Become An Entrepreneur: Assessing Success with Mykela Marshall

In America, the ultimate win is to become an entrepreneur. That’s the American way, right?

In 2019, 89% of the new businesses opened were attributed to women of color. It only makes it right to celebrate World Entrepreneurs’ Day by highlighting one of them.

Mykela Marshall of Fashionably Greek is the quintessential American entrepreneur. Today we will be assessing success in entrepreneurship with her.

Story: Why I Became An Entrepreneur

Ryce: Hi Mykela! I’m glad we were able to get together. I’m excited to share your story, especially in a time where innovation and entrepreneurial spirits are so high.

Mykela: I’m glad to share.

Ryce: Let’s hope right in. What motivated you to become an entrepreneur?

Mykela: Before I started Fashionably Greek, I worked for a company where I managed a multimillion-dollar process. I was making a set amount with bonuses set up a certain way. Then the company got bought out. Once the new company took over, things changed and so did my bonuses, which led to a $10,000 pay cut, but my work didn’t change.

To be honest, the work increased and they didn’t have a way to compensate me for that.

That’s when I decided that I needed to take control of my own destiny because other people are going to do what’s best for them. I felt like I was using my time and my talents to make someone else wealthy. It was time to focus on creating generational wealth for my family.

If I stayed in engineering, I wanted to be an executive. My company told me that in order to do that I needed a MBA. So I figured, either I’m going to start a business and become an entrepreneur or I’m going back to school.

I realized that my time is valuable. We got caught up in what makes money. I got my degree in chemical engineering because I knew that I would be able to find a job and it would pay me well.

At the end of the day it worked out for me. Not once in the whole decision making process did I do it because I was passionate about engineering. I needed to start looking at what would bring my family joy.

Looking back on my career in engineering, I was making really good money and I was not fulfilling my purpose. I had great performance reviews, but that wasn’t what I’m here for. That’s not what I’m passionate about. And any plan where someone can take ten stacks in a pen stroke was not it.

Ryce: Whew! That’s a word! So was missing out on your calling what pushed you to start Fashionably Greek?

Mykela: I honestly believe that this life is about tapping into your purpose. When we do that, God will start to guide you and give you the things you need. We have to have faith to do what he’s called us to do though.

I never had a business plan. I didn’t have all of the things that people say you need to start a business. I’ve learned so much in the process of growing Fashionably Greek, but it was honestly a God thing.

Obstacles: The Road to Entrepreneurship

Ryce: What are some of the biggest obstacles you had to face to get to where you are?

Mykela: Starting out was tough. Like I said, I didn’t have a plan when I started. I knew I wanted to do something. At the time healthy vending machines were the big thing. I planned to have vending machines inside of the schools and supply the healthy snacks.

We came up with a business plan for the vending machines, took it to Wells Fargo and they denied me. I had twice that amount in my personal bank account with them and was still denied. As an African American, the bias in lending is real. You have to be ready to finance yourself because the reality is that you may not be able to borrow it.

When Fashionably Greek was born, I knew I wouldn’t get a loan from the bank. So I did some research online and found a person who started a business on a no interest credit card. I applied and was approved for a card. I told my husband, Jamon, that if we couldn’t pay the card off within the promotional period, this ain’t it. But, if we are able to pay it off and make enough to buy new inventory, we are on to something.

I started Fashionably Greek. We were selling merchandise, paying the bills on time, but then the first regional conference came up. I was so afraid that I didn’t have enough that I only signed up for one regional conference. In my mind, I thought I would sell out of everything during my first show. Since I was a new vendor, no one knew who I was and my prices weren’t what people normally saw it wasn’t what I expected. I didn’t sell out, but I did it anyway.

Ryce: For those who don’t know, Boulé is the biennial conference held by Alpha Kappa Alpha Sorority, Inc. It’s the mother of all sorority conferences.

Mykela: Yes. I wasn’t ready. I didn’t have enough revenue at the time to buy enough inventory to meet the demands of the conference. So, I went and applied for another business credit card. I never told my husband I maxed both of the cards out to get the inventory.

Because I really believed in my idea, I put all my eggs in that one basket. We went to Boulé and made enough to pay off both cards at that one conference. Even though I turned my booth in the wrong direction and did so many things wrong.

Ryce: I’m glad you did it anyway. Going through the first time of anything is just a belief builder. It’s proof that you can do it. You will learn, for sure, but you will have one under your belt.

Mykela: If I didn’t have the regional conference and Boulé experience, I wouldn’t have known what I didn’t know. If I didn’t go and try, I wouldn’t be the vendor that I am now. I didn’t realize how much help I needed for Boulé.

On the Sunday during Boule in Atlanta, 90% of my friends and family (my team) that were helping in my booth left to go back home because they all had to return to their REAL jobs. I thought things would slow down on Monday and Tuesday and that Jamon and I could handle it ourselves. Boy was I wrong. If my aunt ,Dot, and Marietta, my sister’s friend, weren’t already there, it would have been a real mess because we were not prepared.

Things I Learned Throughout My Journey

Ryce: How did you make peace with the things you had to overcome to be an entrepreneur?

Mykela: Everything that you do is a stepping-stone to get to where you need to be. I learned so much being a manager in my previous career. It’s valuable to my business now. It wasn’t a waste.

If I had started Fashionably Greek without that experience, there would have been so many more costly failures. I got to make the mistakes with someone else’s money!

{Mykela regularly shares how she overcame hiccups on her personal Instagram page. Go check it out!}

Ryce: How do you think the obstacles helped you?

Mykela: I think that each of these experiences helped me to become the leader and businesswoman that I needed to be. Without the experiences, I would not have been prepared to handle this career change.

Pulling it all together: Tips for Entrepreneurs

Ryce: What tips can you give to a person who wants to become an entrepreneur? How did you find the right people to work with?

Mykela: It’s literally an ongoing process. When I started, sites like Alibaba and other companies I found on Google were not providing me the quality or the right looks. I was ordering samples from everywhere to figure it out. Sourcing was definitely a challenge.

Whatever you decide to put in your collection, you have to see it and feel it first. Be sure to negotiate your sample pricing. For example, you should get in writing that your sample fee will be credited toward your order if you decide to use that vendor. In the beginning, you may have to pay a little more because you’ve never worked with them before.

As you build more relationships, Beware of anyone that requires you to pay a large fee for a sample. That’s not someone you need to be doing business with.

Ryce: Any other advice that you want to give our readers who are future entrepreneurs?

Mykela:

Ryce: I love these tips so much! What’s next?

Mykela: I plan to grow Fashionably Greek so that we can provide products for each of the Divine Nine sororities and fraternities. Most recently, we added Sigma Gamma Rho and we hope to expand our SGRHO collection.

I would love to have something for every organization if it makes financial sense and is sustainable.

Ryce: How do you use your story to encourage others who want to become an entrepreneur?

Mykela: I like to help whenever or wherever I can. If anyone ever has a question about becoming an entrepreneur, I will always make time to offer whatever guidance I can. It can be through email, at a conference or even Instagram.

I am a regular person that figured it out. To me, everybody can win and I want you to. I will offer whatever I have to try to help you make your dream a reality. My hope is that we create a culture of people who genuinely support one another.

Be sure to check out Mykela and Fashionably Greek online and on Instagram.