Financial management, potential limited access to resources and promotion are all roadblocks to success for creatives with entrepreneurial aspirations. But a panel of experts has a few tips to overcome them.
On Wednesday, Nov. 13, 2024, the Dingman Center for Entrepreneurship at the University of Maryland’s Robert H. Smith School of Business held its Elevate! Diverse Founders event, supporting entrepreneurial journeys and underrepresented founders while sharing a wealth of knowledge to help further ventures.
This installment of the event, a collaboration with UMD Arts for All, was held at the Clarice Smith Performing Arts Center and marked the first-ever in the series dedicated to creatives. The panel discussion featured successful creatives and artists who recounted their business experiences and solutions to clear commonly encountered obstacles.
Following the discussion, attendees enjoyed light hors d'oeuvres and had the opportunity to talk about their entrepreneurial endeavors amongst themselves and the panelists.
Here are five insights shared by the creatives on stage:
Cast a wide net for funding. Sound Impact, a musician-led collective dedicated to serving communities and igniting positive change through music performance and educational programs, has sought various revenue streams to succeed as a non-profit. Co-founder Tiffany Richardson, a professional violinist and UMD graduate, discussed how artistic entrepreneurs should leverage as many different sources as possible to advance their vision. Some examples include program revenue, grant funding, personal donations or events.
“There’s lots of funding for individual artists in Maryland. You don’t even have to have a non-profit to go after these sources of funding,” said Richardson. “We throw big fundraisers, and we have individual donors, but we don't do a lot of ticket sales. Our concerts are free to the public when we do them.”
“Keep your money with your community.” DJ Bri Mafia, an entrepreneur and brand curator, shared a concept from late rapper and entrepreneur Nipsey Hussle, “All Money In No Money Out.” Bri Mafia said she applies that philosophy to her work in the greater Washington region by intentionally investing time, energy, funds and resources to other local artists and community members. In Bri Mafia’s case, helping others connect with venues, brands or other sponsorship opportunities is a way to pay it forward to the area that helped her grow as a DJ.
“I started as a local showcase DJ at Tacoma Station every other Saturday for four hours, and now I facilitate events like it. Aligning myself with the community has made me a pillar for other artists and DJs to contact me and help them facilitate their careers,” said Bri Mafia. “As long as you keep your money with your community, it will always pour back into you.”
Find your measurement for success. Serving as the creative director and owner of SONNE Studios, an affordable creative studio in Baltimore for local photographers and artists, and being a photographer and artist herself, Zara Israel eats, sleeps and breathes her craft. To her, part of being a full-time entrepreneur means that “there’s no work-life balance” in pursuing success. As for knowing when she’s “made it,” Israel has three questions she asks herself: “Does the work that I’m doing align with my values? Is this making my people look good? And is what I’m doing glorifying my creator?”
The first, she said, addresses whether her work matches what she believes to be right. The second focuses on whether that work sheds a positive light on the communities she’s a part of, while the third provides an opportunity to reflect on her work from a spiritual perspective.
“If I can say yes to that confidently, I sleep well at night and feel successful no matter how much money is in my bank account,” said Israel.
Set clear expectations and standards. Creating a successful production, concert or event requires collaboration between the talent and the organizers. Megan Pagado-Wells, co-director of artistic programming at UMD’s Clarice Smith Performing Arts Center, said that artists and organizers must establish clear expectations for an event or show. In her role, she asks for a technical writer—a document listing everything that needs to happen for the show to happen successfully. That includes everything from lighting to sound to projections, video, props and scenic elements.
“Whatever your art form, having clarity around what you need from the person hiring you to do your best work will help a lot,” said Pagado-Wells. “For creatives working in visuals, just set your expectations of what you need from your clients to come out with the best product that will make them happy and be sort of the best representation of your work.”
Represent the DMV with pride. John Aderotoye ’19 is a business and technology consultant at Accenture Federal Services by day but also runs his freelance photography and videography business, JB Vogue. He said that most people involved in media and entertainment believe that success is only achievable in markets like Los Angeles, New York or Atlanta. However, he wants to prove that the greater Washington metropolitan area is not an underdog story when it comes to talent and creativity.
“My goal is to create a platform where I'm showcasing the talent around here, not just with myself but also with the other creators in the DMV, what we can do here and what we're capable of,” said Aderotoye. “We don't have as many resources as those cities, but we're so creative that there is no limit to what we can create. The DMV is a gold mine, just waiting to be struck.”
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About the University of Maryland's Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.