Sistahs OnlyLunch and Learn April 15th, 2012 Nicole Newman
Agenda● Biography● What Islam means to me● Why start a business?● Business ○ Product/Service ○ Financing ○ Marketing● Pitfalls● Goals
Who is Nicole Newman?● native of Washington, D.C.● Graduate of Temple University - B.B.A.● Graduate of University of Maryland - M.B.A.● President/CEO of Newman Networks● Writer from www.examiner.com● 2010 Awardee for the Madam CJ Walker Entrepreneurial Spirit Award● Single mom of three children (10,8,7)
What Islam means to me● Peace● Love● Sisterhood● Righteous path to Paradise● Development of self
Why start a Business?● Time freedom to perform obligations ○ Allah tala ○ Family ○ Work● Financial Freedom ○ Paid by the job not time ○ Tax shelter ○ Networking ○ Provide for family
What is a business?An economic system in which goods andservices are exchanged for one another ormoney, on the basis of their perceived value.Every business requires some form ofinvestment and a sufficient numbers ofcustomers to whom its output can be sold at aprofit on a consistent basis.
Financing?● It is Riba?● How to finance... ○ Traditional lenders ○ Customers ○ Friends ○ Family Robert Kiyosaki said it best - "The richest people in theworld look for and build networks. Everyone else looks forwork."
What is marketing?Marketing is the activity, set of institutions,and processes for creating, communicating,delivering, and exchanging offerings that havevalue for customers, clients, partners, andsociety at large "People do business with people they know,like and TRUST" by Bob Burg
Pitfalls of Business● Lack of Discipline ○ Coach ○ Accountability Partner● Pricing Strategy ○ Most businesses UNDER-PRICE products/services ○ KNOW your worth● Money Management ○ Budget ○ Credit● Investment ○ Self ○ Business
Goals● Self sustaining Machine● Employment Opportunities for my family● Cash Flow quadrant by Robert Kiyosaki ○ Employee ○ Self-employed ○ Business Owner ○ Investor "97 % of all wealth in America was made inReal Estate"
Next Steps● Write your Business Plan● Need assistance? ○ SCORE ○ Entrepreneur Works ○ Urban League Entrepreneurship Center ○ Newman Networks● Questions? "Failure to plan is planning to fail"