Three days ago I had the pleasure of meeting Liz Lange, founder of Liz Lange Maternity.  She was a keynote speaker at the NY Times Business Summit sponsored by American Express Open.

She talked about how she came up with the idea for maternity clothes, the negativity she faced and ignored, the money she raised, stores she opened and how she got her name licensed for Target.  The most surprising element of her speech was that she still does not have a business plan.  The most important element of her life was not mentioned in her speech, (in my opinion).  So I made it a point to stand on a very long line to ask her.  I asked how she manages motherhood and business at the same time.  She gave a very good and practical advice.  Keep reading.

Liz started designing maternity clothes after seeing how ugly the pregnancy clothes were in the early 90‘s.  She was not pregnant at the time.  After seeing what her pregnant friends were wearing, she decided to make stylish and chick maternity wear that embrace the belly.  The negativity was that, maternity clothes are not important because they are only for a temporary period of time.  She followed her gut feeling.  She felt that she was on to something.

She started with a 50k loan, opened her first store and after long lines had two people invest 1 million dollars, that helped her open two more stores in Beverly Hills.

After 9/11, she decided to license her brand and have her clothing line sold at Target.  Apparently her fashion show was scheduled in NYC at Bryant Park on the morning of 9/11.  This disaster, encouraged her to strike a business deal with Target to be able to weather any storm.
She faced negativity at that time as well.  But she believed in her gut feeling and went forward.
Today, she is very pleased with the result of her work.

Liz Lange also believes that writing a business plan is a waste of time.  She says that the research and the facts that a business plan requires can serve as a discouragement and stop one from moving forward.  She says, “open doors, and hope they come.”

Another two very important advice from her are, reach out to celebrities with your products and services.  And always stay connected to your customers.

She mentioned in her speech that she has two kids.  That’s when I wondered, how does she do all this with young children.  I stood on a 50 people line waiting for an answer.  I got my turn and explained that my website is women can have it all.com.  While standing about 6 feet tall and slightly bowed down so she could hear me, she immediately raised her head, and her right hand, looked at me and said, “can or can’t?”  “CAN” I answered.  OK, she smiled and continued listening.  “How do you manage both?” I asked.  “Ignore the standards of the society.  What is balance, balls are falling all the time.  It’s messy.  Get help.”  I loved her answer, because that is what I am telling my friends all the time.  Why are we expecting ourselves to be perfect?  Let’s embrace the messiness that comes with working and mothering and keep moving forward.

Thank you Liz Lange for your advice and inspiration.

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Today’s economy is full of opportunities for you! Yes, it’s full of opportunities.
Job stability and job security does not exist anymore. The time has come for you to rediscover yourself and take control of your future.

Here are some opportunity tips for you:

1. Think about the skills you have gained through your work and hobbies, its value and how you can deliver it to the rest of us. My friend has been able to plan beautiful weddings on a tight budget for himself and his friends. He is now starting consulting services for couples to help them plan a wedding of their dreams on a budget.

2. What’s that idea that has been floating around in your head? What problem do you wish you could solve for the rest of us? Liz Lange hated the labels and the looks of the pregnancy clothes. So she created stylish and chick maternity wear that embraces rather then hides the belly. Get started on working to make that idea a viable business. Take classes, join a network of positive people, and talk to seasoned entrepreneurs. If you are in NYC area, join my meet up group and visit us here. We are offering resources for entrepreneur moms in the Queens, NY community.

3. Learn about smart money management and investment strategies. You can start learning about, real estate, stock market, mutual funds, bonds, etc. and slowly start building a portfolio. There are many resources available for you.

• Subscribe to the Wall Street Journal. The book, Young Entrepreneurs Guide to Starting and Running a Business by Steve Mariotti has a chapter on how to read the Wall Street Journal.
• You can take classes offered through the local continuing education programs or libraries. Watch television shows about money and investment, (check out MSNBC).
• Read books, (check out the dummies series).
• Talk to current investors in your community.
• I am putting together a resource page on money and investment on my website, stay tuned for that.

Don’t be bogged down with all the reports about today’s economy. Seek for opportunities and you will be happier and healthier. Please share your thoughts and your stories in the comments. You can also contact me for any additional questions or concerns.

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Couple of weeks ago, I met Tara Summers and she demonstrated a product she created.  Baby Medbasics.  It is a, what to do guide, for infant emergencies.  I was so fascinated by Tara’s accomplishment, I offered to interview her. 

Find out what inspired Tara to bring this product to life and how she did it. 

1.  How did you come up with the idea?  
After my son Nicholas chocked, as a nurse and knew what to do.  I then wondered about other parents who are not health professionals, and my nanny.  Would they know what to do?  I put together a booklet of information for my babysitter to train her.  Then my husband and I thought about turning that booklet into a real product. 

2.  Once you realized that this idea can be a real product, what steps did you take?
The first “real” thing we did was to trademark MEDBASICS- name and intellectual property and legally file to become a LLC.

3.  How long did it take you to plan this business/product before you got it on the market?
A long time!  We first had the idea in 2002 after Nicholas choked.  We trademarked our name and legally became a “business” that same year.  We created and revised prototypes over the next year and then explored the publishing industry as a potential chain for distribution. We spent time figuring out how that industry worked while beginning to explore manufacturing the products ourselves.  When I found out I was pregnant with our 2nd baby, Oliver in 2006, things kicked into high gear for us. We found a design firm in Pennsylvania, a US based manufacturer in China and really started investing some significant time and money to make this happen.

4.  How did you start selling/promoting the product?
We took the prototype to local boutiques for feedback and got a few initial commitments. But our philosophy is, “if we’re going to do this, lets really do it” so with that in mind we chose to participate in LA Baby Celebration and NY Children’s Club trade shows. We were fortunate to have orders come in from those shows but a larger gift was the exposure and networking/ contacts we made at each show. An added bonus is that we met industry sales reps, some of whom will be working with us going forward.
As far as promotion/PR goes, we participated in a national PR campaign this summer through Orca Communications.  I love Orca! They are a fantastic option for small businesses.  Instead of charging a ton for a personal PR campaign, they group complimentary but not competitive products and pitch 5-15 companies at a time.  We were able to land some great press without breaking the bank.  We are currently focusing on web marketing and mom blogs but will definitely use Orca again with new products.

5. Did you have to deal with negativity, discouragement from outsiders?  If yes, how did you deal with it?
Of course. Luke is a doctor and I’m a nurse, there is not an ounce of business experience in those credentials! I think people worried about us and really questioned if we could/would do it. But to be honest the loudest voice at times is my own!  How do I deal with that? Well, I’m a big believer in creating your own reality by being conscious of your thoughts, your words and the energy you put out into the universe. So, yes, I still end up being negative at times, doubt myself and this whole idea but I just try to bring it back to center and realize so many people are doing the same thing (starting/running a business) and say, why not me?  For fun and inspiration I also go back to our very first cut and paste prototype and spend a moment acknowledging how far we’ve come.

6. How do you feel about being a mom in business?  Do you ever feel guilty or does that just make no sense to you?
Being in business is definitely different from being a nurse. My biggest challenge with being a mom in business is turning off the business voice in my head, closing down shop at the end of the day and being present with my kids, my husband, my friends. I know my passion for creating and growing MEDBASICS has the potential to consume me and there are times when I would happily allow that but life is about balance. I know if I’m feeling guilty I’m not balanced.

8. As a mom and a wife, has your relationship been negatively/positively affected ever since you started your business?
Since my business partner is also my husband this is a particularly interesting question. I would say overall our relationship has been positively effected. We have definitely had some growing pains- establishing roles, responsibilities and managing expectations but ultimately both of us are growing as individuals therefore we’re growing as a couple.
As far as my relationship with my children, Nicholas is almost 10 and I include him in the process whenever I can. He is our unofficial “director of marketing”  He’s super creative. He helped me prepare for the trade show this month and even sat in the booth with me for a bit. He says when he is in his 20’s he will “run MEDBASICS”, but then in his 30’s he will become a video game maker and in his 40’s he will make films. We have a good time and I love what he is learning about women, life and dreams by watching this process.
Oliver is almost 2 now and the thing I will say about my relationship with him is that when I am with him I am truly present.  Of course I miss some things but that is where Zoey (our amazing babysitter) comes in. She is fantastic and both boys love her very much.  By having Zoey be a part of our lives, Nico and Oliver are learning that love and support are available from other people in addition to mom and dad.

9. What advice do you have for your fellow entrepreneur moms?
-  Surround yourself with other women entrepreneurs. There is something invaluable about that support system.
-  Gratitude. On those days where everything feels impossible remember that there are places in this world where we would never have the opportunity to have such a day in business.
-  Perspective.  My father shared with me something I think about almost on a daily basis. He said, “A business that responds with a sense of urgency is a business that is doomed to failure”. Slow down, gain perspective and then proceed. Very few things in this world are truly urgent.

10. How did you fund your business?
Bootstrapping baby!  We have put a lot of our own money into MEDBASICS and continue to utilize low interest credit cards in this crazy juggling act of business finance.  Luke’s mom is an investor in MEDBASICS and my parents helped get our website up and going.  We have counselors at SCORE who are helping us craft the long term financial plan for MEDBASICS.  They are a great resource.

11. How are you selling your product?
Online store www.babymedbasics.com, trade shows and wholesale.  Our product is also sold at retail stores such as Bella Baby Store and Figure 8 Maternity.

12. As a business owner and creator of MEDBASICS, what are your long term and short term goals?
Short term- add Toddler MEDBASICS (ages 1-5) and other amazing products. 
Long term- just to continue to grow.  Grow the business, both in the number of products created and in revenue generated.  Grow as an individual and
entrepreneur.  Of course, we entertain the idea of selling the business some day but for right now we are having way too much fun!

To learn more about baby MEDBASICS, and how you can be prepared for infant related emergencies, visit, www.babymedbasics.com

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Co-Founder and President of Work It, Mom! Prior to starting her own business, Victoria was a Partner for seven years at an early-to-mid stage venture firm in New York City. Victoria was responsible for investments in enterprise software, wireless technologies, security, storage, retail and digital media companies. While she thoroughly enjoyed working with start-ups and the inherent volatility associated with them, ultimately she wanted to run her own business.

Victoria and her husband have been looking forward to starting a family and she started to explore new career opportunities outside of venture capital, where travel and intense schedules are a norm. Victoria and Nataly had known each other for years, having met through venture capital ties and become friends. Working together to build a company that benefits working moms as well as aspiring moms was just the type of career move Victoria was looking for – one that was challenging but more flexible.

Prior to her career in venture capital, Victoria was an investment banker with Salomon Brothers. In her academic years, Victoria was active in medical research having done cancer related research at the National Institutes of Health. She has been published and remains very passionate about the field.

Victoria lives with her husband and son in New York City and are genuine New Yorkers!

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Co-Founder and CEO of Work It, Mom! Prior to starting her own business, Nataly was a Managing Director with an early-stage venture firm based in New York City. She focused on investing in digital media and software start-up companies, had her share of great successes and dismal failures, but most importantly, learned one thing – she wanted to build companies rather than invest in them.

Nataly is a mom of a three year-old daughter and she has struggled to juggle work and family since her daughter was born. Some of the most useful advice she has gotten came from other working moms but she found that she had precious little time in her busy schedule to actually meet many of them in person. Work It, Mom! was born to allow professional moms to connect with each other online and share their ideas, stories, and real-life advice with each other.

In her prior career life Nataly worked in operations and business development at several early-stage technology companies, some of which even managed to survive through the dot com bust. She began her career as an analyst with McKinsey & Company in New York. Along the way she started a publishing company together with her husband, eventually selling the book series they published to Perigee, an imprint of Penguin, and wrote a book for women that was published by Hyperion in 2006.

Nataly has recently moved to Boston with her husband and daughter, but she remains a New Yorker at heart.

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