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Ep. 53 - The Mixtape: When to Pivot or Persevere – Making the Right Business Decision
Manage episode 483840161 series 3564548
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Welcome to the DO GOOD X podcast, a space for founders to explore building businesses that meet community needs. This remixed episode addresses leadership challenges for early-stage entrepreneurs, business viability, and focusing on the importance of community support. Hosts Kimberly R. Daniel and Stephen Lewis discuss practical steps for creating a support system, emphasizing the value of a personal advisory board. They explore the dilemma of whether to pivot, persevere, or pause when facing uncertainty in your business. The conversation offers insights on self-reflection, problem-solving, and maintaining well-being. Entrepreneurs are encouraged to engage with mentors and peers, set realistic goals, and prioritize self-care. The episode underscores the significance of leveraging learned experiences for future opportunities, whether continuing in entrepreneurship or transitioning to other roles. Join the DO GOOD X community for resources and support on your entrepreneurial journey.
IN THIS EPISODE:
- (00:00) Intro:
- (05:07) Building a personal advisory board
- (09:25) Leadership challenges for early-stage founders
- (12:20) Considering business viability and pivoting
- (14:06) Exploring alternative ways to support yourself through your entrepreneurial journey
- (15:48) Making challenging decisions and seeking support
KEY TAKEAWAYS:
- Personal Advisory Board: A personal advisory board is focused on the individual rather than the business. Your advisory board should consist of people who prioritize your personal growth and provide honest feedback, helping you navigate both personal and professional challenges.
- Community as a Competitive Advantage: Community is essential for entrepreneurs, not just as a support system but as a strategic resource. Building relationships with a sense of reciprocity can lead to unexpected opportunities and insights that can propel your business forward.
- Releasing Control for Growth: A significant challenge for founders is the reluctance to delegate tasks as their business grows. By allowing team members to leverage their strengths, founders can focus on their core competencies, ultimately benefiting the entire organization.
- Exploring Alternative Support: For entrepreneurs facing financial challenges, consider alternative income sources while continuing to pursue your business goals. This approach allows for financial stability without abandoning your entrepreneurial dreams, and allowing strategic time management.
- Learning from Closure: If a business must close, the experience gained can be invaluable for future endeavors. The hosts encourage entrepreneurs to view closure not as a failure but as a stepping stone, using the lessons learned to inform and enhance future opportunities.
RESOURCES:
KEYWORDS: DO GOOD X podcast, Kimberly R. Daniel, Stephen Lewis, Founders, Building Businesses, Community Needs, Leadership Challenges, early-stage entrepreneurs, business viability, Community Support, Entrepreneurs, Entrepreneurship, purpose-driven entrepreneurs, Business Growth, Startup Journey, Faith-Driven Business, Sustainable Business, Marketing Strategies, startup challenges, social impact, entrepreneurial mindset, business resilience, entrepreneurial setbacks, customer-focused strategies, business innovation, entrepreneurial inspiration, business development, startup resources, entrepreneurial support, entrepreneurship challenges, leadership development, early-stage founders, team management, business pivoting, personal advisory board, resilience building, startup growth, diversity in entrepreneurship, revenue generation, customer acquisition, work-life balance, time management, decision-making, mentorship, business planning, market analysis, financial sustainability, entrepreneurial mindset, business networking, startup ecosystem, self-care for entrepreneurs, business strategy
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