Video Transcript

00:09 Question: Hi, Essie. Thank you. I’m Celeste Beaupre from the Military Spouse Foundation and I love that you mentioned passion because we’re all about passion. My question for you is as a young entrepreneur, a new business starter, what would your suggestions or your recommendations be on how to build that team, because that seems to be one of the key elements to successful entrepreneurs in building their business. And sometimes we get caught up in best friends, Mom, Dad--

00:38 Essie Weingarten: Relatives.

... Somebody they recommended. So do you have any words of wisdom on how to really find the right team? Thank you.

00:44 Weingarten: Well I can tell you, you really don’t want to have friends in business. You really don’t want to have family in business. Yes they have their best interest, but it really at the end of the day hardly ever works out. That’s a tough one. You want variety. You don’t want anyone to be the same because everyone brings something to the table a little bit different. And they just have to have good work ethics. I think you can mold people to what you want them to be as long as they are real tenacious, they care. Care is really important.

01:33 Weingarten: I used to say we interviewed someone and I hired their twin brother or sister. Once they started working I didn’t know who they were. And they could all talk the talk, but they couldn’t walk the walk. I’m like what is going on? This is not for me. I’m not good in interviewing and my husband was always saying to me, but I want you to look. No, because I don’t know what I’m looking at because the next day once we hire them they’re someone different. It’s true. That was the hardest part of my job. It was the hardest part, but I must tell you patience is a virtue and I had to learn that because I would say in two weeks, so it’s not working. And my husband would say to me, it’s another two hands, it’s another two eyes, it’s another two pair of legs. Give them TLC. You’re going to mold them into what you want them to be.

02:36 Weingarten: And usually he was right because I’m pretty quick at the let’s move on, let’s try something new, but you can’t. You want continuity. You want the staying power. It was really important that I saw. My first three employees stayed with me for fourteen years. They bought their parents a home in Puerto Rico and that’s when they finally it’s like, wow, that’s a good thing. So continuity is really important and they have to feel that they’re part of the team, part of the family, and they’re proud of what they’re doing, and they feel that they’re making a difference. And I’m not one that has to send an email every day, good job, good job. You know you’re doing a good job.

03:28 Weingarten: And it didn’t matter if it was Friday is when I did barbeques and I was the chef. We had this huge barbeque grill. And they knew I did it because I loved everything that everyone was bringing to the table. And we all broke bread together and we had a very good time Friday. As long as the weather was good there was a barbeque in our yard. And everyone looked forward to this. So it was a good thing. And yeah people want to hear that they’re doing a good job, but they know when they’re doing a good job. And you just say it’s great. This is where we went in the last month and this is where we’re going next month. And everyone is on the same road to get there.

Q: Hi, Essie.

04:10 Weingarten: Yes?

I’m Laura Rivchun with--I’m over here. I know the lights you can’t see us over here, hi. I’m Laura Rivchun. I’m with Zip Recruiter. And being an entrepreneur starting one’s own business has a lot of challenges, we all know. And sometimes I feel the greatest challenge is managing ourselves emotionally on the day-to-day. How do we get through when we’ve had a bad stint when nothing is going on and we really want it to? So I was curious what was one of your greatest challenges emotionally, and how did you manage that? Did you work with a coach? Did you work with a mentor? What was your support system? What did you do to get through those very difficult emotional times?

04:58 Weingarten: Well I always say at the very beginning I didn’t let myself be emotional. I just knew I had to get to a certain point. Then when my husband joined me he was the calm. I was the storm. And he would absolutely be the balance where it would--you would feel like that teapot starting to boil and the steam come out. And he would just like say, why don’t you go for a walk? And there were a few things that I have to tell you because being women in business and the details are so important. And that’s what I think makes women different than men because the little things that matter to us they don’t even see it.

05:55 Weingarten: And there’s an old expression that my mother’s mother used to say to me. And of course my mother says it. You can see the fly on someone else’s shoulder, but you don’t see the elephant on your own. And when that is so profound and when you think about it and business every day that’s really where it’s at. And you just have to say, wow, what am I picking on, right? That’s so insignificant. But being a woman and caring you just have to say, wait, what’s really important, and set your priorities. So you can do it with friends. You can do it with your partner, but there’s got to be someone that you can really bend with. It’s really important.

Q: Greetings, Essie, and greetings, everyone, this morning. My baby is just getting born and this baby needs food. It needs a house. It needs support and it needs a lot of money right now, which I’m sure everybody can relate to. Earlier you mentioned that was one of your stumbling blocks right at the beginning. And what it needed was to tell the story. I’m at my wits' end. I feel like I’ve got my financial story. I have my marketing story. I have my product story. Yet something is not flowing yet. Something is not moving. Maybe emotionally it’s because I’m afraid, which I can admit. And yes I do feel intimidated by that. That’s - it feels like the last frontier as a woman to go out there and ask for money, which usually we’re not supposed to do. And I’d love for you to shed a little more light on that.

07:54 Weingarten: Well you have your business plan.


07:57 Weingarten: There are a gazillion investor bankers that are looking to invest money. Yeah most of them want successful businesses that are already in play.


08:12 Weingarten: You have to find the niche kind of bankers that are looking - they’ll be a partner.


08:20 Weingarten: You decide if you want them to be a twenty percent partner, a thirty-three percent partner, a fifty percent partner, but you have to be convinced yourself.


08:30 Weingarten: This if you have any insecurities about you’re not so sure they’re going to feel it. You have to really get yourself going, know that you’re a hundred percent convinced that this is a winning idea, that this business is going to make you x amount of dollars. And you sell it I guarantee you someone’s going to buy it.

Okay. Thank you.

08:53 Weingarten: Okay? I would like to thank you all. I hope that I shed some light on this part of Inc.’s agenda. And it’s really been a pleasure and just have a colorful life because put some color in your life and you will have a good day. Thank you.