It’s been said that “If you create the products, add hard work, never give up, and build things that serve people, the people will come!”
This is why everything that Dr. Felicia Phillips touches turns to gold.
Case in point, in 2020, Phillips founded The One Million Dreams Foundation for Black Women and Girls.
The 501(c)(3) foundation is a strategic alliance partner to the Small Business Administration and has partnered with Fortune 50 companies to help women-owned businesses with contract opportunities, certifications, and access to capital.
For the last seven years, Phillips has hosted MogulCon, a platform for Black women-owned businesses to get the education and access to the resources needed to build a profitable business and position themselves in the global marketplace.
She received the Presidential Lifetime Achievement Award from President Joe Biden and the Atlanta Business League’s 2022 Outstanding Achievement (Woman of the Year).
Other recognitions include the 2022 Business Leader of the Year, 2021 National Association of Black Female Executives in Music & Entertainment Lady Mogul Award, 2021 National Women’s Empowerment Ministry Awardandas other industry-based awards for her work with supplier diversity initiatives.
A fourth-generation serial entrepreneur, Phillips is a Master Business Strategist and CEO of PPICW Inc. PPICW is a two-time award-winning, certified MBE consulting firm specializing in strategic planning, supplier development, DE&I training, and executive coaching. Phillip’s expertise has been used to coach, mentor, and advise businesses from the startup stage to include more seasoned businesses with revenue over $100M.
Today, Phillips uses her 32 years of experience to advise organizations like AARP, Southern Co., Grady Health System, Wells Fargo, Delta Air Lines, The McDonald’s Corp., Pathward, The Museum of Contemporary Arts, and many other organizations that have DEI or supplier diversity initiatives that assist veteran, minority, and women-owned businesses. She is truly the definition of being a total package. Never one to shy away from success and helping others to reach their full potential.
BLACK ENTERPRISE was fortunate to sit and chat it up with this mogul.
BE: You are doing some phenomenal work for Black-owned businesses, especially women-owned businesses. Why did you create MogulCon?
I created MogulCon in 2015 because I recognized an opportunity to build a platform that would focus on Black women-owned businesses. The truth of the matter is that the majority of Black women go into business out of lack instead of opportunity. We feel devalued in the workplace, not getting the promotions or pay we deserve. So, we turn to entrepreneurship as a way to make ends meet or an escape from corporate America. The challenge we face is that we have an amazing skill set, but there is a big difference between having a skillset and operating a business. Then you add lack of capital, and one quickly realizes the “elephant in the room,” which is all the things they did not know about being a business owner.
MogulCon is ground zero for many of these Black-owned businesses. We provide everything from understanding the foundational elements of setting up a business to establishing a solid supply chain, competing for federal and corporate contracts, to include establishing the mental capacity of being a CEO. We provide a safe place for entrepreneurs to be open and honest about the help they need and then get it.
BE: Why is it so important to you that Black women know the importance of doing business with the federal government?
According to a fact sheet released by The White House, “less than 10% of federal agencies’ total eligible contracting dollars typically go to small disadvantaged businesses (SDB), a category under federal law for which Black-owned, Latino-owned, and other minority-owned businesses are presumed to qualify. Moreover, while women own roughly 20% of all small businesses economy-wide, less than 5% of federal contracting dollars go to women-owned small businesses.”
It went on to say, “Increasing federal spending with underserved businesses not only helps more Americans realize their entrepreneurial dreams but also narrows persistent wealth disparities. According to a new analysis from the White House Council of Economic Advisers, based on data provided by the Small Business Administration (SBA), differences in business ownership account for 20% of the wealth gap between average white and Black households.”
President Biden announced a bold new goal: increasing the share of contracts going to small disadvantaged businesses by 50% by 2025 – an unprecedented target projected to translate to an additional $100 billion to SDBs over five years. The announcement built on the President’s Day One Executive Order 13985, which directed agencies to work to make contracting opportunities more readily available to all eligible firms and to remove barriers faced by underserved individuals and communities.
This information is why it is important to me to continue to provide a platform where Black businesses can learn and connect with individuals that can help them with government certifications, programs, and contracts. Earlier this year, The One Million Dreams Foundation For Black Women and Girls Inc. entered into a Strategic Alliance Memorandum with the Small Business Administration for Tennessee and Georgia. Our goal is to further our mission of assisting one million Black women-owned businesses with the tools for capacity building and to ensure they have profitable businesses in the global marketplace.
BE: How do you plan on finishing 2022 strong?
I plan to end 2022 with announcing our 5-City tour of The Mogul Summit. A one-day event designed to address the challenges Black women-owned businesses face with growing and scaling their businesses.
BE: Tell us about your nonprofit and why you created it.
In 2020, I examined all the work I’d completed with small and diverse business owners, from workshops and webinars to MogulCon, and realized that I could better serve them if I established a 501(c)3. With the help of some government and corporate partners as well as some of the small businesses we serve, I was able to successfully launch, The One Million Dreams Foundation For Black Women and Girls Inc. No business owner should have to face uncertainty due to a lack of resources at their disposal. We aim to take that uncertainty out of the picture for Black-owned businesses. The Foundation works with Black women who have an existing business and equips them with the access they need to grow and sustain a business that leaves a legacy they can be proud of as business owners.
BE: What can people expect from you regarding MogulCon in 2023?
In 2023, I will be releasing my book, An Entrepreneur’s Guide To Operating In A Virtual World. I am really excited to share how we, as business owners, can be ahead of the curve.
In this book, you will learn the different ways to prepare and position your small business for the infinite possibilities of operating in a virtual world. Whether you are a product or service-based business or even a subject matter expert, this book will educate you on the history, opportunities, and how to increase customer retention by communicating and connecting with users virtually.
Stay in touch with Dr. Felicia Phillips:
On all platforms: @iamdrphillips, @mogulcon
Website: www.feliciaphillips.com , www.mogulconlive.com
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