Transcript #12 - Nancy Slotnick, Founder of Cablight

What is your background?
•	"Cablight specializes in love life management."
•	"I have always wanted to start a business, it was in my blood."
•	"I got into the dating business because I used to own a dating café called Drip."
What was Drip?
•	"A coffee bar that had a dating service for our customers. Over 35,000 people signed up for our services."
•	"It was unique and got a lot of publicity, we were on the Today Show and Oprah well as many others."
What do you think contributed to the overwhelming success?
•	"While you always have to have a good idea, success is 1% inspiration and 99% perspiration."
•	"You can have a great idea, but if it is not executed properly it will not be successful."
How did you raise money initially?
•	"I went through the Small Business Development Center at Pace."
•	"I got $200,000 in an SBA loan and $100,000 in private equity."
How do you deal with all the inevitible mistakes an entrepreneur makes?
•	"You definitely can't be perfect. That is why a show like this is good because learning from other people's mistakes is always better."
How do you deal with all of the nay-sayers who tell you that your business is not going to work out?
•	"For Drip there were tons of nay-sayers, but after I was successful all those people were like I knew you could do it and said it was a great idea and I should have done it sooner."
•	"There is a lot of pressure. What makes the difference between someone who is going to be a successful entrepreneur is if they withstand all the people that tell them not do it."
•	"When it comes to advice, I like to weigh it based on who it is coming from. If another entrepreneur gives you advice who has been in your shoes, then those are the people you should listen to."
•	"If it is someone who has been in middle management for the past 35 years and is very conservative about what they do with their money, that is not somebody you should necessarily listen to."
What advice can you give that was important in starting both of your companies?
•	"Never underestimate the importance of raising enough money."
•	"If you are able to raise money for your business it is also a proof of concept."
How did you make the transition from Drip to Cablight?
•	"I always wanted to be in the business of helping people with their love life. That is why I started Drip, but I didn't necessarily want to be in the coffee shop business."
•	"I was always hoping to parlay Drip into something else within the dating business. So I started coaching others while I was still at Drip."
Tell me about the book that you wrote
•	"It is called 'Turn Your Cablight On.' My theory behind the 'Cablight' is that people in their dating life think that their light is on and they are making themselves available. But many times it is not and no one knows to flag them down."
How do you get clients?
•	"A lot of people find me because I am in the singles world and I do a lot of seminars."
How much easier was it to start Cablight now than it was to start Drip 8 years ago?
•	"I am much more confident now. Now I have a better sense on how to monetize things and sell."
How stressful is it being an entrepreneur?
•	"Now I am pretty balanced. With Drip it was my whole life and I was pretty stressed. But I was also having a lot of fun. In order to find my personal happiness, I had to break out of the 24/7 work day."
What are your plans for the future?
•	"To create a media empire around this philosophy of turning your cablight on and helping people build successful relationships."
•	"The downside is the cost associated with doing business in New York City."
•	"It's also a challenge because we meet a lot of smart people with great ideas. Therefore, if you want to start a business you are basically going to have to fight against people who are quite good."
Do you have to be an extrovert to be a successful salesperson?
•	"You don't have to be a good extrovert to be good in sales, but you do have to be a good salesperson to be a successful entrepreneur. Everything is sales!"
•	"If you watch The Apprentice, it is always what Donald Trump is talking about."
•	"In sales you have two ears and one mouth and you should use them proportionately."
•	"In fact they have done studies that introverts are better at sales because they listen more."
Do you find being an entrepreneur empowering?
•	"Once you are successful you have tremendous confidence, it is more a matter of getting past that mental boundary."
•	"It is very empowering because you realize you can do almost anything you set your mind to."