 Solution

An initial object by itself is a weakly initial set. For the converse, let $(W_i{)}_{i\in I}$ be a small weakly initial family and form its product in a category $W$. Given $X$, choose an arrow $W_i\to X$; its composite with the projection $W\to W_i$ shows that $W$ is weakly initial.

Local smallness makes $\mathrm{End}(W)$ a set, so completeness supplies the simultaneous equalizer $e:E\to W$ of all endomorphisms of $W$ with $1_W$. Thus $he=e$ for every $h\in \mathrm{End}(W)$. The object $E$ is weakly initial because it maps to $W$.

For parallel arrows $a,b:E\to X$, take their equalizer $j:Y\to E$. Weak initiality of $W$ supplies $t:W\to Y$. The endomorphism $ejt$ of $W$ satisfies $(ejt)e=e$, and monicity of $e$ gives $jte=1_E$. Therefore $j$ is both a monomorphism and a split epimorphism, hence an isomorphism. Since $aj=bj$, we obtain $a=b$. There is already at least one arrow from $E$ to every $X$, so $E$ is initial. This proves the initial-object lemma for complete categories with a weakly initial set, with smallness used exactly where the endomorphisms are equalized.