Dr. Felicia Phillips is a master business strategist and founder of The One Million Dreams Foundation for Black Women and Girls. She has spent over 30 years building a legacy centered on serving, educating, and mentoring small and diverse businesses.
With a background leading a two-time award-winning, certified Minority Business Enterprise consulting firm headquartered in Atlanta, Phillips has become a prominent figure in program development, supplier diversity, and leadership training. This summer, she brought The Mogul Summit to Houston—an event poised to become one of the leading conferences for women of color in business to the Hilton-Americas.
Research shows that during the COVID-19 Pandemic, there was the closure of over 44% of Black-owned businesses. Dr. Phillips launched the foundation with a clear mission to bridge the gaps in resources and relationships that often hinder Black entrepreneurs from scaling and sustaining their businesses.
“When you start to lose businesses that have an economic impact within the community, it leaves us in a place of desperation—for jobs, for commerce, for so many things, she says.”
She has long recognized the challenges Black businesses face, especially regarding access to capital. “We know that we receive less than 1% of venture capital for our businesses,” she says.
The Mogul Summit, operating under her foundation, was created to address these disparities. Since its inception in Atlanta, the summit has expanded to several cities across the U.S. and will arrive in Houston for the first time.
“Houston is making waves. There is a large concentration of thriving Black businesses in the area,” she says. The summit aims to connect with progressive Black business owners and ensure they are aware of and have access to the resources available through the Small Business Administration (SBA) and other channels. “We want our businesses to know that there’s more than one way to succeed by diversifying business strategies, whether through government contracting, corporate partnerships, or other means.”
A cornerstone of her approach to entrepreneurship is the importance of relationship-building. “The one thing people miss the most is building relationships,” she says. Dr. Phillips attributes her three-decade-long success in business to her focus on nurturing relationships rather than making interactions purely transactional. “When you make everything transactional, you miss the opportunity…The best client to have is the one who’s already done business with you,” she says.
The Mogul Summit also serves as an opportunity for participants to learn from her extensive experience. Phillips began her entrepreneurial journey at just 19 years old, and since then, she has faced and overcome numerous challenges, particularly those unique to Black women in business. “Access to capital is a major issue,” she says. “We are bootstrapping our businesses, which will run you out of business faster than anything.” She also stresses the importance of having a solid business foundation, which includes proper back-office support, strategic planning, and a team that can help scale the business effectively.
To effectively launch a successful business, she recommends a few key strategies she’s learned in her career to help those building their foundation:
Clarity is Crucial
“The first lesson is to clarify your objective,” Phillips said. “Understand who you are and what you want to achieve. Avoid getting sidetracked by external opportunities that don’t align with your vision.”
Strategic Planning is Essential
Phillips stressed the importance of a strategic plan: “It’s like an operating system or GPS. It guides you by identifying your strengths, weaknesses, opportunities, and threats. A strategic plan helps you set goals, identify resources, and build relationships.”
Seek Help and Build Partnerships
“Don’t be afraid to ask for help,” she advised. “You don’t know everything, and you don’t know what you don’t know. Collaborate with others to expand your network and reach new customers.”
Prioritize Networking
“Attend industry events and conferences and utilize social media,” she said. Networking can lead to valuable connections, potential clients, and mentors.
She understands that small businesses benefit greatly from the guidance of larger companies or seasoned advisors. Through The One Million Dreams Foundation, Phillips has implemented a structured mentorship program that pairs small business owners with corporate partners, holding both parties accountable for the outcomes.
To learn more about her work, visit mogulconlive.com.
