#32: Betting on Yourself & Creating a Billion Dollar Company with Liz Elting, Co-Founder of TransPerfect

Jan 11, 2021

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Liz Elting is a self-made businesswoman, entrepreneur, and philanthropist. She co-founded and was the co-CEO of TransPerfect, the world’s largest provider of language and business solutions valued at over a billion dollars.

As someone with a passion for languages and business, Liz wasn’t always sure about the path she was going to take. When she decided to follow her interests and study languages, Liz was stimulated but knew that it didn’t make practical sense for her career. After her first job at a translation company and a stint in Wall Street, Liz realized that if she was going to live up to her potential, she had to strike out on her own. This led her to build TransPerfect out of her business school dorm room at the age of 26.

After 25 years at the helm, Liz helped build TransPerfect into an organization with more than $700 million in revenue, 5,000 employees, and 11,000 clients - all without any outside funding. In 2018, Liz left the company to pursue philanthropy work through the Elizabeth Elting Foundation, which advances economic, social, and political equality for women and marginalized people.

Liz has appeared on Forbes’ Richest Self-Made Women for five years in a row and has been recognized for her efforts and achievements by the National Organization of Women, Forbes, American Express, Entrepreneur, and more.

In this episode, you’ll hear Liz’s insights into all the hard work and sacrifice it took to build her company, the power of setting goals and taking action, and the role that partnerships play in your success.

In this episode, we'll talk to Liz about:

* The story of Liz’s youth and the experience of living in five countries by the time she was 21. [3:01]

* Liz’s early interest in business and what she attributes her work ethic to. [4:02]

* How Liz decided what to study at college and the tension between passion and pragmatism. [6:19]

* Details about Liz’s first job after graduation which merged her love of languages and business. [8:17]

* What motivated Liz to leave her job and go back to school to do her MBA. [10:53]

* How Liz overcame guilt and found the confidence to leave her job in Finance. [14:27]

* Hear Liz’s approach to goal-setting and why she believes it is so important. [17:45]

* Key takeaways for starting, building, and scaling an entirely self-funded business. [20:34]

* How Liz and her partner thought about business profitability. [23:41]

* Some advantages of not getting outside funding, according to Liz. [24:27]

* Challenging times in the early days of starting TransPerfect and the lessons Liz learned. [25:24]

* Liz’s advice on handling partnerships and the story of her relationship with her partner. [27:57]

* How Liz views 50/50 partnerships and why she recommends avoiding this structure. [30:35]

* Liz’s experience being a working mother and the benefits of compartmentalization. [32:05]

* Why Liz believes becoming a mother made her a better boss. [35:03]

* Transitioning out of the company: What life is like for Liz since leaving TransPerfect. [36:20]

* The common mistakes Liz sees entrepreneurs making. [38:01]

Follow Liz:

* Personal Instagram: https://www.instagram.com/lizelting/

* Website: https://www.lizelting.com/

* Elizabeth Elting Foundation Website: https://www.elizabetheltingfoundation.org/