Entrepreneur Therapy | 'You Need Support:' Honest Advice for a Founder Trying to Do It All Alone - video Dailymotion

Entrepreneur

Dr. Drew Pinsky and serial investor Kim Perell explain why building a business isn't just about funding—it's about having the right 'people pillars.'

Transcript

00:00I need capital.

00:01We're not good at that.

00:02As soon as you tell us you're in distress, we want to fix it.

00:05I had to create these people pillars, and there was four of them.

00:08Being an entrepreneur, it's not easy.

00:10You might have people looking after your business, but who is looking after you?

00:14We are.

00:15Welcome to Entrepreneur Therapy.

00:18Presented by Amazon Business.

00:20In each episode, renowned health expert Dr. Drew Pinsky and serial investor Kim Perel

00:24will meet with small business owners looking for some advice.

00:27We're here to find out what issues still keep them up at night.

00:31Stephanie, welcome to Entrepreneur Therapy.

00:33How are things going as a founder?

00:35I think it's an amazing roller coaster.

00:38Sometimes I'm holding my breath, and sometimes I'm breathing.

00:41All right, Stephanie, it's time for you to go see Dr. Drew and Kim.

00:46It's great. Thanks so much, Brad.

00:48Hey, Stephanie, it's great to see you today.

00:50We're excited to hear more about your business and learn how we can help you.

00:54My business is Active Beauty, and we're bridging the gap between skin, inner health, and active lifestyles.

01:01And so with so many serums and different products, I created a multifunctional product.

01:07It's called Be Skin Tight, and it has nine nutrients that not only support skin, but the microbiome,

01:13brain access, as well as electrolytes, hydrating, and recovery ingredients.

01:17So tell us, where's the business at?

01:19Right now, as I'm searching, I'm at this point where I'm bridging towards a Series A.

01:24So I need capital, but I'm still at a point where I'm, you know, have I proven my product yet?

01:30So I'm on shells.

01:31I've sold through.

01:33But at the same time, I haven't had any marketing funds to really, you know, put the pedal down

01:39and really show some big results.

01:40And I'm just wondering what I can do to prove my product before I hit this milestone.

01:48And are you spending all of your time doing this?

01:50I'm doing everything.

01:52So I'm the marketing.

01:53I'm doing podcasts.

01:55I'm going to the events.

01:56I'm training the stores.

01:58So it takes a lot.

01:59And at the same time, I'm trying to talk to investors that are willing to come in at an

02:04early time and just give us the support that we need to get to that next level.

02:09You use the word multifunctional a couple of times.

02:11Can you define that for me?

02:13Yeah.

02:13So it supports, we've always had a huge area of space that was beauty.

02:18And then I feel we have health and fitness as another side.

02:21And so I'm bridging that gap between beautiful skin and supporting our active lifestyles.

02:28But you also mentioned longevity, right?

02:31Yes.

02:32So those are, to me, in my head, those are very different topics.

02:36If you're out there pitching, and I'm the investor, which I am, what is the one benefit

02:41that I should leave with when you pitch me?

02:43Based on my experience, if you just say energy, sleep, focus, I'm just trying to solve your

02:51challenge, which is, how are you going to get capital?

02:54And that will come with simplicity.

02:56I think you are much more a health, longevity brand.

02:59Yes.

03:00I need one benefit.

03:01Longevity.

03:01Great.

03:02What I like about your product is that it's very cheap to ship and it's got high margins.

03:07So D2C seems the fastest way to generate enough traction to get investor interest.

03:14I just think that would be a great place for you to get sales of your product.

03:19Sometimes when entrepreneurs come to me and they say, Kim, I need money.

03:23However, most of the time they don't need money.

03:25They actually need the mentorship to help them navigate the challenges.

03:30Just like the one you said, yes, you need the money.

03:32But actually, I believe your product has the opportunity to generate enough cash.

03:37You could actually create a great business without having to get the capital right now.

03:43Entrepreneurs can't get enough mentorship.

03:45Right.

03:45But especially when you need it, it sounds like that would really help you.

03:49Are you having to make sacrifices because of your business?

03:52Absolutely.

03:53In every which way.

03:54And it's a sacrifice for my family as well.

03:57I'm just in it all day.

03:59And so at the end of my day, I want to share my triumphs and I want to share my falls.

04:04And I'm laying that on them as well.

04:06Specifically my husband.

04:08You know, I'm parenting and I'm active beauty.

04:11And so I just go to him and drop everything onto him.

04:15The problem with you doing it to a husband is we, I'll include myself in it, will then immediately go into fix mode.

04:23Well, why don't you do this?

04:24Why don't you do that?

04:25And that is not what you really need right now.

04:27What you need is somebody to attune and listen.

04:29And we're not good at that.

04:31As soon as you tell us you're in distress, we want to fix it.

04:33Think about so much of what we're talking to you about.

04:36We're just sort of drifting into relational, you know, you need support, you need a peer group, you need mentor.

04:43To be honest, having gone it alone, and it was a big mistake that I made early in my career, is I tried to do everything alone.

04:49Because I found I had to create these people pillars.

04:52And there was four of them.

04:53One, being your husband.

04:54Because I do think it's important to have that support system, even though they can't understand.

04:59You can't do it without it, can you?

05:00You cannot do it without them.

05:01But I also had the same, which was an all-star team, it was a mentor, and it was a peer group.

05:07And I feel that you have one of these four pillars that create a house with the husband.

05:12But you're falling over on the other three.

05:15So it's time to invest your time, if you want your business to be successful, into these other pillars.

05:21I already feel the support coming in.

05:23I'm like, okay.

05:25I think just finding those people pillars will be a huge asset for you from where you are today to where you want to be.

05:31And making the time to seek them out.

05:34And we're going to send you back to Brad.

05:35Thanks for joining us.

05:36Thanks so much.

05:38Stephanie, here we are.

05:40You had your chat.

05:41You had your therapy.

05:41How are you feeling right now?

05:43Just really appreciative and good.

05:45I felt like they really spent the time, went the deep dive, and tried to understand.

05:52But getting advice is obviously really helpful.

05:55Because I think as entrepreneurs, we do get caught up in trying to do it alone.

05:59Well, that's why we're here.

06:01We're here to show you that you're not alone.

06:03Thank you for participating in Entrepreneur Therapy presented by Amazon Business.

06:07And to say thank you, we're giving you $1,000 in cash.

06:12I love it.

06:13Oh, my God.

06:13That's fantastic.

06:14That was very unexpected.

06:15I appreciate that.

06:16As you scale up, Amazon Business can help your business diversify your suppliers.

06:21With Amazon Business, your business will have access to an extensive network of global suppliers,

06:26facilitating sourcing diversification to reduce those supply chain risks.

06:31I really appreciate that.

06:32Thank you so much.

06:33Thanks for watching Entrepreneur Therapy.

Entrepreneur Therapy | 'You Need Support:' Honest Advice for a Founder Trying to Do It All Alone

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