Mission #2-2 Needing Your Quiet Time

Objectives:

• To be mindfully aware that entrepreneurship is stressful.
• To appreciate that you need daily quiet time.
• To understand that enlightenment can happen in an instant.
• To get excited about a business and to start researching.

Background:

If you choose the active competitive life of an entrepreneur, the chances are that you will have to learn to deal with stress.

No business or businessperson is perfect.

You will have deadlines to meet.

You will have customers' requests and demands to satisfy.

You will have disgruntled employees to handle.

You will order too much or too little or the wrong inventory.

You will order the right inventory but the wrong inventory will be shipped.

If you are working 80 hours a week and plowing your profits back into your business, you will be wound very tight. As an Action Principles^® Champion, you understand sacrifice. You will have the feeling that you are doing everything physically and financially possible to make your business succeed. Feeling this pressure, you may have little left in mental and physical reserve. Yet, every day you must summon up the energy and patience to deal with the common frustrations of running a small business.

Also, you realize that it is not only entrepreneurs who can feel the pain. In the midst of the turmoil of modern life, there can be just as much stress working in a corporate environment. For example, your boss could might be a drama king or queen who creates trouble to gain attention and sympathy.

And, many jobs by their nature, like school teaching, nursing, law enforcement and social work are nerve racking.

To combat stress you must budget a small amount of time every day to recharge your physical and mental batteries. You must seek to return to your calm center through active or passive meditation, i.e. quiet time.

Quiet time is a success method used by many kindergarten teachers to maintain order in their classrooms. The teachers will choose to follow a hyperactive period with a quiet time activity to calm the children down and to bring them back into balance.

As entrepreneurs, we need to treat ourselves with the same TLC, tender loving care. After working so hard, we owe this quiet time to ourselves.

Quiet time is really not an option but a requirement. You must have quiet time to be alone with yourself each day to sort out the happenings of the day or the previous day and to put them into their proper perspective. It is time that will allow you to arrange your priorities. You will also find that with time, your quiet time period will start to yield many ideas and creative solutions.

Returning to your calm center through meditation does not require a lot of time; 20 to 30 minutes at some time each day will suffice. Make this one of your positive habits.

For the first few weeks, it may be difficult to shut yourself off from your problems but if you can discipline yourself to meditate and train yourself to relax, you will have given yourself a wonderful gift. And, you will have a powerful business ally, your calmer self. Calmly, you will be able to put small problems into perspective and you will be able to keep small problems from becoming big problems.

During your quiet time, you may choose to reflect on one of the Inspirational Insights or simply be alone with your thoughts.

What others have done you can do.

What others have done you can do.

Quietly, plant the seeds in your mind and wait for the ideas to blossom.

You are not stagnant. You are not like "the others." You are growing. You will blossom.

Story:

Lopez Goff Gallery

Sandy Bernstein was a very nice man with many friends and contacts in the art world. If he had a fault, it was that he loved to talk. Actually, he loved to gossip. Sandy owned and operated a successful high-end gallery specializing in Old Masters.

Ana calls Sandy Bernstein for an appointment and visits his gallery.

Sandy inspects the print with undisguised regret,

"Ana, my dear darling, I wouldn't have thought you prey for Salvador's greedy heirs. I hear tell that in the end poor Sal's relatives held him a virtual prisoner, forcing him to sign prints all day."

"Thank you, Sandy." Ana fully realized that Sandy was incapable of a straight answer, "I'm always reassured to know that you will always have the story behind the story. But you must admit Dali was one of the art geniuses of the 20th century with a reputation which endures."

Sandy fidgets, "Yes, yes, yes, Ana. I will admit a soft spot for Dali. No denying, he did have his days of greatness. Now, let's talk business. Are you asking me to appraise this print?"

"No, Sandy, I know it's worth $1,000. I'm here to have the print framed."

Sandy, however, didn't want to hear that a friend had been taken,

"My goodness darling, what scoundrel had you pay $1,000 for this? Isn't there a patron saint to protect museum administrators? I have told Daniel Ives, your director, a thousand times that he may choose to inflate prices to solve a donor's tax sheltering problems but please, when the museum makes direct acquisition for cash, please call me. Save us."

Ana really didn't want to hear what she was hearing, "You're saying that this print isn't worth $1,000?"

"Ana, as a blossoming aficionada, I will sell you two, three Dalis for that price."

Ana not wanting to appear the fool, quickly admitted to Sandy, "I paid $350."

Sandy exhaled a sigh of relief, "Thank goodness. Perhaps there is a patron saint for museum personnel. All right, $350 it is."

Now, Ana was interested, "Sandy, no kidding. What is the print worth?"

"Darling, I would mat this print in mauve, museum acid free backing, of course. For a frame, let's see, yes, gold-leafed wood, and, of course, clear glass. My price with framing, $1,200 and not a penny less." Sandy seemed to be contradicting himself.

"You just told me the print was worth $350." Ana said somewhat exasperated. Sandy could quickly make one exasperated.

Sandy began to teach Ana about pricing in the art world, "$350 is my price to purchase, darling. It is the wholesale price. I have my overheads, my sales time, my lifestyle. And the building owners on this street are absolute pirates. My rent is obscene, with no concession made to my years of loyal tenancy. Don't blame the victim, darling. No, it must be $1,200. I could not possibly go lower."

Ana was quite surprised at Sandy's math, "Your markup is over 300%. Might you not be the scoundrel, Sandy?"

But, Sandy attempted to make no apologies,

"Darling, darling, darling, don't get Sandy's dander up now. My margins are consistent with the rest of the artistic world. And, we set no records. Look at all collectibles: art, stamps, antiques, coins ... My dear, this is business. Two hundred, three hundred percent should not be shocking. My colleagues and I do not claim to hide behind a non-profit cloak as you do. We are honest businesspeople trying to make an honest living. Open your eyes and you'll see. If they don't teach you basic business concepts in art college, I can't be blamed."

Ana had to admit that money and the business of art really weren't considered topics for proper conversation in art college.

"Sandy, I apologize if I offended you. I guess I've never been really forced to look at art as a for profit business."

Sandy seemed to wave off all concerns,

"Then, look, my dear, look. You are a smart, ambitious young woman. I like and respect you, darling for your service to the country. You are a war hero."

Enlightenment strikes in an instant. Nothing makes sense and then in a flash everything becomes clear. This may be Ana's moment of enlightenment.

"Perhaps, Sandy, perhaps." Ana smiled and nodded.

It happened in an instant. From this day, Ana Lopez's life was not to be the same. Ana Lopez is about to get rich young.

Contrarians, rebels, and free thinkers, with crazy ideas, start lots of businesses. The self-reliant who look around at the world and ask, why not me?

The Research

Over the next several months, the idea of becoming an art dealer becomes of increasing interest to Ana. As a dealer, she would be combining her love of art with the unlimited potential of business and the chance to be her own boss. It all sounded exciting.

Where is Ana's research? The libraries. The public libraries. The college libraries. The library at the museum. The lending library at the National Gallery in Washington. Certainly, above all, the Internet.

Talk to the research librarians. Isn't it their job to know where to find information? Will they help? Of course; just ask.

Where do you get your information? Books. Magazines. Newsletters. Newspaper stories. The Internet. What subjects are you looking for? The Art Business. Running an art gallery. Framing. How artists sell art. Starting and operating a small business. Promotion. Publicity. Biographies of famous dealers.

What are the print resources? The card catalog. "Books in Print." "The Readers Guide To Periodic Literature." "Who's Who In The Art World." "The Dictionary of Associations." "The Book of Magazines." The major newspapers digitally archived.

Who are the people who can help? The entire museum staff. The museum members. Dealers. Artists. Craftpersons. Trade associations. Convention attendees. Other museums' personnel. Interior decorators. Architects.

What is the inventory? Paintings. Limited edition prints. Mass produced prints. Posters. Sculpture. Tapestries. Crafts. Framing supplies. Art supplies. Art education class supplies. Art magazines/books/films/videos.

Who is the market? Serious collectors. Budding collectors. Casual collectors. Students. Corporate buyers. Museums. Interior decorators. Gift buyers. How about the whole world of e-commerce?

There was plenty for Ana to start learning.

When the subject you are learning excites you, your mind absorbs information like a sponge. Get excited or why bother?

"Yes, yes, it is."

Ana continued, "I don't want to sound rude, but that's rather an elementary text."

The Professor was amused at Ana's interest. He outlined his attitude on study to her, "Is it so basic? Well, yes, I suppose it is. But, I would wager with you that before I am finished reading these 500 pages that I will have learned something. It may be new information or a new interpretation. Perhaps, I will read something that I disagree with and I will solidify or sharpen an opinion that I now hold. Since this is, as you say an elementary text, the author has taken pains to condense and simplify complex concepts.

The Professor continued, "As a teacher, I must always strive to do the same. I could read this book and be inspired to write a better book. It is the rare book that does not teach something. As you continue your studies, go back and read your old elementary texts with new, fresh, informed eyes and you will learn something. Now, if you'll excuse me, I must speak with some of our other guests."

From every question comes a new question, which demands that one's education becomes continuous. This is called the Socratic Method of learning.

From every resource, try to learn something new or confirm a held opinion. The excitement of learning and success cannot be denied.

No one can stop you!

You can learn anything!

Operational Limitations:

• Business challenges produce stress. You need quiet time and you must protect this time.
• Be alert and aware because enlightenment can come at you in an instant.
• Formal education is important but you can learn anything by yourself, reading.

Seeds for thought:

• Why is small business ownership often stressful?
• How much time and equipment does meditation require?
• What are the possible benefits of quiet time?
• What should you be doing during quiet time?
• How can your calmer self be a strong business ally?
• How can the Inspirational Insights be used?
• Where did Ana go to find out about becoming an art dealer?
• What did Professor Bitehoff teach Ana about studying?
• What is the Socratic Method?

Jargon:

Appraisal - opinion or estimate of the value of a property.

Capital gain - The profit derived from the sale of a capital asset; the positive difference between the selling price and the purchase price of a capital asset.

Chain store - Any one of a number of retail stores under common ownership, under common management, selling standardized products and operating under a uniform policy.

Client - A customer of a professional service, such as legal, accounting, advertising or consulting.

DBA - An abbreviation for the phrase "doing business as"; used to identify a fictitious name or trade name as a business name.

Default - The nonperformance of a duty or obligation that is part of a contract; a breach of contract. Sometimes occurs when a borrower or lessee does not remit a payment of money when due.

Demand - An urgent request or claim to be paid. An economist's term describing the amount of a product or service people are willing to buy at each price; as opposed to supply. The pent-up consumer desire to purchase a product or service.

Economy of Scale - The efficiency of producing larger quantities.

Finance - To obtain money, credit or capital for a business; also to supply money, credit or capital for a business; the money resources of a business; the managing of money.

Non-profit - An association which is allowed to exist without paying income taxes, usually for charitable, humanitarian or educational purposes.

Podcasting - Describes the process of using audio or video files to deliver syndicated website content to a digital audience. Blogging by using voice and/or video.

S.C.O.R.E. - Service Corps of Retired Executives

Question and Answers

Is this a good time to start your own business?

Today, more and more of the jobs being created are temporary jobs, part-time jobs, or contract work. The reason is simple and understandable. Today's companies want the freedom of hiring and firing at will. This is a very good time to say that this rollercoaster of uncertainty isn't for you. At the very least, you should be researching the possibilities of self-employment.

If you work in a typewriter or computer repair shop, you should be noticing that most people are not using typewriters anymore and most people just replace old computers. The time for you to act is now. If you work in a tire store and the business is half what it was a year ago, don't be surprised when you are unemployed. The time for you to consider acting is now. Keep your eyes and ears open for opportunities.

Why are you such a strong advocate of going into a family business?

If you had to work in a family furniture business as a kid, this may be the last place that you want to work now, and yet living rooms and dining rooms and kitchens may offer the best opportunities for you. It seems that if you work in a business as a kid, you somehow gain an instinctive feel for how things are done. Your father or grandfather may have many established contacts with furniture manufacturers and wholesalers that would take others years to acquire.

If you view your business as a means to an end, the end being a comfortable lifestyle for yourself and your family, then furniture may be the quickest and safest path to your goal. If you didn't like the way your uncle or father or grandmother ran the business, now is your chance to run the business right - your way.

What do you mean by "love your customers"?

Think of what you want in life for yourself and your family. You want nice cars and homes and vacations and education, and you want a comfortable retirement. All of your material wants take money, and there is only one person who is ever going to give you money - your customer. Your customer, or your patient, or your client, or your tenant.

Let's say that you are in the graphics design business and want to buy a new color printer. You need money. You go to the bank and borrow the money. Now, you have to pay the money back, but it really isn't your money that pays those loans back. It is your customers' money. It is all those wonderful companies and advertising agencies that you work for, that hire you to design their cards and letters and boxes, who pay you back. The money comes from your customers.

You borrow money and someone else pays it back. If you view your customers from this perspective, you'll love them. It is your customer and only your customer who is going to give you the money to realize your financial objectives.

Action Plan:

• Think of any books that have had a profound impact on your life. Go back and read the book again with fresh eyes. Don't you learn even more?
• Find a quote that you like, Google the name of the speaker and learn more about what they person has to say. Go to Amazon.com. Have they written any books or have any books been written about them?

Support:

• The Microsoft Small Business Center
• From Business Town
• The Business Coach
• From Business Gateway

Inspirational Insights: