Welcome to the DO GOOD X podcast, your go-to resource for insights and inspiration on building impactful businesses! Hosted by Kimberly Daniel and Stephen Lewis, this episode dives into one of the most asked questions by aspiring entrepreneurs: How do you start a business? If you’re ready to step into the entrepreneurial world, starting on solid ground is crucial. Kimberly and Stephen walk you through three essential steps that can set you up for success, especially because nine out of ten businesses typically fail. Before you build a website, develop a product or service, or register your business as a legal entity, note these foundational steps to ensure your venture begins with purpose and clarity. Building a business takes time, effort, and strategy, but it can be a rewarding journey with the right tools and community. Tune in to learn more and find support within the DO GOOD X community as you take your first steps toward creating a stronger, more sustainable business.

IN THIS EPISODE:

• [2:01] How can an aspiring entrepreneur start a business
• [3:46] Step One: Identify the problem, not your idea
• [9:26] Step Two: Identify your paying customer
• [14:31] Step Three: Test drive your prototype
• [19:06] Building a business takes time
• [20:03] Find tools to assist in starting a business in the DO GOOD X Community

KEY TAKEAWAYS:

• Start by identifying and researching the problem before diving into building a business. Focus on understanding the problem you aim to solve. This involves creating a clear problem statement, conducting research to validate the problem’s significance, and understanding how the problem is currently being addressed. Ensuring the problem is both substantial and solvable increases the likelihood of creating a viable business.
• Define your ideal paying customer because it’s essential to know not just your target customer but your paying customer—the individuals or entities who will benefit from your solution and are willing to pay for it. Engaging in customer discovery, which involves direct conversations and feedback from potential customers, helps refine your business idea and confirms market demand.
• Build and test a prototype to transform your idea into a tangible form, like a prototype or small-scale experiment, to test its viability with potential customers. A prototype helps gather real-world feedback on what works, what needs improvement, and whether customers are willing to pay for your solution. Keep it simple and cost-effective to allow for iterations based on feedback.

ABOUT DO GOOD X:
Hosted by advocates for impactful entrepreneurship, Kimberly Daniel and Stephen Lewis, this podcast creates a space for Black entrepreneurs, with a special focus on Black women entrepreneurs, navigating the intricate path of purposeful business.

The hosts dive into the unique business challenges faced by entrepreneurs while sharing tools, tips, and strategies to drive business growth and create meaningful social impact. With their mission to help listeners foster the growth of their dreams, this podcast empowers a community of changemakers to embrace impactful entrepreneurship.