DO GOOD X Podcast
Welcome to the DO GOOD X Podcast – where purpose meets business, and the journey is just as important as the destination. Hosted by advocates for impactful entrepreneurship, Kimberly Daniel and Stephen Lewis, this podcast creates a space for Black and Brown folk, especially Black women, navigating the intricate path of purposeful business.
In this sanctuary, the hosts understand the challenges of entrepreneurship, and their mission is to help listeners transform doubt into confidence, fostering the growth of their dreams without sacrificing well-being.
Embark on a transformative journey, discovering inspiration to fuel your passion for business. Shared experiences and stories act as beacons, nurturing you for the entrepreneurial road ahead.
Navigate the challenges of being an under-resourced entrepreneur with practical strategies and resources in the Tools & Tips segment. Overcome obstacles and thrive in the purpose-driven business world.
In the Mentorship segment, hear from seasoned guides who have successfully built businesses with a focus on social impact. Gain insights not only from the guests but also from hosts who intimately understand the unique journey of overlooked entrepreneurs.
This podcast is more than a productivity machine; it's about slowing down to go further. Each episode invites listeners to exhale, reconnect with inner wisdom, and rediscover the power of community. Embrace the impact your business can make without compromising well-being.
Leave feeling lighter, shedding stress, embracing self-compassion, and finding joy in the entrepreneurial journey. Gain actionable insights, learn from diverse perspectives, and expand your knowledge with tools for success, guided by hosts Kimberly and Stephen.
Feel empowered, recognizing yourself as your greatest asset. Build confidence to develop and grow a viable, impactful business aligned with the needs of the community.
About the Hosts
Kimberly R. Daniel catalyzes entrepreneurs and organizations to do good. She is
co-founder and project director of DO GOOD X, a community that provides programs
and support for faith-driven social entrepreneurs whose businesses focus on positive
Change.
Kimberly also helps purpose-driven organizations clarify and design compelling brand and communication strategies. With over 15 years of experience developing and leading communications efforts, it is her commitment to produce effective processes and create authentic, “sticky” brands that are community-centered.
In any aspect of her work, she is deeply passionate about purpose, meaning, and the
common good.
Linkedin: https://www.linkedin.com/in/kimberly-r-daniel/
Stephen Lewis is the president of the Forum for Theological Exploration (FTE) and creator and co-founder of DO GOOD X, a community that provides programs and support for faith-driven social entrepreneurs whose businesses focus on positive change.
He is an organizational change strategist and a leadership development specialist,
focused on inspiring the next generation of faith-inspired leaders and entrepreneurs to live and work on purpose. Stephen is the co-author of Another Way: Living and Leading Change on Purpose (2020) and A Way Out of No Way: An Approach to Christian Innovation (2021).
Linkedin: https://www.linkedin.com/in/stephen-lewis-8b1b941/
DO GOOD X Podcast
Ep. 27 The Co-Founder Advantage: Key Tips for Effective and Impactful Collaboration
Welcome to this episode of the DO GOOD X podcast, hosted by Kimberly Daniel! Today, Kimberly dives into the benefits of working with a co-founder, sharing key insights and advice for purpose-driven entrepreneurs. She provides three essential tips on building a successful partnership, including the importance of expanding your skillset, maintaining consistent communication, and choosing a co-founder with access to investment opportunities. She also emphasizes the relationship portion of the partnership. Remember to join the DO GOOD X LinkedIn community to connect with fellow entrepreneurs on the path to purpose-driven growth.
IN THIS EPISODE:
(00:00) Introduction
(00:59) Kimberly discusses three tips for having a co-founder in your business
(02:56) Tip One: Expansion of your skillset
(05:02) Tip Two: Consistency in communication-knowing how to navigate conflict
(08:02) Tip Three: Choosing a co-partner who has access to investment opportunities and entrepreneurial programs
(11:07) Recap
TAKEAWAYS:
- Some investors require a co-founder. However, if you have a strong team, that may be optional or not necessary.
- Businesses with co-founders thrive when they each contribute different skills and stay in their own lane. Having an exit strategy, if the partnership doesn’t work, is imperative
- A co-founder's credit rating is often forgotten when setting up a partnership. Still, how a person manages finances impacts how the business operates and opportunities to secure funding.
Links:
Kimberly R. Daniel catalyzes entrepreneurs and organizations to do good. She is co-founder and project director of DO GOOD X, a community that provides programs and support for faith-driven social entrepreneurs whose businesses focus on positive Change.
Kimberly also helps purpose-driven organizations clarify and design compelling brand and communication strategies. With over 15 years of experience developing and leading communications efforts, she is committed to producing effective processes and creating authentic, “sticky” brands that are community-centered.
In addition, Kimberly has nearly ten years of experience as a certified life coach. She has facilitated workshops, spoken to communities, and written about innovation and entrepreneurship centered on social impact. She co-authored A Way Out of No Way: An Approach to Christian Innovation (2021).
Stephen Lewis is the president of the Forum for Theological Exploration (FTE) and the creator and co-founder of DO GOOD X. This community provides programs and support for faith-driven social entrepreneurs whose businesses focus on positive change.
He is an organizational change strategies and leadership development specialist focused on inspiring the next generation of faith-inspired leaders and entrepreneurs to live and work purposefully. Stephen co-authors Another Way: Living and Leading Change on Purpose (2020) and A Way Out of No Way: An Approach to Christian Innovation (2021).
DO GOOD X Ep 27 Audio Transcript
Narrator: [00:00:00] Welcome to the do good X podcast. A sanctuary from the entrepreneur grind host, Kimberly, Danielle, and Steven Lewis advocates for impactful entrepreneurship guide you on the path where purpose meets business. Join us to slow down, reconnect, and explore the challenges of under resource entrepreneurs, uncovering the unique journey of building businesses that make a difference.
Now you're hosts.
Kimberly R. Daniel: Hello and welcome to the do get x podcast. My name is Kimberly Danielle, and I am a community builder, a communication strategist, and a coach who comes from generations of faith driven entrepreneurs and leaders who believe that our purpose should drive us to contribute to the common good. Thank you all for joining me [00:01:00] today.
I am. I'm going to be the solo host on this episode and look forward to Steven joining back next week. Now, if you are a solo founder and in search of a co founder or even considering it, or if you are a co founder, This is an episode that is for you today. I specifically just want to chat about the benefits of working with a co founder and tips for navigating that type of relationship.
And of course I come with some experience of that myself, not just working with. Founders that come through the startup accelerator at Dukid X, but also being a co founder with Steven. So, you know, he's not on this episode to tell his side of the story, but here I am today to share [00:02:00] just from my own experience and those in my community.
And I also know that some investors and accelerators require entrepreneurs to have a co founder, but I don't always think that it's necessary as long as you have a strong and capable team. So, you know, if you're tuning in and you're a solo founder and you're thinking, uh, you know, I really don't think that I need a co founder.
That's great. Maybe you can glean some tips, uh, from this episode to share it with somebody else. Also be thinking to yourself, you know, how are you building a strong and capable team that helps to build the business that you desire since you are a solo founder? So I'm just going to hop right in to these three benefits specifically.
And three tips to working with a co founder and to also when you're searching for a co founder specifically. [00:03:00] So. One, the benefit of having a co founder is that it really expands your skillset and your capacity. Of course, we have our strengths and our gifts that we can lean into. For some folks who are first starting out, you may be the only person.
And so you have to stretch your skillset and your capacity to really get there. Do and be all things, depending on the, the resources that you have available to you or not at that time. And so really exploring the opportunity to have a co founder can help to alleviate some of that so that you have the opportunity to lean into.
Your gifts, and then you can bring somebody alongside you that is complimentary and kind of expands the gifts that you have on your team. And so with Steven and myself, I know that, you know, there's certain things that [00:04:00] Steven is, you know, is his zone of genius. And there are certain things that are my zone of genius, and we both have clarity about where our lanes are, where our lanes intersect, and where we can help each other in our strong suit or in our areas of growth.
And so, really, you know, just be thinking about what are the skills. That aren't necessarily your strengths that you need specific to your business to help you get to the next level that can help the narrow the scope of what you're looking for in a co founder and tips about this specifically beyond just what I've already named is to also be clear about what responsibilities that you will have.
And what responsibilities that your co founder will have and where you will come together in that work so that you're not stepping on each other, each other's toes. And so [00:05:00] that you are lifting up and platforming each other's gifts and strengths and skills in the right ways. So the second benefit that I want to talk about is.
That you have the gift of having a consistent, a consistent conversation partner and having a co founder. If you are like me and you get stuck in your own head with ideas, with thoughts, this could be a huge benefit. To you and also a support system. So you may have a community of support. You may have folks that you can reach out to, to talk about, you know, different things that you have going on in your business, but having a co founder is different because it's somebody who is in the weeds of your business, just like you are.
And they have a deeper level of understanding of what you may be dealing with day in and day out. Now, though, this is a great benefit. It can also be [00:06:00] challenging. So I want you to keep in mind as you are looking at a co founder and this conversation partner, having this conversation partner on a regular basis, know that there may be times.
Where you have to address conflict with your co founder, be open with them, be honest with them, address conflict, have those tough conversations. And because of that, make sure you know how you all navigate conflict, navigate challenge, how you will address these tough conversations so that it actually yields.
Some type of solution or resolution for your particular business is a conversation partner when it comes to things coming up in the business. And I'm also naming the challenge and the conflict that can come up because in the dynamics of a relationship in the way of co founders, which is just like any relationship, it takes work.[00:07:00]
And. People are human. They have feelings. We all have feelings. We all have things that come up. And so it's important to not just understand how you will communicate and toss ideas back and forth with this person about your business, but also what you will do when you actually address challenge with this person and what happens.
If this relationship doesn't work out with a co founder, some people get so caught up into the excitement around having somebody come on board that they don't necessarily think about, well, what if this doesn't work out and what is the strategy or exit strategy will have in place that supports. Both people should that relationship not work out.
So be thinking about that in advance and have some things in place to support whatever happens for the team, for your [00:08:00] relationship. As co founders. And then the last benefit that I want to talk about is having a co founder can really position you to have more access to investment opportunities and entrepreneurial programs.
So I said at the top of this episode that some investors and some accelerated programs require you to have a co founder and it's not necessary for all founders. And. If you do have a co founder and depending on the field that you're in, or the field that your business is in, it can expand and increase the opportunities that you have for funding and other types of support.
Now with this, I will share that when we're talking about investment opportunities and the people that you have as a co founder, I remember talking to someone who works at a bank that offers small. Business loans. And she shared with me, one [00:09:00] of the things that founders don't tend to think about that she has been in conversation with, who have a fellow co founder is the credit of each person, because that will impact the chances, obviously, of you getting a small business loan.
Now that's one type of funding opportunity, but I will say in general, what that makes me think about is. Being clear about your co founders financial aptitude and the way that they manage money, the way that they work with money, because no matter what your role is, you're At the organization that you're at, or your area of responsibilities as a co founder is important for you to be clear about the financials of the business.
And so this not only impacts your financial opportunities that show up in the way of the example that I gave a small business loans, but also impacts how. [00:10:00] You all will manage the money for your business. Now you might be hiring somebody to do that, but it's still important for the leaders of your business to understand what is in your P and L, what your finances look like, what the revenue projected revenue is going to be, how you will approach money, payroll.
Benefits, all of those things, how you get your employees paid. It's important to be clear about each person's ability to navigate finances and to navigate them well. So that may not be something that you thought about when she, when she brought that to the surface, I was like, Hmm. You know, I haven't really had entrepreneurs talk about that before, but that is an incredible point to be thinking about, for better or for worse, you know, we have to consider that in the process, especially if you're looking at small business [00:11:00] loans as a possibility for a funding opportunity for your business.
So again, just to quickly recap. Benefits of having a co founder expand your skillset and capacity. It provides you with a consistent conversation partner and somebody to support you who is down in a nitty gritty, just like you are, and has a deeper level of understanding of where you might be coming from and what you might be kind of wrestling with, and then lastly, it can position you.
It can position you and your business for additional investment opportunities, as well as opportunities to participate in certain accelerator programs or other types of programs that support businesses. So if you choose to have a co founder, just make sure you do your homework. It's to the business's benefit.
And make sure, make sure that the synergy is there with that person because you do have to like that person [00:12:00] to at least work with them. This is somebody you're going to spend some time with. So I'm just going to plug that in at the, you know, at the, at the end here, make sure you actually have synergy with that person because you might be spending more time with them than your family.
So make sure you actually like the person. It can be a game changer to have a co founder, but it is also important to remember that it's a partnership that requires transparent communication, mutual respect, a shared vision, and so much more. So. I wish you the best on your journey. If you are out here looking for a co founder or even considering it, if you are a solo founder, kudos to you.
And I wish you the best as well. And if you are searching for a community to hear more insights or tips on identifying or working with a co founder, we do have a place for you to go. Go to do good X. org, join our LinkedIn community. That is. [00:13:00] Designed for entrepreneurs and change makers here. We provide tools, resources, and connections for your journey.
And I'd love to personally connect with you there. We hope you join us again and until next time.
Narrator: Thank you for listening to the do good X podcast to continue the conversation or access our resources. Visit www. dogoodx. org. Join us again for conversations that will nourish your soul, ignite your dreams, and empower you to build an impactful business, one intentional step at a time. Until then keep striving, thriving, and doing good.