Welcome to the Business of Business - Two Daughters & Their Dad Podcast!
The Dempseys - Staci, Jennifer and Jack - discuss the top three traits it takes to be a successful entrepreneur: being future oriented, being willing to take risks and an focus on constantly learning.
Jack shares one of his "nuggets": the healthiest, wealthiest & wisest people trade entertainment for education.
Staci and Jennifer also talk about the need for sacrifice, especially at the very beginning.
But who are the Dempseys?
Jennifer Faith Dempsey has been in the beauty industry for over 10 years. The last 3 1/2 years she has owned J.Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood.
Staci Joy Dempsey is an insurance agent, a mom and a busy non profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.
Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ based insurance and investment firm begun more than 30 years ago.
The Business of Business podcast is sponsored by:
Dempsey, Weiss & Associates, Elmer, NJ, 856-358-3900
J. Faith Hair Studio, Logan Township, NJ 856-975-5965
Email us at: TwoDaughtersAndTheirDad@gmail.com
Please download our Best of Nuggets eBook here.
Like and follow us on Facebook
Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.
Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.
Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.
Welcome to the Business of Business - Two Daughters & Their Dad Podcast!
The Dempseys - Staci, Jennifer and Jack - discuss the top three traits it takes to be a successful entrepreneur: being future oriented, being willing to take risks and an focus on constantly learning.
Jack shares one of his "nuggets": the healthiest, wealthiest & wisest people trade entertainment for education.
Staci and Jennifer also talk about the need for sacrifice, especially at the very beginning.
But who are the Dempseys?
Jennifer Faith Dempsey has been in the beauty industry for over 10 years. The last 3 1/2 years she has owned J.Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood.
Staci Joy Dempsey is an insurance agent, a mom and a busy non profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.
Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ based insurance and investment firm begun more than 30 years ago.
The Business of Business podcast is sponsored by:
Dempsey, Weiss & Associates, Elmer, NJ, 856-358-3900
J. Faith Hair Studio, Logan Township, NJ 856-975-5965
Email us at: TwoDaughtersAndTheirDad@gmail.com
Please download our Best of Nuggets eBook here.
Like and follow us on Facebook
Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.
Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.
Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.
Staci Dempsey: 0:00
Hey there. And welcome to the business of business podcast. Here we are two daughters and their dad seeking to inspire and educate you to follow your dreams of being in business by teaching you the business of being in business. The good, the bad, the humor are all parts of our unique perspective as an entrepreneurial family. Thanks for joining us. So grab a coffee. Turn up the volume. Here we go.
Staci Dempsey: 0:26
Hi, everybody. We are back with another episode of two daughters and a dad, the business of business. Once again, I have with me Jack Dempsey.
Jack Dempsey: 0:39
Hello, everybody.
Staci Dempsey: 0:40
I'm not making up, he's really here! And Jennifer Dempsey.
Jennifer Dempsey: 0:43
Hi Everybody.
Staci Dempsey: 0:44
Hi, Jen. So we're gonna jump right into it. I'm sorry. I'm Staci J. Dempsey. The J is very important. It brings the Joy and I am your host.
Staci Dempsey: 0:56
So we were sitting around brainstorming and talking, and the topic we were discussing was how does someone really know if they're truly meant to be an entrepreneur? There's so much information out there about the kind of the glitz, the glam of being entrepreneurial and then almost putting down people who you know want to be that support system in a business. There's nothing wrong with that. So we were just sitting here talking and brainstorming and thinking about you know, what are some really strong characteristics of people who are meant to be an entrepreneur. So, come to find out there's a whole list of characteristics, but we found three that were really that really stood out to stood out to us. So Jack or Jennifer, do you guys want to talk about what we were what we were brainstorming and discussing.
Jennifer Dempsey: 2:03
Yeah, I think the first characteristic we were talking about was that entrepreneurs constantly looking for opportunities to improve. As we were brainstorming I was like, absolutely. That has to be number one. All entrepreneurs that I know , that I talked to, when we link and we talk about that is we're talking about what. What book are you reading right now? And how can I get my hands on it? All entrepreneurs I know, they're listening to podcasts, they're reading books, self help books. They're in the gym, plugged in, listening to their favorite motivational speakers. I mean it's just a lifestyle of how can I improve? How can I keep getting better? Can I grow from this point on? And, if as an entrepreneur, you have to have that mindset of this is where I'm starting and this is just the beginning of ready to take it to the next level.
Jack Dempsey: 3:08
I would absolutely agree with that. Even for people like me who have been doing what I've been doing for a what Ive been doing for as long as I have I tell people now I read more, study more than I ever have. Even though I've been in business for over 30 years, things were changing constantly changing. If you aren't dedicated to learning and self development and staying cutting edge, you know you're going to get behind the entrepreneurial way. Your business is going to fall behind very quickly.
Jack Dempsey: 3:52
And so I heard a quote recently that I really liked, especially in today's world. It said the healthiest, wealthiest and wisest people exchange entertainment for education. And I think that's so true because we can easily entertain ourselves. There so many options between turning on a TV and having hundreds and hundreds of things to pick from to watch. Different Netflix and all those programs where you can binge watch shows. If you're like that and if that's something that takes up a lot of your time now, you probably shouldn't be thinking about entrepreneurship. You're probably going to struggle because you cannot spend your time doing that and being completely and fully engaged as an entrepreneur in your business. It's just not possible. I think, Jen, you would agree that once you left and transitioned from being an employee in a salon behind the chair to owning your salon, it went from a job to something far more
Jennifer Dempsey: 5:16
Absolutely
Jack Dempsey: 5:19
Life a lifestyle.
Jennifer Dempsey: 5:19
It's a huge lifestyle change. Absolutely. And even when you talk about about that recently was thinking about being an entrepreneur your sacrifice things. I was having a hard time dealing with why did I not feel bad about missing my daughter's Halloween, in the days prior Halloween? OK, everyone else's mom, they want to go with their kids. I'll stay on this one and then after the fact I was like I can't believe I was okay with that. But again, it comes from sacrifices. So that's one sacrifice that I was okay with missing out on. What is another characteristic that we were talking about?
Staci Dempsey: 6:12
Well, we were talking about future oriented. So to kind of piggyback off of what your last comment Jen about not feeling bad about missing Halloween? As an other Mom, sometimes we talk that up to future oriented. I'm gonna make the sacrifice now because there's a bigger payoff for that in the future that . That might look differently but in relation to our kids. I'm going make this sacrifice now by missing out on Halloween so that I could provide for other things in the future that will far outweigh that two hours of controlled chaos that, listen you didn't miss a whole lot, of controlled chaos that took place trying to transport little children in the pitch black, door dressed in costumes, shoving candy in their mouths. There's a a bigger payoff in the future. Definitely being future oriented of what am I doing now that's going to pay off into the future.
Staci Dempsey: 7:22
But may one of those opportunities that are coming into the future that I need to start thinking about I need to start planning, some people are just not built that way. Like Jack just mentioned we're all living a lifestyle, whether we realize it or not. So crossing over into that being in business and being an entrepreneur, we are choosing to live a different lifestyle than than other people. And that has to include being future oriented. Jack's shaking his head yes.
Jack Dempsey: 7:59
Yes, Because you know one thing, though, I tell people who are thinking about going into some type of business: the entrepreneur opportunity is to, apply what I called the law of congruence. So if you have aa personal life - a lifestyle where you want to be at every one of your kids soccer games and every activity, and you don't want to miss a thing and then you want to have a business that's going to require you to work 12 to 15 hours a day to get it off the ground well that is just simply incongruerent. You can't do.
Jack Dempsey: 8:44
You have to make the decision to say, Well, I know that for some period of time I'm going to miss some things that my kids are involved with so that I can spend the necessary time getting my business off the ground and growing a business. I've seen a lot of people who just got into an entrepreneur opportunity but yet tried to live a life that somehow I guess everybody's expecting a parent to live when it comes to their Children and their children's activities as an example.. It's just not possible. So making sure that before you even go down that road, you make that assessment because you're right, you know you have to think about this long term. You have to look and think about what just could mean for your family, long term. That just takes us back to a few episodes ago we were talking about our why. Having that strong why. I mean, if you're strong why is you wanna put your kids through college and so that they came out with no college debt then you know the only way you're going do that is to move out of a job and into some type of opportunity is going to ultimately create the income to do that. Then you've got to give up something now in order to achieve that, achieve that why..
Staci Dempsey: 10:16
right? And just to be clear certainly if the ultimate decision is to not be an entrepreneur - is to maybe stay in our 9 to 5 or whatever our career or a job is at the time and still do our passion on the side or do our hobby on the side, certainly we're not saying to stop that. Th at is still a great thing. That's still self awareness. That is being truthful and authentic with yourself that you know what, I am willing, it;s just where I'm at in my life I'm just not willing to do those other things because I like life the way that it is. Even though the perhaps the world or all the memes on Instagram and all the Facebook groups and all the Gary Vs of the World, which we love Gary V. But are saying to purse you pursue being an entrepreneur, that just might not be, ultimately, what is meant to be for someone's life, right?
Staci Dempsey: 11:15
And there's nothing wrong with that. Just like as we're in business, we need good support people and there are people certainly we have here at Dempsey, Weiss and they are positive. They are the backbone of our support system that makes the business run. That's part of what makes it all up. So we're certainly not sitting here saying that if you ultimately decide not to do it, that there's anything wrong with that.
Staci Dempsey: 11:44
This is just really kind about self awareness of what is really takes.
Staci Dempsey: 11:49
And so the last point that we were talking about was willing to take risks. It was just a couple of episodes back. We're talking about bearing being fearful of reinvesting right? so maybe that ties into a little bit of willing to take risk if this doesn't work out the way that I hope it does. What does that mean? Am I willing to do it?
Jack Dempsey: 12:18
Who's Gary V?
Staci Dempsey: 12:20
Okay we're going to edit Jack out!
Jack Dempsey: 12:24
You said everybody knew Gary V.
Staci Dempsey: 12:25
You don't know, Gary V? Okay, so listeners....chatter & laughter
Staci Dempsey: 12:37
Well, listen, you probably don't know Gary because he cusses a lot. He is an entrepreneur, and one of the latest things that he's talking about, that everybody's talking about, is going into business and about getting business partners. But nobody is talking about saving. He tells the story about the way he got into investing. The way he got into his business is that he made $50,000 a year, but he lived on 20 and he saved 30. And he did that year after year after year. He lived in a crummy apartment. He had no car. He lived no lifestyle
Jack Dempsey: 13:09
I talked about that in our last episode
Staci Dempsey: 13:10
You did but you didn't do a whole lot of cussing in between!
Staci Dempsey: 13:15
So Gary gets our attention because he likes to drop the F bombs and things like that. So he's probably not showing up in your news made drunk, traveling after. Now he's showing up in my new speed because I like his positivity. But you know, you don't have the same news feeds, but anyway, back to our personal
Jack Dempsey: 13:38
lack of discipline opinion. But when we're going
Staci Dempsey: 13:40
to go and he has had that conversation with a critic and he's, he's put it, he gave it back. He's okay. It's all good. So bad are things is not the Gary the show, so you're willing to take risks.
Jack Dempsey: 13:55
I mean, that's, um that is critical, but I think what's important and, um, is again, and this was a question we talked about with Jennifer on making that risk of investing. You know, general product line is, you always want to ask the question when taking a risk is what's What's the worst case scenario? You always start with what's the worst case? Because once you establish that, then you will realize that it's going to. The worst case is that you go out of business and you lose your home. If you lose everything, then you better make sure you are really assessing of the wrist, because that is a big price to pay that goes back. But you know, if you and best to the point where and you're taking rest of the point where the worst case is, you know, a financial loss, then. But yet you're gonna open your doors the next day for your business, you're gonna still be in your home. They're still gonna be food in the refrigerator. Then I think that, you know, that's the kind of risk that we're talking about.
Staci Dempsey: 15:26
Definitely. That's That's definitely the risk we're talking about. Just a piggyback off. There can be other rests. Associate it right as we you know, as people may go down the road of being entrepreneur, there's not only the risk of financial loss, right, but there's also the risk of loss of friends loss of, you know, people who work in our post circle people who we depended on. Um, there's certainly a risk of what if I just don't like this. And now now what does that mean for my family? What does it mean? If even if you're a single person, what does that mean to your life and what it can potentially the questions that kind of bringing to the surface of I tried something. I didn't like it. I tried something and failed. There's not just the financial risk associated with it, but there's other risks. You know, just for us as individuals, that those kind of things this kind of things can bring up. Judge Michigan had. Yes. So I'm assuming that, especially when I said risk of losing friendships and close relationships and things like that.
Jennifer Dempsey: 16:33
Yeah, I mean, because I think the message is being I know where you have to be all in a much what it comes down to It all comes Ou Mei. It's, you know, Remember this morning waking up, I'm feeding my daughter and I have about 50 things going through my head, and I thought to myself, I wonder what it would feel like to just wake up, like with a clear mind. But that's not me, that's for sure. But it is. It's all consuming it, and I think it's important. You know, if you're looking, Thio become an entrepreneur, that the passion has to be there. You know this action, the surface, because the sacrifices that come on the way are always gonna be worth it. And Like I said in my case and my son, my son is driving. So everything that we've done not only three and 1/2 years, um, but over the 13 years, um, is really starting to pay off at this point. So, um, being an entrepreneur is one of the most amazing things. Um, but it's absolutely not for everyone. And they think if it's on your mind and something that you're interested in it it just takes putting one foot in front of the other getting started. And believe me, you'll figure it out pretty quickly. If if it's for you, are that's not for you,
Staci Dempsey: 18:00
right? It's exactly not gonna be an easy, easy road. And I think at least in clients, that I've come across that maybe have decided to take that leap look, pinky toe in the water they're thinking of because I love this so much. It's gonna be far easier for me. Thio have my passion become my business because I just look, I do so much and then the business of the business, but starts and all what's what was once the passion may still be the passion, but then all of the aspects of the business kick in, and they realize that the road is not going to be paved, that it's actually gonna be quite bumpy and quite challenging on. So back to your point. Don't know why the passion has to be there to get through those. Get those tough get through those tough times. So eso before we wrap things up, any final thoughts? Uh, Jack on on this topic this far is what it takes to be an entrepreneur of the characteristics.
Jack Dempsey: 19:03
Just again, as we've talked about, it really is a lifestyle entrepreneurship, running your business. You know, there's a lot of jobs out there. They're very demanding. And, you know, when you leave it five o'clock, you're not leaving it. It's still your thinking about it. You're taking it home. Um, but in entrepreneurship, that's almost a guarantee that you're gonna have things that think about it. You're gonna have work to do. You're gonna have
Jennifer Dempsey: 19:34
decisions to make,
Jack Dempsey: 19:35
decisions to make. Don't have those 2 a.m. Three a. M. Wake ups, you know, with three or four things on your mind and not following back asleep. But I mean, those were just part of it. But again, if you keep those three things in mind that you know, that we talked about that you are learning all the time even from the setbacks in the challenges, then you know that's you're going You're gonna be able to work your way through any any situation, constant looking for waste and prove and then taking those risks and just not letting for your overtaken. Just always assess. You know what the worst case scenario is and and you are you'll be able to do things Probably never thought her dreams you could ever do.
Staci Dempsey: 20:27
Boom. That's how we're gonna end it. Lovett Well, thank everybody for tuning in and listening to our podcast today, and we will talk to you all very soon. Thank you way. Want to thank you for listening today? Police subscribes. Never miss an episode. Leave us a positive review and we want to say thank you to our sponsors Dempsey Wasting Associates and J Faith Hair Studio