In this episode of the Business of Business podcast, Staci J. Dempsey, Jennifer Faith, and Jack Dempsey discuss the critical role of negotiation in business, particularly in managing expenses and lease agreements. They share personal experiences and insights on how to build confidence in negotiation skills, the importance of understanding business expenses, and creative strategies for negotiating with vendors. The conversation also touches on the lessons learned from personal experiences and the significance of family and motherhood in their lives.

Nugget Alerts
- Negotiation is essential for managing business expenses effectively.
- Building confidence in negotiation comes with experience and practice.
- Understanding the details of contracts and leases is crucial.
- Never negotiate against yourself; let the other party make the first offer.
- It's important to advocate for your business and set clear expectations with vendors.
- Creative negotiation can lead to valuable support rather than just discounts.
- Regularly reviewing business expenses can uncover opportunities for savings.
- Personal experiences can provide valuable lessons in negotiation.
- Family dynamics can influence negotiation skills and strategies.
- Celebrating motherhood and family is an important aspect of life.

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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.

In this episode of the Business of Business podcast, Staci J. Dempsey, Jennifer Faith, and Jack Dempsey discuss the evolving challenges of hiring and training employees in today's business landscape. They share personal experiences and insights on the importance of having a structured hiring process, the need for effective training systems, and strategies for retaining talent. The conversation emphasizes the significance of adapting to changes in the workforce and the necessity of being proactive in hiring to avoid crises. The hosts also reflect on their own hiring practices and the lessons learned from past experiences.

Nugget Alerts
- Hiring new employees is an evolving process.
- Having a structured hiring system is crucial.
- Don't wait until you're in crisis to hire.
- Training systems should be evaluated regularly.
- Change can drive innovation and growth.
- Consider who is best suited to train new employees.
- Always be open to hiring opportunities.
- Identify vulnerable areas in your workforce.
- List specific needs for each position when hiring.
- Learning from past hiring experiences is essential.

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.

In this episode of the Business of Business podcast, Staci J Dempsey, along with her father Jack Dempsey and sister Jennifer Faith, delve into the theme of risk versus reward in entrepreneurship. They share personal stories of risks taken in their business journeys, discussing the importance of understanding risk, the mindset required for taking risks, and the value of having support from mentors and family. The conversation emphasizes that risks can be both big and small, and that the rewards can extend beyond financial gain to include personal fulfillment and business growth.

Nugget Alerts

• Risk-taking is essential for entrepreneurs.
• Understanding the nature of risk is crucial.
• Not all risks have to be monumental; small risks matter too.
• Confidence in risk-taking grows with experience.
• Support from mentors can guide decision-making.
• The worst-case scenario should be considered before taking risks.
• Rewards can be more than just financial; they include peace of mind.
• Embracing change and technology is part of risk management.
• The sigmoid curve illustrates the journey of risk and reward.
• Timing is key; take risks when your business is growing.

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.