Video transcript: Media Mogul Nely Galan: Driven By Challenges

[MUSIC PLAYING]

On screen:

J.P. Morgan Chase & Co. chats with Nely Galán.

Kristin Lemkau, Chief Marketing Officer, JPMorgan Chase and Co.

Kristin:

We are so thrilled to have Nely Galán here. Nely immigrated to the US from Cuba when she was two years old and became a self-made media mogul in many fronts. She's a spokesperson for the Latino community. She runs a movement called Adelante that helps teach Latinas how to manage their finances and run their businesses. She's a spokesperson for empowerment. She's a spokesperson for financial responsibility, and a lot of things that are really core to our brand.

On screen:

Jenn Piepszak, CEO, Chase Business Banking.

Jenn:

What's something you wish someone had told you or some advice for us that we could do for small business owners starting?

On screen:

Nely Galán, Founder, The Adelante Movement.

Nely:

In order to completely start a business you really need a couple of years worth of salary put away because things are going to go wrong. And as an entrepreneur, when things are not working, there's a problem in your business plan. Go get tutors, trainers. I think getting help from other people is something we forget to do. And have a relationship with a banker, because I don't care what great ideas you have, ideas mean nothing if you don't have a line of credit.

Jenn:

I'm just going to share with the group two of your quotes which I absolutely love. The first one is, buy buildings, not shoes.

Nely:

Don't buy shoes, buy buildings.

Jenn:

Don't buy shoes, buy buildings.

Nely:

Even though I really do like your shoes over there.

Jenn:

And then another one is, credibility is something you earn over time. The most important things are completion and execution.

Nely:

A lot of people have great ideas and ideas are a dime a dozen. And if you don't have the ability to be a farmer every day, go out and plow the fields, not just be about the glamorous moment when the crop comes up for one day. The next day you got to go back in the field again. And if you're not execution oriented, you're just not going to make it.

Jenn:

Thank you so much.

Nely:

Thank you so much.

[APPLAUSE]

On screen:

J.P. Morgan Chase & Co. chats with Nely Galán.