Entrepreneurial Mind Frame

Entrepreneurs make up only about 15% of the working population in the US. Far fewer actually succeed than those who attempt to become self employed business people and venture out on their own. So what makes people decide to take the entrepreneurial path, when so few actually make it a reality?

Is the American dream a possibility for anyone, or, does it take more than most to become a successful entrepreneur?
The success of an entrepreneur does depend on their mindset. A large percentage of business owners will quit in their first five years in business. What is needed is the fortitude and belief that goes with attaining success.

Entrepreneurs are risk takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.

James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple set backs, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.

In Simon Sinek’s book ‘Start With Why’, he suggests that the biggest companies in the world are so because of their “why?” – their reasons for building a business in the first place. In all cases, it wasn’t just to make money, or make technology better, or some whimsical ideology.

The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected – Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.

Desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.

The entrepreneurial mindset is one which taps into your purpose. Without a purpose driven goal or aim, it can’t take long before disillusionment kicks in. With a mindset which takes into account a larger purpose, entrepreneurs can build huge businesses because they ‘saw’ a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.

On the other hand, if you set out to do something and something gets in the way and stops you, your initial reason, (your “why?”), may not have been strong enough to endure all the battles along the way.

Entrepreneurial mind frame (or mindset) therefore, must be aligned with both your vision, your values and your purpose. If your values are not in alignment with your purpose and vision, you’ll come up against road blocks which will stop you from achieving your goal.

Estate Tax Planning & Family Limited Partnerships

The general partner(s) manage the assets contributed to the family limited partnership. Limited partners generally have no rights with respect to the assets held by the FLP. The lack of Marketability and the fractional ownership of the limited partnership interests held by the limited partners are two of the well-established reduction principles that diminish the value of the taxable estate. The discounts allowed by the restricted rights provides for the reduction in the value of the assets held by each limited partner, but also increases the amount of annual tax-free gifting that can be attained. The current high marginal estate tax rates allow for wise and prudent planning which is necessary to preserve the family’s wealth.

Centralized Management of Family Assets
When using a corporation as the general partner, the general partner controls all of the assets in the partnership. This corporation can also employ family members and others. It will call meeting, conduct training sessions and facilitate wealth management. With a corporate general partner, continuity must be ensured even in the event of the husband and wife.

Minimize Probate
By using an FLP, the time and expense of probating an estate can be greatly reduced. When a Living Trust is also used, then there is no probate. Living Wills are not public record and therefore no one but those involved in the family know of its contents.

Cure Title Defects
The procedure for transferring assets to an FLP can help with the discovery of title defects. This can be a significant issue for real estate assets if not discovered and corrected.

Marketing Prints

In the past lithography and traditional printing methods were used if the artist wanted to market reproductions of original artwork. While effective, these methods had serious drawbacks:

First and foremost, a high output number would compromise the value of any reproduction. Second, the quality of 4 color copies limited the color rendition of such reproductions. Also, the choice of substrates was dismal compared to giclée. The advent of high-end digital printmaking has opened a new world for artists: more paper choices, better color, limited production.

On a pure marketing standpoint, artists who have shows and lectures can now suggest giclees to potential buyers. Collectors in particular want to buy art that is not made in mass quantities. When buying a giclée they are assured to possess something rare and exquisite.

Giclees are well established in the art world; they are bought and sold in world class auctions as well as in galleries. Many museums display giclees.

Listen to your clients: I recently had a call from a portrait artist. She has a business where customers come to her for family portraits she makes on watercolor paper. She had a few inquiries regarding making copies so that more than one household could have the portrait of their loved ones. At the same time they asked for a quality print, possibly on the same paper. We reproduced the original and it was virtually impossible to distinguish it from the giclée. Now the artist was happy to make additional income and the families had as many portraits as they wanted!

No matter what the market is, whether it consists of commissioned art or not, high quality reproductions can generate an additional stream of income given the proper marketing.

How can you increase the value of your artwork?

One proven method is to create posters (It has been done for a long time by artists and photographers) and sell the posters at art shows. This creates a buzz and facilitates the selling of your work in a poster format to be displayed in various locations. A well designed poster is one of the best advertisements!

Second, create art and make high quality giclée reproductions without ever selling your originals. Make for example an artist proof edition of 25, sign it and release it as the only art available.

If you wish to be able to sell your original you can do so and still increase the value of your art. Start with small limited editions. As soon they are sold out the value will increase. Always establish and maintain a personal relationship with every past, current and potential buyer of your art! Buyers connect emotionally with the art as well as the creator. They will be more receptive to collecting more work if they feel a bond.

Use the Internet

Create a website with a portfolio so people can see the art. Add the URL to business cards, posters, postcards etc. Optimize the site for keywords you want to target (i.e. abstract paintings, oil paintings of flowers, portraits on oil etc.)

The artist is encouraged to pre-sell the complete limited edition if a LE is decided. It is a good idea to track the collectors and notify them when the particular edition is sold out. Another advantage of having a website is to create a newsletter notifying people of limited edition publication as well as accomplishments and new art. These practices reinforce the added value of their current (or potential) purchase. Last but not least, ask for a Certificate of Authenticity from the printmaker.

Keeping Costumes Clean and Beautiful

Costumes are a big investment whether they are store-bought, custom-made or handmade by you. Keeping your costume looking and smelling wonderful will enhance your confidence and stage presence. In particular, costumes embellished with beads or other decorations need to be handled with care to preserve their beauty. Precautions to prevent damage and prompt stain removal will give your costumes a long and beautiful life.

Preventing damage

Perspiration is acidic and will damage and stain fabrics. Using dress shields or promptly removing stains prevents acidic damage. It helps to use deodorants or anti-antiperspirants that dry clear; some products leave white residue that transfers unsightly debris to fabrics.

Perfume and many hairsprays contain alcohol, which damages sequins and fades the color of some fabrics. A towel or other cover over your costume will prevent damage from spills when dressing for a show.

Keeping costumes fresh and clean

One of the best ways to keep your costumes clean is to ensure that your body is clean when you get ready to wear it. If you sweat during the day and then put on your costume, you immediately transfer dirt and odor onto the costume. You can prevent this by taking a shower or using wipes on your body just before putting on your costume. Use hypoallergenic wipes for sensitive skin.

Some costumes are more sweat-proof than others. A thin cotton t-shirt or crop top worn under opaque, loose-fitting costumes will absorb perspiration, keeping acidic moisture away from the costume. Some long-sleeved folkloric costumes have cutouts in the armpit area, which prevents perspiration stains and odor on fabrics while allowing more freedom of movement for the arms. Dress shields are also a useful alternative for preventing fabric damage in the underarm area.

Washing and dry cleaning

Silks and some cotton fabrics are prone to fading when washed or dry-cleaned, losing their color vibrancy. If cleaning is necessary, test a fabric swatch or inconspicuous area of the garment. Dry cleaning is less dangerous to some fabrics than washing; however, dry cleaning results in loss of glued-on decorations, applies heat and fades silk.

If washing a costume in the washing machine is unavoidable, you can put it inside a pillowcase and tie the opening in a knot, using the delicate cycle and cold water to avoid damaging sewn-on beads, coins and other embellishments. A stain remover stick is helpful for removing stains. Be sure all the stain is gone before putting the item in the dryer, since heat will set some stains, making them harder to remove later. Delicate fabrics can be laid out to air dry, which is safer for them than using a dryer.

Storage

If your costume is not washable or dry-cleanable (as is the case of many beaded costumes) let the costume air dry after a performance in order to allow perspiration to completely evaporate. This is also very important for shoes and wigs.

Some performers lightly spray costume linings with a vodka and water mixture to minimize odors. If you do this, test an inconspicuous area or fabric swatch first to determine whether it is safe for your fabric. Always avoid spraying alcohol-based products on embellishments such as sequins, beads and plastic decorations. Alcohol fades some fabrics, so use with caution.

Costumes should never be stored until completely dry, because wet storage will result in mold, which could completely ruin the costume. Be especially careful not to store wet shoes in plastic. Store your costume away from direct sunlight and bright lights to avoid fading; this is vital for preserving delicate silks and antique fabrics.

Costumes with heavy beadwork, or made of net or stretchy fabrics should not be stored on hangers, since they may be permanently stretched. These costumes can be stored flat or rolled. Fasten hooks and eyes and close zippers when storing. In addition, avoid wood and plastic hangers, since they release acids, which cause fabric stains with long-term storage. Padded hangers are a safer choice.

Taking care of your costumes will ensure that they look and smell lovely for many performances.

Abstract Art Paintings

In general terms, abstract art paintings break the monotony of realism and reject the fact that paintings should depict pragmatism. In the pre-World War II era, abstract art painters mostly depicted spiritualism or intellectualism, rejecting the 20th century motto of “art for art’s sake” and replacing realism with spirituality and rationality. Furthermore, with the advent of the technology age, abstract art has gained greater significance.

Painting as an art form has undergone several changes, especially during the 20th century, wherein a transition from figurative painting to abstract painting was the chief feature of the era. Renowned painter Pablo Picasso is generally believed to have ushered the shift from figurative to abstract painting. Picasso, along with George Braque, formulated a new pictorial representation known as cubism, wherein the artists depicted an object as seen from a different viewpoint.

Abstract art painting took a further leap in 1911 with the creation of synthetic cubism and analytical cubism. These forms of cubism fragmented the subject in the painting, for example, in analytical cubism, painters used crystalline geometry, while in synthetic cubism the subjects were reduced in size. Artists like Piet Mondrian, whose paintings ultimately led to the first non-figurative paintings or pure abstract art from 1914 onwards, pioneered such forms of cubist painting. In the twentieth century, Russian painter Wassily Kandisky pioneered non-figurative art.

Furthermore, in the 1940s, another form of abstract art called Abstract Expressionism emerged, in which the theory of expressionism was applied to abstract paintings. The art form had an enormous impact on contemporary American artists, with New York becoming the hub of Abstract Expressionism. Jackson Pollock in his action paintings used this technique of abstract expressionism wherein he dripped, dropped, smeared or threw paint onto the canvas to create an art object. Other well-known followers of Abstract Expressionism, also known as the New York School and Action Painting, are Willem de Kooning and Mark Rothko.