For Sistah's OnlyLunch and Learn

April 15th, 2012Nicole 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 t'ala○ 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 and services are exchanged for one another or money, on the basis of their perceived value. Every business requires some form of investment and a sufficient numbers of customers to whom its output can be sold at a profit 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 the world look for and build networks. Everyone else looks for work."

  

What is marketing?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society 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 in Real 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"