50 Billion Dollar Boss: African American Women Sharing Stories of Success in Entrepreneurship and Leadership

181 Pages·2016·1.25 MB·English

by  Kathey Porter

50 Billion Dollar Boss
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50 Billion Dollar Boss
African American Women Sharing
Stories of Success in Entrepreneurship
and Leadership
Kathey Porter and Andrea Hoffman
Palgrave
macmillan
50 BILLION DOLLAR BOSS
Copyright © Kathey Porter and Andrea Hoffman 2016
Softcover reprint of the hardcover 1st edition 2016 978-1-137-47501-5
All rights reserved. No reproduction, copy or transmission of this publication
may be made without written permission. No portion of this publication
may be reproduced, copied or transmitted save with written permission. In
accordance with the provisions of the Copyright, Designs and Patents Act
1988, or under the terms of any licence permitting limited copying issued by
the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London
EC1N 8TS.
Any person who does any unauthorized act in relation to this publication
may be liable to criminal prosecution and civil claims for damages.
First published 2016 by
PALGRAVE MACMILLAN
The authors have asserted their rights to be identified as the authors of this
work in accordance with the Copyright, Designs and Patents Act 1988.
Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited,
registered in England, company number 785998, of Houndmills, Basingstoke,
Hampshire, RG21 6XS.
Palgrave Macmillan in the US is a division of Nature America, Inc., One
New York Plaza, Suite 4500, New York, NY 10004-1562.
Palgrave Macmillan is the global academic imprint of the above companies
and has companies and representatives throughout the world.
ISBN 978-1-349-55216-0
E-PDF ISBN: 978–1–137–47502–2
DOI: 10.1057/9781137475022
Library of Congress Cataloging-in-Publication Data
Porter, Kathey.
50 billion dollar boss : African American women sharing stories of
success in entrepreneurship and leadership / Kathey Porter, Andrea
Hoffman.
pages cm
Summary: “This book looks at several successful African American
women and chronicles their success, obstacles, challenges, and lessons
learned. The authors have fi rst person access to each of these women
and break down their stories to help other aspiring entrepreneurs achieve
their dreams of starting or owning their own business”—Provided by
publisher.
Includes bibliographical references and index.
1. African American women—United States. 2. Women-owned
business enterprises—United States. 3. Leadership in women—United
States. I. Hoffman, Andrea, 1965– II. Title. III. Title: Fifty billion dollar
boss.
HQ1438.U5P67 2015
305.48(cid:2)896073—dc23 2015016499
A catalogue record of the book is available from the British Library.
Contents
Preface: Our Personal Journeys to Entrepreneurship
and the Book ix
Acknowledgments xix
Introduction: A New Boss in Town xxiii
Chapter 1 The Growing Impact of African American
Women-Owned Businesses 1
Chapter 2 You Want to Do What ? Turning Your Idea
into Your Business 11
Dr. Lisa Williams, Founder, President and CEO World
of EPI™, LLC and Creator of Positively Perfect™
Chapter 3 I Think I Love You: Branding Your Passion
and Understanding Your Unique Value
Proposition 23
Monif Clarke, Founder and CEO, Monif C. Plus Sizes
Chapter 4 Who Do I Run to? Finding a Mentor and
Building Mentor Relationships 37
Yolanda H. Caraway, Founder and CEO,
The Caraway Group
Chapter 5 Adding Value: Building Mutually Beneficial
Strategic Partnerships 47
Dana Hill, Founder and CEO, Cocotique
vi ● Contents
Chapter 6 Your Network Is Your Net Worth: Building
Your Relationship Currency 57
Melinda Emerson, the “SmallBizLady,” President,
Quintessence Group
Chapter 7 Where Is the Money? Solutions to Fund
Your Business and Business Development 69
Twyla Garrett, President and CEO, IME, Inc.
Chapter 8 Making You a Priority: Leveraging Internal
Strengths 83
Ricki Fairley, Founder, President, and Thought Leader of
Dove Marketing
Chapter 9 Keeping It Moving: Developing a Resilient
Mind-Set 95
Lola C. West, Managing Director, WestFuller Advisors, LLC
Chapter 10 Faster, Smarter, Harder: Taking Your
Business to the Next Level 109
Dr. Michele Hoskins, Founder and CEO, Michele Foods
Chapter 11 Coding for the Future: New Frontiers for
African American Women in Technology 123
Laura Weidman-Powers, Cofounder and CEO,
CODE2040
Chapter 12 Why Should Guys Have All the Fun?
Entrepreneurial Opportunities in
Nontraditional Industries 133
Joy Rohadfox, President and CEO, Rohadfox Construction
Control Services Corporation
Chapter 13 Intrapreneurship: Adding Entrepreneurial
Value and Innovation within a Corporation 143
Lisa Lambert, Vice President/Managing Director, Software
and Services and Diversity Equity Fund, Intel Capital
Chapter 14 Make Being a Woman-Owned Business
Work for You: Resources on Programs,
Agencies, and Organizations That Support
Women-Owned Businesses 151
Contents ● vii
Conclusion 159
References 167
About the Authors 171
Index 173
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Preface : Our Personal Journeys to
Entrepreneurship and the Book
Kathey
For as long as I can remember, I have always wanted to be a business-
woman. I’ve always had what people call a hustle. Even in elemen-
tary school, I would wear suits for picture day. In college, I always
knew I wanted to major in business. I’m not sure whether this desire
was the result of working with my mother making and selling jelly
or selling dinners at the church, or me hawking Girl Scout cookies,
but I always knew that I was going to do something in business. I
just was not sure what I wanted to do in business.
My first introduction to a potential career in business occurred in
high school. I saw the movie T rading Places with Eddie Murphy and
Dan Ackroyd, where Ackroyd played a wealthy commodities bro-
ker and Murphy was the street-savvy hustler. Murphy and Ackroyd
“traded places,” with each assuming the other’s life. Murphy quickly
deduced that brokers were just educated bookies, and easily adapted
to and succeeded in his new role. It was at this moment that I
decided that I wanted to be a commodities broker, not because I
knew exactly what they did, but because they made a lot of money
doing it. I set out to learn everything I could about becoming a
commodities broker.