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6 - Building Trust: The Key to Delegation and Empowering Your Team with Fulfillment IQ's Steve Edelstein · Unstoppable Success Podcast

0:04
SPEAKER_02: Welcome to the Unstoppable Leadership of Life.
0:07
SPEAKER_02: Unfortunately, and life.
0:11
SPEAKER_02: Unstoppable founders.
0:12
SPEAKER_02: Feel and found her.
0:15
SPEAKER_02: Fleet your six stuff.
0:17
SPEAKER_02: We have unfortunately.
0:48
SPEAKER_02: Let's be unstoppable.
0:55
SPEAKER_02: Okay, everybody.
0:57
SPEAKER_02: So grand glad you're here.
0:58
SPEAKER_02: Welcome to the Unstoppable Leadership Spotlight podcast where we hear from influential leaders and their game-changing insights.
1:06
SPEAKER_02: I'm Jacqueline Strominger, your host, and today I want to welcome our amazing guest and my friend, Steve Ellstein.
1:15
SPEAKER_02: So a little bit of a background on Steve.
1:19
SPEAKER_02: I should say I've known Steve for quite some time, but he has had an amazing career.
1:24
SPEAKER_02: So with over 25 years of experience in brand marketing and development, financial modeling, retail distribution, licensing, supply chain management, and direct customer solutions, he has been passionate about delivering value and impact to his clients and partners in the health, beauty, personal care, pharma, probably every sector on the planet.
1:46
SPEAKER_02: And as vice president and strategy and partnerships at Fulfillment IQ, he leads a strategic vision and execution of their innovative and intelligent revenue model.
1:56
SPEAKER_02: And he's leveraging the data technology and process optimization to enhance brand growth and customer satisfaction.
2:04
SPEAKER_02: He has a proven track record of generating revenue, managing portfolios, and building partnerships across diverse and dynamic industries with a focus on driving results and creating synergies.
2:16
SPEAKER_02: And he has successfully implemented brand and revenue focused strategies from multiple client partners, such as Junibees, Juni Brands, and like Junibees, Juni Brands, Specific Beauty Bull Air, Richard Ward.
2:32
SPEAKER_02: I'm not going to pronounce this right, Ryle.
2:37
SPEAKER_02: Yeah.
2:38
SPEAKER_02: SPABy, SPAB, using a comprehensive improvement blend of direct to consumer and retail mechanisms.
2:45
SPEAKER_02: And he has contributed to the Yale SOM Mentor Program, the Yale Venture Fund, sharing insights and experience in supply chain strategy and tech tactical applications, logistics, architecture technology, and platform review, media strategy, and fine.
3:01
SPEAKER_02: He's always eager to learn and to collaborate on innovative and rapidly evoking competitive fields of supply chain management.
3:09
SPEAKER_02: Yes, he has a wealth of knowledge and leadership.
3:13
SPEAKER_02: I am so grateful to have you here on this podcast so you can share great things.
3:19
SPEAKER_02: So before we get into everything, I would love for you to share.
3:24
SPEAKER_02: Because you and I have met and known each other.
3:26
SPEAKER_02: God, it's been well.
3:30
SPEAKER_00: It's gonna be over 15 years at this point.
3:32
SPEAKER_02: I'll put it like this.
3:33
SPEAKER_02: I've been married for 23, and I think I met you before I got married.
3:39
SPEAKER_02: You did so that's gonna be at least, I'm gonna say 25, 30 years, which is scary.
3:46
SPEAKER_00: It is scary.
3:47
SPEAKER_00: It really is.
3:48
SPEAKER_00: But frightening, actually.
3:50
SPEAKER_02: Yeah.
3:50
SPEAKER_00: But okay, I'll take it.
3:52
SPEAKER_02: I'll take it.
3:53
SPEAKER_02: I don't feel like any different from the when I met you.
3:55
SPEAKER_00: So not at all.
3:56
SPEAKER_00: And you don't look, and you don't look a day older from the day I met you.
3:59
SPEAKER_00: So um kudos to you, Jack.
4:01
SPEAKER_00: Kudos to you, absolutely.
4:03
SPEAKER_02: But when we met, I think what we we had a great connection, obviously.
4:06
SPEAKER_02: But the other thing is there was there was a lot of knowledge shares and and experiences that we both were able to bring to our friendship.
4:14
SPEAKER_02: So I'm curious, because you've had such an amazing career, and you do you're just an amazing leader.
4:21
SPEAKER_02: What do you think was a defining moment in your leadership journey that has transformed who you are and how you lead?
4:30
SPEAKER_00: It's a it's a great question, and I think it's I should answer it in three different ways, but they do all coexist.
4:37
SPEAKER_00: First is very early in my career, I was very fortunate to have a remarkable mentor.
4:46
SPEAKER_00: And that mentor said to me, There are three things that are important to not only be a good person within a business, but also to eventually be a good leader.
5:00
SPEAKER_00: One is always communicate and always listen.
5:06
SPEAKER_00: Seems obvious, it's simple.
5:10
SPEAKER_00: Also, something called mutuality, mutual respect, never judge anybody, no matter whether they work with you or for you.
5:23
SPEAKER_00: Always assume that they have something to contribute.
5:27
SPEAKER_00: And most importantly, the most important thing to consider in anything you do in this particular situation, this is what my mentor said to me, is you must have credibility.
5:40
SPEAKER_00: Because once you lose credibility, you might as well stop doing what you're doing.
5:46
SPEAKER_00: Because the simple reality is nobody is going to respect you unless you have credibility.
5:52
SPEAKER_00: That's A.
5:54
SPEAKER_00: Second situation.
5:57
SPEAKER_00: How do I frame this?
6:00
SPEAKER_00: I've been involved with not one, not two, not three, but seven different skincare companies which I've curated, built, and sold.
6:14
SPEAKER_00: One particular brand in particular with a licensing deal that I was structuring with a large multinational corporation.
6:27
SPEAKER_00: A man, we're not talking about that.
6:29
SPEAKER_00: But the point of all this is that we had negotiated a very solid deal that was based on not only monetary gain, but also based on a pretty sizable percentage of revenue.
6:44
SPEAKER_00: I had a business partner who got involved in the deal.
6:49
SPEAKER_00: Who should not have gotten involved in the deal.
6:53
SPEAKER_00: The deal went south.
6:56
SPEAKER_00: However, I am not a person to take no for anything, and quite honestly, I knew that this was an opportunity for mutual respect and mutual gain.
7:11
SPEAKER_00: Long story short, the simple word in all this is patience.
7:15
SPEAKER_00: And what I did was I diplomatically and persistently continued to make sure that the conversation did not disappear, that we continued to move forward with a process, and most importantly, we listened to both sides of the equation.
7:37
SPEAKER_00: Fast forward, not only did the deal get completed, negotiated, and signed, but that company in particular has done over$112 million in gross revenue.
7:51
SPEAKER_02: Fantastic.
7:52
SPEAKER_00: So the moral of the story is very simple.
7:56
SPEAKER_00: Stick to what you believe in.
7:59
SPEAKER_00: Don't take no for an answer, unless no is the ultimate answer and there's no resolve.
8:05
SPEAKER_00: And most importantly, have some patience and stick to your process.
8:11
SPEAKER_00: The last defining moment was a contract negotiation.
8:17
SPEAKER_00: Where in a consultative capacity I knew that there were two parties that ultimately would never get along.
8:27
SPEAKER_00: However, I knew that the deal structure was such and the economics were such that it needed a little massaging, and more importantly, it needed some very honest communication between the two parties to understand what their common bond was.
8:46
SPEAKER_00: And once we were able to find the common bond and understand not only economically from a financial standpoint, but functionally and culturally how they were going to coexist, it became very clear that this particular relationship would eventually be very productive.
9:07
SPEAKER_00: Once again, fast forward with some good communication, some solid listening skills, understanding the personalities in the room.
9:18
SPEAKER_00: People tend to forget that we are all people.
9:22
SPEAKER_00: We all live and breathe the same way in most cases, and therefore our ideals and our goals and our aspirations are about the same.
9:32
SPEAKER_00: With that said, the deal got done.
9:36
SPEAKER_00: The two companies, very large multi-billion dollar, and by the way, they don't have to all be big companies, just happily a very large multi-billion dollar pharmaceutical company connected with a very large multinational e-commerce and transportation group.
9:58
SPEAKER_00: They structured the deal.
10:06
SPEAKER_00: And maybe it strokes my ego a little bit, but they thanked me incessantly for showing them the North Star to what they needed to do in order to play well together, to financially be productive together, and most importantly, coexist in an environment which may have not been so easy to deal with.
10:29
SPEAKER_00: Again, moral in the story be patient, follow a process, stick to your convictions, know that the end game is going to work out.
10:41
SPEAKER_00: It may take a little time, may take a little persistence, but ultimately you're gonna get what you want.
10:48
SPEAKER_02: So I think that's beautiful, but one thing that I just kept hearing resonate over and over what you just said in the in those scenarios was first of all, removing yourself from the actual outcome and actually listening and communicating what the overall vision and mission is with those deals and how both parties could come together and communicate.
11:16
SPEAKER_02: And again, you're detaching from the outcome, you're just focused on creating the solution and leading people what their both visions and missions are and how they can work together.
11:27
SPEAKER_00: And it's communicating 100%, 100%.
11:30
SPEAKER_00: I would say out of all the different we'll call opportunities from MA structure and distress properties and private equity work to running brands and developing product and working with supply chain companies end to end, the most important thing that anybody can do, yes, is communicate, is listen, but again, follow your own process.
12:00
SPEAKER_02: It's important.
12:02
SPEAKER_02: That's so I'm curious, these are just some great insights.
12:04
SPEAKER_02: And so I'm curious if you think about those are two great scenarios, but is there one single most game-changing insight that you discovered in your career that and how did it really impact your leadership style?
12:20
SPEAKER_00: It's ironic, but it's interesting.
12:21
SPEAKER_00: It was actually early in my career, which historically doesn't usually happen.
12:25
SPEAKER_00: Yeah, usually early in your career when you're in your your early 20s and you're you're fresh out of college and you're all gung-ho to do all kinds of great things and take over the world, doesn't always work out that way.
12:36
SPEAKER_00: You usually pivot from one thing to another, you test the waters a little bit, you try to figure out what do I want to be when I grow up.
12:42
SPEAKER_01: Yeah.
12:43
SPEAKER_00: Interestingly enough, it was a gentleman in private equity who I work with at a company called Highgate Capital, um, who truly was my defining moment.
12:53
SPEAKER_00: And I say that because putting the mentoring aside, he was able to understand me.
13:04
SPEAKER_00: Which, and again, not to get off task, but if you were to understand me and try to understand me, that is difficult in and of itself.
13:15
SPEAKER_00: And I say that, and I say that being being critical of myself, but it's a good thing.
13:20
SPEAKER_00: So the long and short of it is what I'm getting at, is he understood what really made me tick, what really drove me to want to be the best version of myself.
13:34
SPEAKER_00: And it wasn't the academics, we can talk about that too, wasn't about the education, wasn't even about the socioeconomic environment that I was you know, good, bad, or indifferent, raised in.
13:47
SPEAKER_00: It was more about heart, it was more about soul, and not to get esoteric, but it was more about the passion of wanting and needing to be the best at what I could do.
14:03
SPEAKER_00: And instead of playing politics and ego, which a lot of people can do, and therefore stay away from that, dissuade that, not embrace that, he took the entire opposite direction.
14:24
SPEAKER_00: He embraced it, he made me take a hard look at things that I needed to improve on, but also accentuated the positive attributes and positive personality traits and working traits that I had and brought those to light.
14:47
SPEAKER_00: And that was my defining moment because from then on in I knew that I had a very good understanding of who I am as a person.
15:01
SPEAKER_00: As far as the crystal ball is concerned, in terms of what I was going to be doing, I did not know.
15:09
SPEAKER_00: I had no idea.
15:10
SPEAKER_00: But what I did know is I did have a very strong moral compass that allowed me to go forward and directionally take advantage of all the tools that were around me that I didn't know I had.
15:28
SPEAKER_00: That is huge.
15:28
SPEAKER_00: And that was a big, that was a big moment.
15:32
SPEAKER_02: That is huge.
15:32
SPEAKER_02: And I and the things that that it's so important, I think, for leadership and and for leaders.
15:39
SPEAKER_02: One of the things that I feel like I share and I help my clients do is we talk about in my lead framework, is L is the leveraging the communication.
15:49
SPEAKER_02: And that communication is in models, and it's leveraging strengths, weaknesses, and a communication.
15:56
SPEAKER_02: And what it does is it helps you communicate, but it also helps people define those strengths and weaknesses.
16:02
SPEAKER_02: And that is just so remarkable to have a leader that can do that.
16:08
SPEAKER_02: And if we can have more people pull that out in people, it's amazing the performance that happens because you want to do better because you've got somebody who really is getting to know you and is vested in your improvement and your life and your career.
16:25
SPEAKER_02: And it's it is the word lead, not manage.
16:27
SPEAKER_02: You're not being managed for day-to-day tack tasks.
16:30
SPEAKER_02: It's the word leader.
16:32
SPEAKER_02: You're finding 100% right strengths and weaknesses and people's superpowers.
16:37
SPEAKER_02: And sometimes, as you said, we don't even know what our own superpowers are.
16:42
SPEAKER_02: Sometimes it's the outside person that's looking in and says, you know what?
16:45
SPEAKER_01: That's right.
16:46
SPEAKER_02: You are so good at communicating.
16:49
SPEAKER_02: You are so good at X, Y, and Z.
16:51
SPEAKER_02: And you might sit back and be like, I am?
16:54
SPEAKER_02: Yes, you are.
16:55
SPEAKER_02: Let's enhance that.
16:56
SPEAKER_02: And then this is an area there, and it's not a criticism.
17:01
SPEAKER_02: The keyword is the area that that needs development.
17:05
SPEAKER_02: It's not it's a bad thing, but the key learning as to what your team need who on your team, what they need to develop, but also, and as you said, he got to know you.
17:16
SPEAKER_02: And I can't, I feel like I can't stress that enough.
17:19
SPEAKER_02: Know your mission and know the people on your team and know their mission independently because then you can help them bubble up.
17:28
SPEAKER_00: Amen.
17:29
SPEAKER_00: Amen.
17:30
SPEAKER_00: And by the way, pay it forward.
17:33
SPEAKER_00: Yes.
17:34
SPEAKER_00: One of the things, actually, I've done a lot of things, but one of the most important things that I consider a rare asset in my professional journey is that I've done all the things to other people that had been done to me.
17:51
SPEAKER_00: Meaning the mentors, the guidance, the criticism in a very positive way, the critical analysis, helping people be better versions of themselves without criticizing them and debilitating them in such a way that they don't believe that they have the ability to do the things that you are telling them they can do.
18:21
SPEAKER_00: And I think it's really important for anybody in any capacity, no matter what you're doing in your professional life, doesn't matter.
18:31
SPEAKER_00: Doesn't matter.
18:34
SPEAKER_00: You need to surround yourself and talk to people that can always give you not necessarily a better option, but a better perspective.
18:48
SPEAKER_00: And I think that's important too.
18:50
SPEAKER_00: And just so you know, I've been a mentor to a lot of people.
18:55
SPEAKER_00: I selflessly connect people with companies and individuals constantly because the way I look at life and I look at business in general, it's hard enough out there as it is.
19:09
SPEAKER_00: It's incredibly painful sometimes.
19:13
SPEAKER_00: But the upside, the reward is exponentially more than the pain that you might endure.
19:21
SPEAKER_02: Right.
19:22
SPEAKER_02: It that's really important.
19:24
SPEAKER_02: I think that's so important, Steve.
19:25
SPEAKER_02: I because I think that's also one of the things that we a trait that we both share.
19:29
SPEAKER_02: I feel that being able to make those connections for other people.
19:35
SPEAKER_02: When I think about it from the standpoint of a leadership role, if I have somebody that's on my team and I realize that they're an amazing person, but maybe they're I realize that they're not the right fit for what we are doing or what my team is doing or my company is doing, that I will say to them, guess what?
19:58
SPEAKER_02: You are amazing.
19:59
SPEAKER_02: I want to connect you with so and so.
20:01
SPEAKER_02: Not that I don't want them here, but I want to help them grow.
20:05
SPEAKER_02: And and whether I'm connecting an individual on my team to another company or one company to another company, like you two need to know each other.
20:13
SPEAKER_02: And I share this, and I've I have shared this, I think, a ton of times with people.
20:20
SPEAKER_02: Your network is your net worth because of the but by me being able to make those connections, your value goes up and it feels really good when you make a connection.
20:34
SPEAKER_02: It's like that again, it's like that priceless moment when you're like, Yes, I've connected.
20:39
SPEAKER_00: It's exactly right.
20:40
SPEAKER_00: It's exactly right.
20:41
SPEAKER_00: And there is a benefit to it, yeah.
20:43
SPEAKER_00: And you have to think about it.
20:44
SPEAKER_00: I know a lot of people don't want to look at things from an opportunistic perspective, but look at it from an opportunistic perspective.
20:51
SPEAKER_00: Look at it as an opportunity to bring other people together in an environment that is going to be potentially productive for them, which ultimately will provide you with some payback.
21:05
SPEAKER_01: Yeah.
21:05
SPEAKER_00: People don't realize you don't enter into that.
21:07
SPEAKER_00: You know, that's not your that's not your mo, that's not your agenda.
21:12
SPEAKER_00: But certainly working in those particular situations where you are bringing two people together.
21:20
SPEAKER_00: I'll give you a classic example, for instance.
21:22
SPEAKER_00: Not to take us off task, but it's actually relevant.
21:27
SPEAKER_00: I have a very dear friend who has been in the supply chain business for 30 years.
21:34
SPEAKER_00: 30 years.
21:36
SPEAKER_00: Brilliant person.
21:37
SPEAKER_00: Brilliant, affable, intelligent, insightful, all those great words.
21:43
SPEAKER_00: After 30 years of being in business, she walked into her office, put everything in a box, and she resigned.
21:54
SPEAKER_00: And she said, I am not going back to the corporate life ever again.
22:00
SPEAKER_00: Now, along comes person B.
22:04
SPEAKER_00: And person B is a person who has run companies like Vineyard Vines and Hello Fresh, for instance.
22:14
SPEAKER_00: Okay.
22:16
SPEAKER_00: Very successful logistics expert.
22:20
SPEAKER_00: He also did the same thing.
22:24
SPEAKER_00: He resigned from scum.
22:25
SPEAKER_00: Now these are both two completely separate situations.
22:29
SPEAKER_00: Neither one of them knew each other.
22:32
SPEAKER_00: I knew both of them.
22:34
SPEAKER_00: I also knew that they were both incredibly smart, incredibly nice people, who, interestingly enough, actually use their brains.
22:44
SPEAKER_00: Which I also tell my my I tell the people that work with me all the time.
22:48
SPEAKER_00: I only require two things of you.
22:50
SPEAKER_00: One is be nice, and the other is for God's sakes, use your brain.
22:55
SPEAKER_00: So I asked.
22:57
SPEAKER_00: It's all like very easy, very, very simple things.
23:02
SPEAKER_00: Put the two people together, they got together, they talked, they structured, they did all these things.
23:08
SPEAKER_00: Now again, they're both independent and they're running their own business.
23:12
SPEAKER_00: I just found out a week ago that not only have they now formed a business together, but they saw it, they signed a multi-million dollar deal.
23:22
SPEAKER_00: Now, does that happen all the time?
23:24
SPEAKER_00: No.
23:25
SPEAKER_00: But I knew that putting them together in a responsible way with personalities that were about the same but very different, who really clicked in business, who had the same aspirations, the same goals, and the same work-life balance that they were looking to achieve by getting rid of their corporate jobs.
23:48
SPEAKER_00: Not that I'm telling your audience to quit the job, right?
23:51
SPEAKER_00: But the point is they have formed a relationship that works for them, that gives them a much more, a much happier life, a more content life, with the same rewards financially and otherwise that they were getting in their corporate life without having to deal with the politics and all of the issues that they felt were an inhibitor to their personal and professional growth.
24:23
SPEAKER_01: Yeah.
24:25
SPEAKER_00: That's a good example.
24:26
SPEAKER_02: That's such an awesome example.
24:27
SPEAKER_02: I absolutely love that.
24:28
SPEAKER_02: Okay.
24:32
SPEAKER_02: Kudos to you for playing matchmaker there.
24:36
SPEAKER_02: But here's an interesting thing that I'm curious about, though.
24:39
SPEAKER_02: A lot of two people, very successful, people that are high up in their in their worlds, right?
24:47
SPEAKER_02: And they both left corporate world, the corporate world, because they were tired of that.
24:54
SPEAKER_02: So here's my question.
24:56
SPEAKER_02: What do you think companies and corporations could do?
25:01
SPEAKER_02: So things like that don't happen.
25:04
SPEAKER_02: Don't leave jobs usually because of money.
25:07
SPEAKER_02: They say it's money, but they usually leave because they're not feeling appreciated.
25:11
SPEAKER_02: The management corporation, it's not making them happy.
25:15
SPEAKER_02: It's the work-life balance, it's the recognition.
25:18
SPEAKER_02: So if you were to give advice or to shed light on for our audience, for leaders that are listening in who have teams that are maybe in that corporate world, what would you say to them to make those two amazing people not want to leave and actually feel good?
25:40
SPEAKER_00: Okay.
25:41
SPEAKER_00: First of all, it's an excellent question.
25:43
SPEAKER_00: And just for complete transparency, not in a formalized way or formal way, but I actually do CEO coaching.
25:50
SPEAKER_00: Okay.
25:51
SPEAKER_00: So surprise.
25:52
SPEAKER_00: Surprise, surprise.
25:53
SPEAKER_00: I do it because I've been a CEO.
25:55
SPEAKER_00: I've run companies.
25:56
SPEAKER_00: I know what it takes to be respected.
25:59
SPEAKER_00: Not all the time.
26:00
SPEAKER_00: If I can get 95%, 90%, I'm happy.
26:04
SPEAKER_00: Yeah.
26:04
SPEAKER_00: Gotta otherwise it keeps you humble.
26:06
SPEAKER_00: My point is to your question.
26:09
SPEAKER_00: First of all, never be the smartest person in the room.
26:15
SPEAKER_00: Hire people, work with people that are smarter than you are.
26:20
SPEAKER_00: And I know it sounds cliche and everybody says it, but nobody does it.
26:25
SPEAKER_02: Dale Carnegie said it.
26:27
SPEAKER_00: I taught Dale Carnegie a million years ago.
26:29
SPEAKER_00: Well, let me go into that.
26:31
SPEAKER_00: It doesn't matter.
26:32
SPEAKER_00: Doesn't matter.
26:32
SPEAKER_00: And we're our worst, we're our own worst critics anyway when it comes to that, because we don't follow our own process.
26:37
SPEAKER_00: But with that said, so go back to your question.
26:40
SPEAKER_00: First of all, listen.
26:45
SPEAKER_00: Listen to the people in the room.
26:47
SPEAKER_00: Listen to the people that you're working with.
26:49
SPEAKER_00: Understand where they're coming from.
26:51
SPEAKER_00: Understand their perspective.
26:54
SPEAKER_00: And then, only then, once you've had a chance to listen and digest and absorb and all those great words, then you speak.
27:04
SPEAKER_00: Before everybody else, you do that.
27:08
SPEAKER_00: Second, you talk about respect.
27:12
SPEAKER_00: Respect is a funny word because it comes in different forms.
27:17
SPEAKER_00: I think the most important thing you can do with people as a general rule.
27:22
SPEAKER_00: If you are running a company, if you are a founder, if you are a CEO, if you are a president, whatever the title.
27:54
SPEAKER_00: They all come in with tremendous entrepreneurial spirit.
28:00
SPEAKER_00: Which in my mind only translates to one thing.
28:03
SPEAKER_00: They really don't know what they want.
28:06
SPEAKER_00: They really don't.
28:08
SPEAKER_00: They have energy, they have passion, but they need direction.
28:12
SPEAKER_00: As a good owner, a good founder, a good CEO, a good leader.
28:18
SPEAKER_00: Set direction, but don't preach direction.
28:23
SPEAKER_00: And what I mean by that is work with the individual to figure out the best path for them to take their day-to-day, which embellishes the assets that they bring to the equation, but diminishes the liabilities.
28:43
SPEAKER_00: In simple language, set people up for success, put some parameters and direction in place because as much as people don't like the word parameters, they love structure.
28:55
SPEAKER_00: They want to know that they can go just so far, and that's the end of their line.
29:02
SPEAKER_00: Meaning they don't want to go farther than they have to.
29:05
SPEAKER_00: Make it simple, make it easy to understand.
29:08
SPEAKER_00: And by the way, whatever direction you set, make sure that you can do it as well as they can because ultimately they're looking to you to set the example, not to be the example.
29:24
SPEAKER_02: That's huge.
29:25
SPEAKER_02: We actually had a whole conversation with somebody about that um yesterday.
29:28
SPEAKER_02: We're talking about don't ask something of others that you would not do of yourself.
29:35
SPEAKER_02: 100%.
29:36
SPEAKER_02: And again, always hire people smarter.
29:38
SPEAKER_02: And for somebody, for example, if you hire people also for things that you cannot do that you are not good at, you hire people to do the better things.
29:47
SPEAKER_02: I don't, we were actually talking like about booking.
29:49
SPEAKER_02: If you don't want to do bookkeeping, if you don't want to do the financials, don't be doing the financials.
29:53
SPEAKER_02: Hire somebody, don't micromanage, let them do it, share the vision and the mission, but let them take the reins, right?
30:04
SPEAKER_00: That's exactly right.
30:05
SPEAKER_00: And also a lot of people will say things like let them have enough rope to hang themselves, which I think is personally a horrible thing to say, but people say it.
30:13
SPEAKER_00: I think more importantly, if you do your due diligence and if you know the right questions asked during the hiring process, and you get to know them not just professionally, but also personally to understand culturally how they'll fit into your organization.
30:30
SPEAKER_00: Yeah, you should never have to direct them outside of the general job direction ever.
30:37
SPEAKER_02: Yes, very true.
30:38
SPEAKER_00: And you use the term micromanagement, you should never have to micromanage anybody.
30:44
SPEAKER_00: And if you do, it really comes down to one simple thing, and that is you don't trust anyone.
30:50
SPEAKER_00: And if you don't trust anyone, you probably don't trust yourself.
30:54
SPEAKER_00: So, all due respect, don't be in business at all.
30:57
SPEAKER_02: And that's it's so true.
30:59
SPEAKER_02: We need to let people, and there's a whole thing, there's so much we could go there because people need to also learn to be able to make their own mistakes and it's and be okay with that.
31:07
SPEAKER_02: And people have to learn, they have to learn how to fly.
31:11
SPEAKER_02: And if you want them to be able to fly, the one thing that I just said that you shared about the hiring process is knowing the people that you're bringing on.
31:19
SPEAKER_02: And I think this is really important.
31:21
SPEAKER_02: I share, I talk about the achievement code, and the achievement code is the values your what makes you achieve and be you and your key, maybe it's the five or six key values that you hold.
31:37
SPEAKER_02: And if you're the CEO or the company start, you know, if you started the company, the values that you want to bring to the company and bringing people on to your team who share those, they don't have to all be the same, but if you've got five or six key and they have one, they may not be the right fit, but you have to ask those questions to bring that out, to find those people.
32:03
SPEAKER_02: And then when you do have a whole group of people that are working together, what I love to share is that's when you get people in like a family, that entrepreneurial spirit, and they all want to put in the best amount of work because they're so excited, not just for the company, but for their own growth and where they want to see things going.
32:24
SPEAKER_00: So I just love 100% correct.
32:27
SPEAKER_00: The only one thing I would add to that is ensure that there is a collaborative environment.
32:31
SPEAKER_01: Yes.
32:32
SPEAKER_00: One of the one of the pitfalls that I think a lot of groups make, and again, this is a completely separate subject and more psychological, but the simple reality is in today's business world, there's a lot of jockeying for position, there's a lot of politics that go on, and people are less likely to look at the words they're using, the direction that they're giving, that the ideas that they're sharing, again, in a collaborative manner versus trying to be a little better than the next one.
33:04
SPEAKER_00: Be a little better than the next one.
33:06
SPEAKER_00: And in my opinion, in every company, I'll just share from my perspective, every company that I've run, I have literally put signs on the wall that say verbatim, check your ego at the door.
33:22
SPEAKER_00: This is not about you, it's about us.
33:26
SPEAKER_00: And we're gonna work together to figure out the issues at hand.
33:32
SPEAKER_00: Not one person is gonna solve the problem.
33:35
SPEAKER_00: Right.
33:36
SPEAKER_00: That's awesome.
33:36
SPEAKER_01: I love that.
33:37
SPEAKER_00: And that's and that's important.
33:38
SPEAKER_00: That even in my capacity as an owner, as a CEO, as a leader, I never assumed that my ideas, my direction was any better than anybody else in the room.
33:53
SPEAKER_00: And be humble and be humble.
33:55
SPEAKER_00: Be humble.
33:56
SPEAKER_02: All right, so this has been amazing.
33:58
SPEAKER_02: So one kind of final question I want to ask you.
34:01
SPEAKER_02: Leadership, and we've talked about this, is an ongoing, we're always learning.
34:06
SPEAKER_02: So I'm curious, what are you working on now or challenging yourself with in for growth or in leadership?
34:16
SPEAKER_00: What am I not?
34:19
SPEAKER_00: Yeah, unfortunately, and I hate to say this out loud, I have a DNA that unfortunately can't just do one thing.
34:26
SPEAKER_00: And to be perfectly honest with you, Jugly, I'd love to be able to just do one thing.
34:30
SPEAKER_00: It'd be a god just to answer your question.
34:33
SPEAKER_00: First of all, I think esoterically, from a personality standpoint, I think everybody should consistently check themselves.
34:43
SPEAKER_00: Check yourself.
34:44
SPEAKER_00: You may think you're the greatest thing in the world, you may think that your life is absolutely perfect, professionally, personally, and otherwise.
34:53
SPEAKER_00: There's always something that you can improve upon.
34:56
SPEAKER_00: Maybe it's listening skills, maybe it's communicative skills, maybe it's learning a different language, maybe it's looking at a business in a little different way.
35:03
SPEAKER_00: Helping your kids do something different.
35:05
SPEAKER_00: Whatever it may be, have that self-criticism and look at yourself in the mirror and be able to say, you know what?
35:14
SPEAKER_00: I'm pretty good, but I have some room, I have some room for improvement.
35:17
SPEAKER_00: That's personal.
35:19
SPEAKER_00: From a business perspective, obviously most important is to have consistency follow through.
35:31
SPEAKER_00: Again, all those great words, but have a plan.
35:35
SPEAKER_00: And most importantly, when you have a plan, stick to the plan.
35:38
SPEAKER_00: Don't deviate from the plan.
35:40
SPEAKER_00: Put a stake in the ground and say for the next 12, 18, 24, 36 months, this is what I'm gonna do, and put some benchmarks and some measurement in place so you keep yourself honest.
35:52
SPEAKER_00: Yeah, do that, you'll feel a whole lot better about the results because you followed a process.
35:59
SPEAKER_00: And as far as I'm concerned, I'm working on a new business, I'm working on a whole set of health and beauty formulations, I'm mentoring a number of companies and helping them with business design and development and financial modeling.
36:15
SPEAKER_00: I do that for the Yale School of Management.
36:17
SPEAKER_00: I've actually been involved in the Yale Entrepreneurial Institute and the life science program for the last 10 years.
36:23
SPEAKER_00: I also sit on the board of the Yale Venture Fund and I help them with different types of investment strategies.
36:29
SPEAKER_00: And there's a lot more than happy to consult on that as well, but again, on a case-by-case basis.
36:36
SPEAKER_00: Most important, sorry to interrupt you, I apologize.
36:38
SPEAKER_00: Okay, um, most important from my perspective, be comfortable.
36:45
SPEAKER_00: I was gonna say happy, happiness is all relative.
36:48
SPEAKER_00: Yeah, be comfortable in your own skin, be comfortable in what you are doing, be comfortable and realistic about the achievements that you are looking to engage, and don't set the bars so high that you can't achieve it, because that'll just end up in a lot of frustration.
37:08
SPEAKER_02: That's awesome.
37:09
SPEAKER_02: All right, Steve, I have so much enjoyed.
37:11
SPEAKER_02: I could talk to you for hours, and I know that we have what where can people find you if they want to connect with you?
37:19
SPEAKER_00: 100%.
37:20
SPEAKER_00: First of all, you can always go on LinkedIn, Stephen J.
37:24
SPEAKER_00: Edelstein.
37:25
SPEAKER_00: You can't miss me.
37:26
SPEAKER_00: I'm affectionately referred to as the king of beauty.
37:29
SPEAKER_00: Um, don't ask me why, it's a whole other story.
37:32
SPEAKER_00: Can't go into it now.
37:34
SPEAKER_00: I am a very open person, more than happy to talk to whoever would like to talk, and I'm more than happy to provide any unfiltered, need I say, undiplomatic advice, direction, and insight at any time and any place.
37:52
SPEAKER_00: Like I said in early on in this discussion, it's hard enough to be in business as it is.
37:57
SPEAKER_00: If you have a lending ear and a lending voice that's gonna help you perhaps be a better person in what you do, makes me feel good.
38:06
SPEAKER_02: That's awesome.
38:07
SPEAKER_02: Thank you so much for being a guest, and I so love this.
38:10
SPEAKER_02: Everybody, if you're uh to my amazing audience, go follow Steve on LinkedIn, reach out to him because he is such a wealth of knowledge and he's a good, good, great, amazing person to connect with.
38:21
SPEAKER_02: So thank you, and thank you for being so.
38:24
SPEAKER_00: You're welcome.
38:24
SPEAKER_00: Thank you, Jacqueline.
38:25
SPEAKER_00: Appreciate it very much.
38:31
SPEAKER_02: I'm Jacqueline Strominger, and I want to thank you so much for listening to the Unstoppable Leadership Spotlight, Influential Leaders and Their Game Changing Insights podcast.
38:40
SPEAKER_02: If you are a successful CEO, entrepreneur, or leader in your industry, and you have insights that you would like to share, we want you to be a guest on this program.
38:49
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38:55
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39:11
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39:42
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40:06
SPEAKER_02: And follow me on.
40:09
SPEAKER_02: So thank you so much for watching and