Giuliana and Bill Rancic interviewed Drew for Parenting.com and talked to her about motherhood, her new cosmetics line and what other celebrity parents inspire her.

Giuliana and Bill Rancic chat with mompreneur Drew Barrymore about her new baby, Olive, guilt, and growing up in the Hollywood spotlight.

G&B: New baby and new makeup line—how are you managing it all? Olive must be a good sleeper!

DB: She is a good sleeper, but it is because I am very strict with her schedule.

G&B: What was the inspiration for Flower Beauty?

DB: I’ve been in the makeup chair my whole life. I’ve also worked with the best makeup artists in the world and I was co-creative director at CoverGirl. I have learned so much and wanted to give women quality cosmetics they can afford. We have the same ingredients as luxury makeup.

G&B: Are you the kind of girl who wears makeup most of the time, or only when you really have to?

DB: I like to wear a lot of makeup, I like to wear no makeup, but most of the time I want easy makeup. I want to have tools that let me do my makeup really quickly.

G&B: Which are your go-to items from the collection?

DB: Lip Tints in Dewy Rose (a red), Airy Orchid (a violet), and Sheer Blossom (a mauve). They are the perfect amount of color for your day.

G&B: What is your favorite part about being a mom?

DB: Being constantly fascinated by Olive. And caring more about her than I’ve ever cared about anything.

G&B: What’s been hardest?

DB: The guilt—lots of moms tell me that is a natural feeling, but it is very powerful.

G&B: What did you have to change, lifestyle-wise, after Olive was born?

DB: So much. The truth is, you can’t have it all. But you can appreciate what you do have much more. Everything gets more narrow, more focused.

G&B: What will you do differently with Olive from the way you grew up?

DB: Schedules, chore charts, family meals, consistency, boundaries, routine, trust, and endless joy.

G&B: You were a child star—would you want the same for your daughter?

DB: No. I want her to be a kid as long as possible.

G&B: What about when she’s older? How would you feel about Olive joining the Barrymore family business someday?

DB: If it made her happy, I think that would be great.

G&B: Will you be a softie or a disciplinarian?

DB: Disciplinarian, because I think it shows that you care. But that doesn’t have to negate being the silliest mom that ever lived.

G&B: At what age will you let Olive start experimenting with makeup?

DB: Kids should not wear makeup! However, teenagers should absolutely play with makeup. I think that’s where you start to learn who you are.

G&B: How involved has your husband, Will Kopelman, been with Olive?

DB: He is a great dad. I waited to do this until I knew I would have a great partner. And he wants to take her to football games, which I’m excited about.

G&B: Which of your movies do you most want Olive to see when she’s bigger?

DB: E.T. and Ever After.

G&B: What other famous parents do you admire?

DB: Steven Spielberg and Kate Capshaw. They have a big, beautiful family and they are happy, giving, and wise.