Mind of an Entrepreneur


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Using Robert Kioyaski's Cash Flow Quadrant and Michael Gerber's the E-Myth Revisited, this presentation explains why the vision make goals and actions steps. This will be presented at the Universal Muslim Business Association networking event on 9/26/2013

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Mind of an Entrepreneur

  1. 1. Nicole Newman, President/CEO of Newman Networks
  2. 2. AGENDA  Nicole Newman, Bio  Vision  Goals  Accountability  Plan  Build the Foundation  Minority Business Issues  Next steps
  3. 3. NICOLE NEWMAN Born in Washington DC Graduate of HS of Engineering & Science MBA from the University of Maryland 15 years in Corporate America 7 years in business at Newman Networks Connie Grier She is always one step ahead of the "expected" and formulates the "inspired". She takes the time to explain everything, and always turns the query back to YOU and YOUR business. She is a wealth of knowledge, a sharp and strategic planner, and a coach that coaches respectfully! I
  4. 4. VISION Your business can only grow as big as your vision
  5. 5. GOALS Business is a three legged stool consisting of the Product, Marketing and Financing They say “Failing to plan is planning to Fail”
  6. 6. GOALS PART 2  What is the annual revenue goal?  What is the profit margin on sales?  What is the Exit Strategy?  Define the Marketing Plan  Define the Financing Strategy  Loans/Lines of Credit  Angel Investors  Equity Positions J. Paul Getty said "I would rather earn 1% of other people's effort than 100% of my own effort"
  7. 7. ACCOUNTABILITY  You are your own boss.  Who/what holds you accountable?  Religion – They say “Believe in a power greater than you”  Family  Friends - “You are the average of the five people you spend the most time with.”― Jim Rohn  Mentors/Coach  Books  Getting to Yes  E-Myth Revisited by Michael Gerber  The Tipping Point by Malcolm Gladwell
  8. 8. PLAN a) Learn your craft b) Make a process c) Teach someone else Business is OVERWHELMING
  9. 9. THE FOUNDATION  Legal Structure  LLC  S-Corporation  C-Corporation  Accounting System tied to Business Bank Account  Quickbooks  Freshbooks  Outright  Product/Service  4P’s – Product, Placement, Positioning, Price
  10. 10. MINORITY BUSINESS ISSUES  Lack of Vision  Self-Esteem  Lack of Cooperation  Lack of Support  Using our Strength  Respect of Employees. In most businesses, employees are the profit margin  Respect of Women
  11. 11. NEXT STEPS  Network  Universal Muslim Business Association  Newman Networks  Hire a coach –  Urban League Entrepreneurship Center  The Enterprise Center  Revisit/Update/Build Business Plans  Invest in Accounting System  Build a Team/Respect your Team  Hold Yourself Accountable!!!