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. 33 Navigating Business Challenges: Determining Your Way Forward
Welcome to this episode of the DO GOOD X podcast. Are you a founder questioning whether to stick with your business because financial goals or other expectations aren’t being met? If so, this episode will be a helpful resource. We’ll explore what to do when you’re considering giving up, how to assess your business's challenges and strategies for staying resilient. From overcoming financial hurdles to finding support and inspiration in the DO GOOD X community, this conversation offers practical advice and encouragement to help you reimagine your path to success.
IN THIS EPISODE:
(00:00) Introduction
(01:33) What should a founder do when you are considering throwing in the towel
(04:22) Taking an assessment of the challenge your business is facing
(07:08) Getting over the financial hump and seeing yourself as successful
(11:10) Get the support you need to move forward
(12:33) Be encouraged by listening to others' stories and seek support from the DO GOOD X community
TAKEAWAYS:
- Giving up shouldn’t be the first option; instead, focus on pivoting when needed. Assess if the market aligns with your vision or if timing and luck are factors. Success often requires adaptability, courage, and reimagining your path forward
- Assessing your business challenges requires uncovering the root cause. Examine pricing, overhead costs, market demand, marketing effectiveness, and industry trends. Identifying the core issue helps determine if it’s solvable and guides your next steps, from strategic adjustments to exploring new paths.
- Working a job while building your business shows dedication, not failure. Balance requires clear priorities and time management, as many companies take time to grow sustainably. Create a contingency plan to navigate challenges, stay resilient, and use resources to boost your chances of success.
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 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. 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 the next generation of faith-inspired leaders and entrepreneurs. Stephen co-authors Another Way: Living and Leading Change on Purpose (2020) and A Way Out of No Way: An Approach to Christian Innovation
DO GOOD X Episode 33 - 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 resourced entrepreneurs, uncovering the unique journey of building businesses that make a difference.
Now you're hosts.
Stephen Lewis: Welcome to the do good x podcast. My name is Stephen Lewis. I'm a catalyst for positive change and for communities and businesses. And over two decades, I have been inspiring leaders and entrepreneurs to live and work on purpose. And I am delighted to be here. To be joined today with my colleague, Kimberly.
Hey, Kimberly.
Kimberly R. Daniel: [00:01:00] Hey, Stephen, what is happening? Hey everyone. My name is Kimberly Danielle, and I am a community builder, a coach and communication strategist who comes from generations of faith leaders and entrepreneurs who believe that our purpose should contribute to the common good. And today we are going to.
I have a short conversation. Um, we appreciate you tuning in. We hope you find some value from what we'll focus on today. Recently, I have been talking to a lot of entrepreneurs who have questioned or are questioning the viability of their business due to lack of revenue and traction, primarily not to say that's the only reason, but that's the primary reason they're just not making money in their business.
And they're not getting, gaining customers. And they're really wondering if they should keep going with their business [00:02:00] to try to see if it's going to work, or if they should get a job on the side while they continue their business so that they can support themselves financially. Or if they should just call it quits with their business and go back and get that good old W 2.
Even though the business was, you know, being an entrepreneur was a passion and dream, you know, they're considering hanging, hanging that hat up and just going back to the other side. And there's nothing wrong with that, but really they're at this crossroads of figuring out what's next. And so today we're going to just chat a little bit about what to consider if you are one of those entrepreneurs.
You are not the only one. There are a lot of you out there. And, you know, I think this is just an important conversation. And so what do you, what, what do you think, Steven?
Stephen Lewis: Yeah. I mean, I think, you know, as we get into this, [00:03:00] um, session, one of the things that I tell some entrepreneurs don't give up, don't do it, don't give up.
So I think some, sometimes you have to be willing to pivot. Um, sometimes we're married to our dreams and so in solutions that we care about, but it's not, um, something that everybody else cares about. And then there are times where we have to recognize that sometimes you have a good solution, but it's at the wrong time.
Like the industry hasn't caught up to what it is that you're actually trying to offer. And so sometimes it really is about timing. Um, or luck. If you listen to our previous podcast with Shruti, uh, talking about this whole idea that, you know, sometimes it's about luck and timing. So I'm looking forward to jumping in this with you.
Kimberly R. Daniel: Yeah. So, you know, [00:04:00] what do you think is something that entrepreneurs should consider if they're at this crossroads with their business and there's just something that is just not working with their business and getting it to the next level?
Stephen Lewis: Yeah, I think part of it is about understanding the challenge that your business is facing.
So, maybe it's, you know, oftentimes it's a lack of revenue, right? And so, part of the question is, are your prices too low? Or maybe they're too high. Um, are your overhead expenses too high for the stage of your business? Is there an actual need in the marketplace for your business, um, product or service?
Maybe it is your market is ineffective. So are you reaching your ideal paying customers with your marketing, your digital marketing efforts, or are the economic conditions or trends in your industry affecting [00:05:00] your business success? But I think once you kind of do a little bit of excavation and research and discover the challenge below the surface, then you can reflect on if the challenge is one that can actually be addressed or solved.
And if so. You develop a plan of action or you bring, you bring, you know, maybe some trusted advisors to help you think about what may be possible solutions that you can explore and put a plan together to actually explore those particular solutions that you come up with. I
Kimberly R. Daniel: think it also goes back to what you previously mentioned around not being too wed to a specific idea and being open to pivoting.
But you need to understand what you need to pivot to in order to experience, potentially experience some success. And a lot of that is around listening to your customer. And what is needed [00:06:00] in the market or what is needed in a specific community and what people are willing to actually pay for. And so the more nimble and agile you are, I think you will find more success in finding a solution, but you need to understand what that challenge is.
So doing that research and. Like you said, Stephen, really kind of doing that excavation to figure out what is really happening versus just saying, Oh, I'm just not making any money. My business isn't making any money. There's a reason why your business isn't making any money. It's just not, you know, it's not something that's just happening by chance.
There's a mechanism in your business. Something is, is broken or needs to be fixed. And so figuring out what that is, just like a mechanic, figuring out what that thing is, whether it's, it might be something small or it might be something [00:07:00] major, but figuring out what that thing is, can help you to see if this is something that you want to address and you can actually solve.
I think the other thing to consider, uh, is. That you can explore alternative ways to support yourself while continuing to figure out what that challenge is and if you can solve it. And even if you start to build, experience some success from the pivot that you might do to address that challenge, it might take a little bit of time to actually see that success.
Turn into money. So take that into consideration. So what are you going to do in the meantime, look at alternative ways to support yourself while building your business. So I know many entrepreneurs who have pursued part time jobs, even full time jobs. While working on their businesses so that they can support themselves or if they [00:08:00] have a family, they can support their family financially.
And some are privileged and in a position where they can rely on a spouse who is willing to support the household for a particular period of time. And then there are others who do some freelancing. That might be, this is not the focus of their business, but it's them leveraging some gift or skill that they have, uh, to do some freelancing consulting work or just small side hustles just to get them by.
But in any scenario that you explore, Oh, and let me say before I say this, do not see yourself as a failure. If that is something that you have to do. Do not because so many people have been there, work on your business, get the money that you need to live because that is important. And especially if you are responsible for another person or [00:09:00] people within your household, do what you have to do.
And, If you are also working a job while building your business, keep in mind that you will have to be even more intentional about how you manage your time because you will be split in different ways. You have this added responsibility of another job. So just be intentional about planning out your priorities and how you will spend your time so that you can take care of yourself.
And you can also manage and actually build the business. Um, so, you know, the, the data is still, you know, it shows that nine and 10 businesses fell, but we, we hope, and I hope that this podcast and other resources will give you access to tips, tools to [00:10:00] help your business thrive. And it's also important to have a contingency plan in case your business doesn't succeed in the way you desire.
It may generate money, but maybe it's not enough money for you to actually have a salary for yourself. It may take more time. What is your contingency plan? What are you going to do while you continue to explore Being an entrepreneur and building a business that really can support you and allow you to employ others and have others on your team.
I've heard a lot of people say, Oh, there is no plan B. There's only plan A. And I do see a lot of those entrepreneurs with that mindset really being successful. And so I want to also acknowledge that that might, you know, be where you're at and. If that is where you're at, just make sure that you also have a financial backing and pool pool of resources [00:11:00] to support you as you continue to move forward.
Anything else you would add Steven?
Stephen Lewis: Yeah, I mean, I think I would just say that, you know, you need to make a decision to move forward with the support that you need. So set realistic expectations and goals, reach out to mentors, peer, entrepreneurs, advisors, friends. And the most important thing, take care of yourself.
Because whether you choose to move forward in your business or bring it to a close, we hope that your entrepreneurial journey brings you growth. valuable insights for the next chapter in your life and what may, um, what you might do and what is to come. So that's what I would offer. Um, Kimberley, I think, you know, again, um, you shouldn't feel ashamed if you have to take a job or you're trying to figure out what the next steps are [00:12:00] with regards to whether you should, you know, Or maybe it's closing temporarily until you can figure out, you know, how you accumulate additional resources and figure out your next steps.
Um, but there's nothing wrong with pausing so you can get a little bit more head space and hearts and heart space to be able to figure out, um, what is next or what you might be able to do. To, um, unpause and continue or pivot your business going forward.
Kimberly R. Daniel: And then lastly, I'll say, if you haven't listened to the previous episode with Shruti Shaw, I invite you to, to go back and listen to that because while Shruti today is a partner at a, at a VC firm, she was.
And still is, I see an entrepreneur, [00:13:00] um, but she grew this business that ultimately her and her team had to exit out of, and she took what she learned from that journey and is applying it to what she's currently doing as, and being a partner at this investment firm. So all of that to say. If you find that you have to close your business down, you can still take what you've learned and use it into use it for whatever you choose to do next, whether you choose to start another business, whether you choose to pause and come back to this business, whether you choose to go and find a job in a field that you have gifts for full time, you can always use and leverage what you've learned and gleaned for other opportunities.
So if you are in the space of really facing tough [00:14:00] choices and you don't want to do it alone, of course, we are all about community and we want you to join the DukedX community. You can go to dukedx. org and join our LinkedIn group. And here you can find resources and tips and tools for the journey. And if you've enjoyed this episode, please do leave us a rating and review it, or share it with somebody who needs to hear it, because maybe, you know, another entrepreneur who is at this crossroads in.
Needs some things to consider or to think about, reflect on, to help them to discern, discern what's next. So please do share it. And we appreciate you tuning in until next time. We hope you join us again and we hope that you take care of yourself. Be well.
Narrator: Thank you for listening to the do good X podcast to continue the conversation or access our [00:15:00] 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.