Entrepreneur Errors, According To RMS Beauty Founder

“Let’s be honest: I’m not like the other people on your site,” says Rose Marie Swift, 62-year-old founder of organic cosmetics brand, RMS Beauty. “I’m not young; I don’t work out of a Soho loft.”

And while we have profiled older disruptors (56-year-old Mario Batali just last week), Ms. Swift isn’t wrong. Too often our homepage tells a certain story: white, mid-30’s; Ivy League.

“I started a cosmetics company in my 50’s—once I had decades of experience [as a makeup artist],” Swift continues. “But all these kids that are coming out with things? I’m not entirely sure they know what they’re doing.”

The biggest mistakes Swift sees young entrepreneurs making? Spending too much money, often on things they don’t need, which requires they bring on domineering investors. Here’s what else the firecracker had to say:

Biggest entrepreneur mistakes

In your opinion, what’s the biggest mistake today’s entrepreneurs are making?
“People think too big. They can’t do it unless they come up with a whole slew of products… unless they do it exactly right. But a good entrepreneur gets off their high horse and just starts. Barbara Corcoran launched her company with $1,000 and look where she is now.”

What’s the issue with thinking big?
“Because in order to think big, unless you’re incredibly wealthy, you probably need investors… And every time you get an investor, you lose part of your company and part of your soul. I’m sorry, but that’s what I believe… The more investors, the less influence you have over your company and the further it will veer from your original dream.”

Can you give us an example?
“[Jessica Alba] sold out to the big guys. She hardly knows her product anymore and that’s a case of investors. She started the [Honest] brand from her heart—this pure mother wanting to heal—and investors came in. Then bigger investors came in. And before you know it, you’re worth billions of dollars…. but it’s just a name on a tag.”

First Mistake: Too Many Investors

“Before you know it, you're worth billions of dollars.... but it's just a name on a tag.”

“Every time you get an investor, you lose part of your company and part of your soul.”

How were you able to start your company without taking on any investors?
“For one, I waited until my 50’s—that meant I was in a more financially secure place. But it’s simpler than that: I saved my money. I saved money my whole life because I knew I wanted to do something. People nowadays, I don’t want to be mean, but they’re so brainwashed by designer stuff… It’s like the word ‘save’ doesn’t even exist anymore.”

Why do you think entrepreneurs spend too much money?
“I think there’s this pressure to have a fancy office—have some big name creative director who you pay $100k per year… But that’s all ego. Your company doesn’t need it and you don’t either. What you need is a good product… If you have that, things will grow from there.”

Where’s the biggest area RMS Beauty saves money?
“I chose not to get an office in New York City. Why would I get an office here and pay $60,000 a month for a big, fancy, 8,000-sq.-ft. space? We have that in Charleston for $6,000 a month. That’s why we’re making money. Stop throwing your money around to show off.”

Next Mistake: Spending Too Much $

“Stop throwing your money around to show off.”

“There's this pressure to have a fancy office—have some big name creative director who you pay $100k per year.”

How can you say it’s a mistake to hire employees?
“Because you shouldn’t hire employees; you should hire disciples. People who worship the brand. An employee plonks down, does their work, then browses Refinery29 all day. They come and go, whereas disciples live your brand. It means you might have to grow a bit slower—find the right people—but it’s worth it.”

And did you learn these lessons with age?
“Oh, honey, you are one hundred percent right. The older you get, the less you care about ‘ego’ and ‘public perception.’ It’s incredibly freeing.”

Any final thoughts?
“I just want to say what I alway say, which is: The [traditional] beauty industry is destroying women’s selves. I say that in every interview. I don’t care. I’m not protecting this industry. I love the fact that I’ve got a big mouth and I don’t shut up. I’m older and I don’t care. I’ve got nothing to lose. Absolutely nothing to lose.”

For more on Swift—and to order her amazing, natural products—visit RMSBeauty.com.

LAST MISTAKE: HIRING EMPLOYEES

“I've got nothing to lose. Absolutely nothing to lose.”

Industry

Beauty

Written By

Emily Siegel

Written On

03.23.2017

Maria Hatzistefanis

CEO & Founder, Rodial

Beauty

CAP Beauty

The First Synthetic Free-Beauty Store

Beauty

Michelle Phan

YouTube Star, Founder of ipsy

Rose-Marie Swift

Biggest entrepreneur mistakes

First Mistake: Too Many Investors

Next Mistake: Spending Too Much $