Fayola Deli

1. 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, RN
Author/Speaker/Life and Business Coach/Radio Host
Founder/President/CEO of Fayola Delica LLC
Founder of The 360 Evolution Academy

2. 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

3. What industries are self-employed
women working in?
77%
29%
3%
3%
4%
29%
Industries self-employed women are
working
Healthcare and social
service
Education
Construction
Mining, oil, gas, etc
Transportation and
warehousing
Other 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

4. 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

5. 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.

6. 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
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!

7. 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.”
• You want to be known as the expert in your industry, so the more you know the more
you are able to present yourself as an expert.

8. Step 4: You are better than the rest,
now show it
• After reaching 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!!!!

9. 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!

10. Step 6: Business structure
The 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

11. 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

12. Why should you become an
entrepreneur?
• Have a passion or hobby that you love and can make money for 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!!!!

13. Summary
Review of questions to ask yourself as you begin to transition into entrepreneurship
1. What am I passionate about?
2. Whatever you are great at is how can it be a solution to a problem people are facing?
3. How knowledgeable are you about the industry your business will be in?
4. What is my competitive advantage?
5. How am I going to package my product and/or service?
6. How am I going to structure my business? What business structure is appropriate for
what I am doing?
7. How will you finance/fund the business?

14. Resources
US Small Business Administration (SBA), locate your local
office
www.sba.gov
Entities affiliated with SBA
-Women’s Business Center, locate your local office
https://www.sba.gov/tools/local-assistance/wbc
-Online Course for Young Entrepreneurs
http://imedia.sba.gov/vd/media1/training/YoungEntrepreneurs/pl
ayer.html
-Veteran’s Business Outreach Center, locate your local office
https://www.sba.gov/tools/local-assistance/vboc
SCORE, free small business advice; locate your local office
www.score.org
Small Business Development Centers, locate your local office
http://americassbdc.org/
The National Federation of Independent Businesses
www.nfib.com
The Business Journals, locate your local subscriber
www.bizjournals.com
Kauffman FastTrac, various forms of training for new and veteran
entrepreneurs
http://fasttrac.org/
Bplans, access to business plan templates
www.bplans.com
Entrepreneurship for children:
Junior Achievement
www.ja.org
Secret Millionaires Club, Warren Buffett’s Kids Business program
http://www.smckids.com/

15. Contact Info for Fayola Delica
• Website: www.fayoladelica.com
• www.the360evolutionacademy.org
• 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