"Create a plan, not ideas."
This HOT SEAT episode highlights the importance of having a plan rather than just ideas when it comes to starting a business. David emphasizes that while having ideas and passion is important, it is equally crucial to have a concrete plan in place to turn those ideas into reality.
The episode begins with Tkeyah expressing her desire to start a female-owned and operated association, focusing on helping women-owned businesses. She also mentions her passion for conferences and her interest in organizing a youth conference. However, she acknowledges that she needs to have a plan in place to make these ideas a reality.
David points out that simply having ideas and feeling passionate about something is not enough. Without a plan, these ideas remain just ideas and do not translate into actionable steps. He draws a comparison to his own passion for basketball and wanting to be in the NBA. He acknowledges that without a plan, this dream cannot be achieved.
David further explains that having a plan involves breaking down the steps needed to achieve the desired goal. He uses the example of starting a podcast, where he outlines the specific tasks required, such as uploading content, acquiring equipment, finding guests, and creating a thumbnail. He emphasizes the need to have a clear vision and a plan to make that vision a reality.
David also also addresses the speaker's concern about her graphic design work feeling like charity. He points out that this is a result of not doing enough research and not charging what she should have been charging. This highlights the importance of understanding the market, setting appropriate prices, and conducting thorough research to ensure a sustainable business model.
The host emphasizes that success in business is not based on others believing in you, but rather on having a solid plan and taking action to achieve your goals. He encourages the speaker to come up with a plan for her business idea, starting with identifying the product or service she wants to offer, which in this case is branding for black female-owned businesses. He suggests that she needs to learn more about branding and the speaking industry to be able to offer these services effectively.
In conclusion, the podcast transcript emphasizes the significance of having a plan in order to achieve success in business. A plan provides a clear roadmap and allows for the attraction of new clients and the diversification of the client base. It is essential to establish a strong foundation, develop a clear value proposition, and actively pursue new clients to ensure long-term success and sustainability. By mapping out personal goals and aspirations, individuals can build businesses that align with their passions and values, rather than being influenced solely by their current environment.