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The Entrepreneur’s Mindset with Jack Gibson and Jeff Schechter, Ep 89

Mar 14, 2019

On today’s episode of Just the Tips, Dean and I welcome two business partners who have been incredibly successful for a number of years. Jack Gibson and Jeff Schechter (aka Shecky) have been killing it for years, and nowadays work together in real estate. But as they discuss in this week’s episode, they wouldn’t be anywhere if they didn’t get their mindset right. On today’s episode, we talk about why entrepreneurs need to be able to take a few lumps, how to build that resilience, and why Shecky celebrated turning 60 by starting a new company.

The one key to success for entrepreneurs

We don’t let up on Jack and Jeff on this week’s episode of Just the Tips, and so right from the get go I asked them for the one trait every entrepreneur needs to be successful. And Jack summed it up in one word: persistence. Shecky put it a little differently, demanding that entrepreneurs “don’t be a frickin’ baby.” As he said, “You’re going to get kicked in the teeth a lot, and you have to get used to it.” Still want to be an entrepreneur after that? Then keep on listening to this episode of Just the Tips.

When Jack and Shecky had to dig down and find their resilience

Jack and Shecky talked so much about resilience, I had to ask them for a time when they had to deal with some serious adversity, and how they overcame it. And Jack told us a whopper of a story about a time they were dealing with, as he put it, some “serious, serious fraud” from some former business partners. They had to go back to their investors and pay out several hundred thousand dollars to make them whole again. As they say, it’s been the hardest year for their business, but by keeping the right mindset and supporting each other, they’ve been able to plow through it.

How to maintain your focus in the face of adversity

So how do Jack and Shecky maintain that focus when everything is coming at them? As we’ve talked about before on this show, they emphasized the need to unplug. Whether it’s meditation or yoga or getting out in nature—or taking a vacation—Shecky reiterated that it’s necessary to withdraw from the business for even just a few minutes at a time. And as they both said, they always try to begin and end every meeting with an inspirational quote or some note of support so they know they have each other’s back even when they’re facing something very difficult.

Diversifying your investments

There’s no doubt that 98% of an entrepreneur’s energy goes into their business, and 98% of their income comes from that business. But that doesn’t mean that entrepreneurs should just accept that as the way. It’s really important to diversify, as Jack told us on this week’s episode of Just the Tips. You’re going to have ebbs in your business, and having investments in other areas that can bring return can not only stabilize your bank account, but allow you to continue to focus on your business without the stress of worrying about your balance. Jack and Shecky are two true pros, and you’re going to want to hear what they have to say on this week’s episode.

Outline of This Episode

  • [3:05] Getting right into it
  • [8:22] Jack deals with some fraud
  • [10:56] How to maintain your focus in the face of adversity
  • [15:35] Why Shecky started a business at 60
  • [20:43] How important is it to diversify your investments?
  • [23:12] Advice for entrepreneurs starting out

Music for “Just The Tips” is titled, “Happy Happy Game Show” by Kevin MacLeod (http://incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License

Resources Mentioned

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