Podcast Summary: "How Do I Know If It’s the Right Time to Start My Own Business?"

Podcast Information:

• Title: Help Wanted
• Host/Author: Money News Network
• Episode: "How Do I Know If It’s the Right Time to Start My Own Business?"
• Release Date: March 25, 2025
• Hosts: Jason Pfeiffer (Editor in Chief of Entrepreneur Magazine) and Nicole Lapin (Money Expert) temporarily joined by Jenny Wood during Nicole’s maternity leave.

Introduction

In this engaging episode of Help Wanted, hosts Jason Pfeiffer and Jenny Wood delve into the pressing question many professionals face: When is the right time to transition from a stable corporate career to entrepreneurship? Drawing from their collective experiences and insights, they guide listeners through the complexities of making such a pivotal career decision.

Guest Story: Brian Jeffries’ Journey

The episode features Brian Jeffries, a finance professional contemplating a leap into entrepreneurship. Brian shares his personal story, highlighting the challenges and serendipitous events that prompted him to seek advice on transitioning into his own business.

Brian’s Background:

• Origin: Born and raised in Dayton, Ohio.
• Education: Attended Howard University.
• Career: Transitioned from communications to finance, working in the finance field since 2020.
• Entrepreneurial Aspiration: Aims to purchase and revitalize businesses in his hometown to both generate wealth and assist his community.

Turning Point: Brian recounts sending an email to Jason seeking guidance on when to make the entrepreneurial leap. Shortly after, he was unexpectedly laid off due to corporate restructuring, thrusting him into a position where the decision to pursue his dreams became urgent.

Brian Jeffries [06:38]: "I always say, God will give you what you want, not how you want. And so now I'm in that transition to where I'm figuring out what exactly will help me comfortably the most comfortable, reckless way make that next step."

Key Points and Insights

1. Balancing Money and Impact

Brian initially set two primary goals:

• Make a Whole Lot of Money: Ensuring financial stability and the ability to invest in future ventures.
• Help a Whole Lot of People: Aiming to make meaningful contributions to his community by improving local businesses.

Jenny Wood probes deeper into how these goals align and what trade-offs might be necessary.

Jenny Wood [07:24]: "You named two goals. Make a whole lot of money and help a whole lot of people. It sounds like you are now on the path to certainly helping a whole lot of people..."

2. Overcoming Fear and Uncertainty

Brian discusses the fear of financial instability and the burden it could place on his family. Jenny introduces the concept of impact bias, explaining how anticipated fears often feel more daunting than the reality.

Jenny Wood [22:58]: "This is called impact bias. And it's a good thing to keep in mind because you just described it and you're right, it never ends up being that bad. It's just really scary."

3. Facts vs. Tales

Distinguishing between verifiable truths and narrative tales is crucial in making informed decisions. Jenny Wood emphasizes the importance of focusing on facts to mitigate unfounded fears.

Jenny Wood [20:57]: "Truths are verifiable facts... But tales are the stories we create around those truths to make sense of the facts."

4. Building a Safety Net

Discussion revolves around creating a backup plan (BATNA - Best Alternative to a Negotiated Agreement) and ensuring financial preparedness before taking the entrepreneurial plunge.

Jenny Wood [23:11]: "You could ultimately decide that... I do not have it in me to do what Jenny Wood did and say for some period of time I will take no income and I will just take a bet."

Notable Quotes

• Jason Pfeiffer [14:15]: "These decisions are not about one singular thing. They're about a complex mixture of needs and desires, tolerances."

• Brian Jeffries [27:56]: "The hardest thing is finding somebody who not only can do that, but can offer you a position as well."

• Jenny Wood [28:23]: "I am positive. You get another job."

• Brian Jeffries [23:56]: "But Jenny's point about facts and tales I think helped a lot because I have found that generally my greatest fears never happen."

Conclusion

The episode wraps up with a reaffirmation that taking the entrepreneurial leap is a series of continuous decisions rather than a single moment. Both hosts encourage Brian and listeners to assess their current needs, prioritize their goals, and recognize that failure is not the end but a learning opportunity.

Jason Pfeiffer encapsulates the essence of the discussion:

Jason Pfeiffer [27:18]: "What you can do is figure out how to put money in your bank account and put food on the table. And you've got to figure out how to do the thing that you are feeling called to do. And you can do both of those things."

Jenny Wood adds a final thought on impact bias, reminding listeners that often, fears do not materialize to the extent imagined, and resilience is key.

Final Thoughts

This episode of Help Wanted offers a comprehensive exploration of the quandary many face when considering entrepreneurship. Through Brian Jeffries' candid narrative and the insightful guidance of Jason Pfeiffer and Jenny Wood, listeners gain valuable perspectives on balancing financial security with personal aspirations, managing fear, and making informed career transitions. Whether you’re contemplating a similar leap or simply seeking inspiration, this episode provides practical advice and relatable experiences to help navigate your professional journey.

Connect with Guests:

• Brian Jeffries: LinkedIn Profile
• Jenny Wood’s Book: jennywood.com/book
• Public Support: public.com/helpwanted