1. How They Made It: A Look into the Motivation and Success Factors of African American Entrepreneurs in Dayton, OH Presented by: Ty A. Stone, PhD

2. “There is a difference in teaching someone how to not lose… and in teaching them how to win”

3. The New Economy Overview Economic downturn African American impact Economic recovery

4. Black Economics Total Black Economy  Aggregate household income of approx. $900B  Buying power of $1.1T expected by 2015  Economic power exceeds 14th richest nation

5. So…. Since we are not poor, the question that begs to be answered is: Why are we Broke? AND What are we going to do about it?

6. Entrepreneurship  Always considered the “great equalizer” still only about 5% of small businesses are black owned nationwide  While blacks are two times more likely to establish a business, they are less successful beyond initial startup  Lack of access to capital  Discrimination  Barriers of entry to certain industries  Dayton’s population is 45% African American; however, only 7.2% of the 61,000 businesses are African American owned  The way to solve the unemployment problem is for blacks to be the number one employer of blacks (George Fraser, 2013)

7. MOTIVATION Motivation is what gets you started. Habit is what keeps you going. –Jim Rohn

8. What Motivates African Americans into the Pursuit of Entrepreneurship? Entrepreneurial motivationN% Independence1155 Altruism315 Money315 Family expectations210 Need15 What motivated African Americans to pursue entreprenuership? What was the motivation to continue after failure?

9. SUCCESS “Success is Intentional and Deliberate”

10. What Success Strategies do successful African American entrepreneurs employ? What were the attributes to entrepreneurial success? What were the success strategies used by participants? AttributeN% Faith in God630 Mentors/professional relationships 630 Family315 Work ethic210 Planning15 Ability to identify opportunities15 Optimism15 Strategy%N Mentors386 Creating Value386 Determination122 Planning61 Flexibility61

11. Entrepreneurial Motivation & Success http://www.youtube.com/watch?v=NAeha727ZWI

12. Recap of the Motivation & Success Strategies of Successful African American entrepreneurs Motivation Participants were motivated by: (a) independence, (b) altruism, (c) money, (d) family expectations, and (e) filling a need. Participants were motivated to continue after failure by: (a) an unwillingness to fail, and (b) responsibility to others. Success strategies Participants attributed success to: (a) mentors, (b) faith in God, (c) family, (d) work ethic, (e) planning, (f) identifying opportunities, and (g) optimism. Participants strategies for success: (a) use of mentors, (b) creating value for customers, (c) determination, (d) planning, and (e) flexibility.

13. Model of Successful African American Entrepreneurs

14. Questions?