The Unshakeables Podcast: An Unshakeable Mindset - Live from Atlanta (June 11, 2024)

Hosted by Ben Walter, CEO of Chase for Business, and featuring special guests Jay Bailey, CEO and President of the Russell Innovation Center for Entrepreneurs, and Dr. Joy Harden Bradford, psychologist and host of the podcast Therapy for Black Girls, this episode delves deep into the resilient mindsets that empower small business owners to navigate and overcome their most challenging moments.

1. Introduction to the Special Atlanta Episode

Ben Walter kicks off the episode by announcing a departure from the usual format of featuring individual small business stories. Instead, the focus shifts to exploring the underlying mindset that cultivates resilience in entrepreneurs. Recorded live at Atlanta's historic Pullman Yards, the episode sets the stage for an engaging conversation despite the sweltering heat (00:02–01:45).

Notable Quote:

"We've heard about these unshakable business owners all season long, but one thing we haven't done is talk about how those special folks build that resilience." — Ben Walter [00:02]

2. Exploring Entrepreneurial Resilience

Jay Bailey introduces the session by highlighting the episode's objective: to uncover the mindset that helps entrepreneurs surmount significant obstacles. He shares inspiring anecdotes, such as a coffee company recovering from a devastating fire and a sock business bouncing back from a major legal setback (01:45–03:25).

Notable Quote:

"The power of relationships and partnership. This is what I mean. Around the heart of the entrepreneur has to be the heart of resilience." — Dr. Joy Harden Bradford [04:00]

3. Defining the Entrepreneurial Mindset

Dr. Joy Harden Bradford elaborates on key traits that define successful entrepreneurs:

• Resilience: The capacity to bounce back from setbacks.
• Tolerance for Ambiguity: Comfort with uncertainty and the unknown.
• Flexibility: Ability to pivot and adapt strategies when necessary.

Notable Quotes:

"Your ability to manage pain will predict how far you go in business." — Dr. Joy Harden Bradford [05:18]

"Successful entrepreneurs also have a very high tolerance for ambiguity... and you have to be able to ride that out and trust that you are going." — Dr. Joy Harden Bradford [05:32]

4. Building and Reinforcing an Unshakeable Mindset

Ben Walter provides actionable strategies for entrepreneurs to cultivate and maintain a resilient mindset:

1. Mentorship:

   • Seek mentors throughout your entrepreneurial journey.
   • Rely on their experience, perspective, and judgment to make informed decisions.

2. Consume Information Voraciously:

   • Engage with diverse sources of knowledge—books, podcasts, and articles—to shape your business acumen subconsciously.

3. Find Mechanisms for Discipline:

   • Develop personal systems to hold yourself accountable, such as journaling or regular check-ins with a trusted advisor.

Notable Quote:

"You have to treat mindsets like anything else, which are a skill you're trying to build. So how do you build any other skill? You practice it, you measure it, you review it..." — Ben Walter [07:50]

5. Navigating Current Entrepreneurial Challenges

Jay Bailey and Dr. Joy Harden Bradford discuss the evolving landscape of capital markets and the increased cost of capital:

• Higher Interest Rates: Transition from historically low rates to more normalized levels, impacting startup and growth capital.
• Shift in Funding Strategies: Emphasis on building sustainable, customer-based businesses rather than solely focusing on raising capital.
• Collaborative Opportunities: Encouraging partnerships and collective economics to secure larger contracts and navigate financial constraints.

Notable Quote:

"How do we build a sustainable business that is based on customers rather than just raising capital?" — Dr. Joy Harden Bradford [08:20]

6. Managing Fear in Entrepreneurship

The conversation shifts to the pervasive fear that accompanies entrepreneurial endeavors. Dr. Joy Harden Bradford emphasizes the importance of:

• Acknowledging Fear: Recognizing that fear is a natural response to venturing into the unknown.
• Seeking Support: Sharing fears with trusted individuals to alleviate feelings of shame and isolation.

Notable Quote:

"One of the most helpful things I think for managing fear is to let somebody else know that you're afraid and that you need help." — Dr. Joy Harden Bradford [13:56]

7. Atlanta: A Thriving Ecosystem for Entrepreneurs

Dr. Joy Harden Bradford passionately advocates for Atlanta as an exceptional environment for business growth:

• Vibrant Culture: A city where passion-driven businesses naturally evolve to meet community needs.
• Supportive Community: Strong emphasis on collaboration, with initiatives like the Russell Innovation Center fostering partnerships that lead to significant business achievements.
• Diversity and Inclusion: Atlanta's diverse population contributes to innovative and inclusive business practices, making it a standout city for entrepreneurship.

Notable Quote:

"Diversity is the key ingredient for profitability, and Atlanta has it better than anybody else." — Dr. Joy Harden Bradford [16:43]

8. Effective Networking Strategies

Addressing the challenge of networking, especially for those who are naturally introverted, Dr. Joy Harden Bradford offers practical advice:

• Use Available Resources: Research attendees beforehand to identify potential connections.
• Set Time Limits: Allocate specific timeframes for networking to manage anxiety and prevent overwhelm.
• Gradual Engagement: Start conversations with familiar contacts before branching out to new individuals.

Notable Quote:

"Give yourself a time limit... you give yourself permission to leave." — Dr. Joy Harden Bradford [19:12]

9. Combating Loneliness and Stress

Entrepreneurs often grapple with isolation and high stress levels. Dr. Joy Harden Bradford suggests:

• Engage in Community Events: Participate in gatherings to connect with other entrepreneurs and build a support network.
• Seek Professional Help: Consulting with therapists can provide valuable emotional support and coping strategies.

Notable Quote:

"Working with a therapist can help you to realize that you're not alone in what you're feeling." — Dr. Joy Harden Bradford [20:02]

10. Final Advice for Entrepreneurs

In the episode's closing segment, both Dr. Joy Harden Bradford and Jay Bailey impart invaluable advice to aspiring and current business owners:

• Dr. Joy Harden Bradford:

  • Seek a Tribe: "You need a tribe. Be courageous enough. Find spaces that allow you to be whole, perfect, and complete with who you are."
  • Protect Your Dream: "Be very, very careful with who you are sharing your dream with."

• Jay Bailey:

  • Embrace Constructive Feedback: "Find someone in your network who's willing to tell you when you're wrong. Make sure there is someone who can challenge you."

Notable Quotes:

"You cannot do this by yourself. It is too hard... Find the courage to be able to say and be Vulnerable enough to say, I don't know, I need some help..." — Dr. Joy Harden Bradford [20:45]

"If you don't have a voice in your head or someone you trust in your life who... can say you're wrong, here's why you should do something different..." — Jay Bailey [22:34]

Conclusion

This live episode of The Unshakeables offers a profound exploration of the mental fortitude required to thrive in the entrepreneurial landscape. By combining expert insights from Jay Bailey and Dr. Joy Harden Bradford with actionable advice, listeners are equipped with the knowledge and inspiration to build and sustain resilient businesses. Atlanta serves as a testament to how a supportive and diverse community can foster unparalleled entrepreneurial success.

For those intrigued by these discussions, stay tuned for upcoming episodes that continue to highlight the stories and strategies of America’s resilient small business owners.

Note: Advertisements, intros, outros, and non-content sections from the transcript have been intentionally omitted to maintain the focus on the episode's substantive discussions.