What is the first step you should take when trying to identify the meaning of an unknown word

You would use Context clues to find out the meaning of an unknown word

Context clues. Read the whole sentence. If you still don't get it, read the whole paragraph. Sooner or later, you'll get it. It's just like eavesdropping. You may not know what they're talking about in the first place, but you'll get the idea once you heard the whole thing.