Chapter 1: The Entrepreneurial Rollercoaster

Connecting with fellow entrepreneurs and exchanging stories of uncertainty and failure can be incredibly beneficial. It’s easy to feel isolated during tough times, but a strong community can offer support and practical advice to help overcome obstacles.

Being a founder or business owner brings exhilarating highs, but it’s also accompanied by moments of doubt and anxiety. So, how can one effectively navigate these emotional ups and downs? In our series titled "How to Successfully Manage the Emotional Highs & Lows of Entrepreneurship," we engage with successful entrepreneurs who share their experiences. I had the privilege of speaking with Ekaterina Popova and Alicia Puig.

Ekaterina Popova is a multifaceted professional: an artist, podcaster, author, and coach, as well as the founder of Create! Magazine and Art Queens. Her goal is to empower artists, providing them with the resources to take charge of their careers and find validation from within.

Alicia Puig serves as the CEO and curator of PxP Contemporary, and she also holds the role of Director of Business Operations at Create! Magazine. She is a writer on arts-related topics and co-hosts the Create! Podcast alongside Kat. Together, they have authored two books: The Complete Smartist Guide and the newly released The Creative Business Handbook.

Thank you for joining us in this interview series! Before we start, could you share some background about yourselves and your journey?

AP: We first met as undergraduates studying painting at Kutztown University in Pennsylvania. Kat was managing an off-campus gallery while I oversaw the Student Union Art Gallery. After graduation, we kept in touch, both pursuing our careers in the art world. Eventually, we recognized that the paths we desired wouldn’t be found working for others, which inspired us to launch our three businesses: Create! Magazine (2016), PxP Contemporary (2019), and Art Queens (2020).

What was the pivotal moment that inspired the creation of your current company? Can you tell us about that?

EP: When I feel something is lacking in my life, I often start a new business venture to fill that void. A prime example is Create! Magazine (originally FreshPaintMagazine). As a recent art-school graduate, I struggled to find my place in the art world despite applying to numerous positions. After volunteering for a year, I realized I needed to create my own opportunities. Armed with just my laptop and Google, I set out to develop resources for fellow artists, leading to the realization that I didn’t have to wait for someone else to provide what I needed.

Similarly, when I established my coaching platform, The Art Queens, I sought to build a community of ambitious artists to share resources and dreams with. I aimed to create a safe space for connection and inspiration. Launching the membership program just before the pandemic turned out to be fortuitous.

AP: For me, it wasn’t a singular moment but rather years of observation. Working in galleries, I saw that both emerging artists and new collectors were often overlooked. This realization prompted me to create an online platform that catered to both groups. I knew I was onto something when I received high-quality submissions from artists and sold a painting before we even opened.

In your view, are you a naturally gifted entrepreneur or did you cultivate that skill over time? What led you to that conclusion?

EP: I often joke that I believed I was allergic to business. I struggled with algebra and physics in high school, and these subjects felt disconnected from real-life applications, especially in business. However, that changed when I started my first project, Create! Magazine. I educated myself on business principles and quickly recognized the value of this knowledge. So to answer your question, I had to learn and adapt.

Was there someone who inspired you or played a role in your journey as a business owner? Can you share an experience?

AP: Certainly, I’ve had many influential figures throughout my career. Interestingly, at the time, I didn’t realize how they would eventually motivate me to start my own business. My first internship involved working with two art dealers in Delaware, where I gained valuable experience. Later, I worked with an online gallery in Amsterdam, and the founder’s innovative approach during an art fair made me think that I could also pursue a similar path. Moreover, having Kat in my life has been a blessing. When she encouraged me in early 2019, saying, "Alicia, you're ready to start a gallery," that was the push I needed.

What sets your company apart in your opinion? Can you provide an example?

AP: When clients express sentiments like "that was so simple" or "the artwork is perfect," I know I’m fulfilling my mission. I didn’t just want to create a gallery for finding great art; I wanted to make art collecting straightforward, enjoyable, and accessible.

EP: My goal for our platforms is to create friendly, safe spaces for creatives and entrepreneurs. We aim to empower everyone who engages with our content. The positive feedback we receive inspires us to continue creating, ensuring that no one feels inferior when interacting with our material.

As successful business leaders, what three character traits do you believe have been vital to your accomplishments? Please elaborate with examples.

AP: I believe grit is essential for both of us. While outsiders may only see our successes, they can’t comprehend the numerous mistakes, setbacks, and doubts we've faced. It has often been up to us to pick ourselves up and keep moving forward.

We are also both creative, which means we can adapt and find unique solutions to problems. Early on, we received plenty of conventional advice about career paths, but we discovered that breaking the rules could yield greater benefits.

Lastly, we lead with empathy. Our communities were built to serve others, addressing gaps we identified in the art industry. By understanding our clients’ needs, we can provide the best products and services, fostering trust and lasting relationships.

Can you share a piece of advice you received that you now wish you hadn’t followed?

EP: While I appreciate the advice I’ve received, some of it wasn’t applicable to my business. It taught me the importance of trusting my intuition. As an artist, I often received suggestions on what to create, but I learned that passion and dedication to my craft ultimately lead to success. In business, conflicting advice about income streams can be overwhelming. It's vital to trust your own judgment and make choices that align with your vision.

What recommendations would you give your peers in the industry to cultivate a thriving work culture that minimizes burnout?

EP: I’ve learned to take a broader view of the year ahead. By establishing a clear plan and vision, I can pace myself and set realistic deadlines, which has helped my team tremendously.

What common pitfalls have you observed among CEOs and founders when they start a business? How can they avoid these mistakes?

AP: This topic is thoroughly discussed in The Creative Business Handbook. A significant mistake is the failure to launch. Many have brilliant business ideas but talk themselves out of them or chase perfection before even attempting to sell. Sometimes, you just need to start and learn from feedback as you grow.

Similarly, some entrepreneurs invest heavily in flashy marketing without a clear understanding of their target audience or offerings. It’s crucial to have both a solid product and an effective marketing strategy.

Finally, you must understand how your business will generate revenue. From the outset, tracking your financials is essential. Many entrepreneurs misjudge their success based on superficial metrics.

Let’s now focus on the core of our discussion: How can one successfully navigate the emotional highs and lows of entrepreneurship?

EP: As entrepreneurs, we must always be prepared for the fluctuations of our journey. While things may stabilize, I know I could face slow months or unsuccessful launches. I approach these challenges with honesty and determination.

You can implement various strategies to mitigate extreme highs and lows. Unlike traditional jobs, business owners bear full responsibility for outcomes. The freedom and potential in entrepreneurship come with the risk of feeling shame or fear during tough times. It’s crucial to have interests outside of work to avoid relying solely on business metrics for happiness.

Can you share a personal story about a particularly high moment in your entrepreneurial journey?

EP: A gratifying moment for me was finally being able to pay my bills, which may seem simple but was significant after years of struggle. I felt immense pride and gratitude for being able to support those who had helped me along the way. It wasn’t one specific instance but rather a realization that things were coming together as I reviewed my finances.

What about a low point in your journey? Can you share how you felt and how you dealt with it?

AP: I once invested heavily in an event for visibility and sales, expecting significant returns but ended up disappointed. The stress of overworking for the event left me ill for a month, making me question my business operations. This negative self-talk contributed to a downward spiral, forcing me to tighten my finances for months.

How did you rebound from that experience?

AP: Initially, I realized the situation wasn’t as dire as I thought. Although the sales weren’t as high as anticipated, I made valuable connections that wouldn’t have happened otherwise. I shifted my perspective to view the event as an investment in my business. While mistakes happen, I learned to find the silver lining in challenging situations.

Now, what are your top five recommendations for successfully managing the emotional ups and downs of entrepreneurship?

AP: First, it’s essential to have a grounding mechanism. While you may be the face of your business, it’s important not to let it consume your life. Both Kat and I are passionate about our work, but we prioritize living life outside of our businesses. I enjoy hiking, cooking, and traveling, which help balance the tough days.

Secondly, cultivate a strong inner circle. Kat shared an inspiring Oprah quote: "Everyone wants to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down." This resonates deeply with me. Having mentors in your field can show you what’s possible and guide you.

EP: It’s also vital to learn how to manage your emotional state. I employ techniques such as breathwork, journaling, and movement to help maintain balance even during stressful times.

Additionally, engaging in hobbies outside of work is crucial. Even as an artist, it’s essential to carve out time for personal creativity.

Lastly, connecting with other entrepreneurs can provide invaluable support. Sharing experiences of doubt and setbacks alleviates the feelings of isolation, fostering encouragement and advice.

In these challenging times, resilience is key. How would you define resilience, and what traits do you believe characterize resilient individuals?

EP: Even in difficult times, I can’t recall a moment when everything was perfect. My upbringing in Russia during the 90s taught me that opportunities for success exist even amidst struggle. Viewing life through a lens of potential allows us to recognize business ideas and new connections instead of fixating on what isn’t working.

Did your upbringing instill resilience in you? Can you share a relevant story?

EP: Growing up in post-Soviet Russia, I witnessed common struggles in my community. However, my mom’s work as a translator for foreigners ignited hope and inspiration in me. I began to see entrepreneurship and creativity as pathways to a life without financial hardship.

Do you maintain a generally positive outlook during tough situations? What aids you in staying positive?

AP: Overall, I do, although everyone has their off days. I remind myself that challenging situations are often temporary. I keep a folder of positive client feedback to revisit during tough times and often reach out to Kat or other entrepreneurs for support.

How does a leader’s positive attitude influence their clients and team?

AP: My husband once told me, "People don’t quit jobs; they quit bosses." This rings true in my experience. Being a positive, encouraging leader fosters an environment where people want to work hard and stay committed. Conversely, I’ve seen leaders who pressure clients into sales, which may yield short-term results but ultimately drives customers away.

To wrap up, what’s your favorite inspirational quote that drives you toward greatness? How has it been relevant in your life?

EP: I discovered Brené Brown early in my journey, and her insights on vulnerability have supported me during moments of fear and self-doubt. One quote that resonates is: "Faith is a place of mystery, where we find the courage to believe in what we cannot see and the strength to let go of our fear of uncertainty."

How can our readers follow your work online?

AP: Thank you for having us! You can explore affordable contemporary art at www.pxpcontemporary.com and follow us on all social media platforms as @pxpcontemporary. Our first book, The Complete Smartist Guide, is available on Amazon, and The Creative Business Handbook can be found wherever books are sold.

EP: You can connect with me on Instagram @katerinaspopova, and visit our websites at www.createmagazine.com and artqueens.co. Thank you for this engaging conversation!

This has been incredibly inspiring. Thank you for sharing your time and insights with us! We wish you both continued success and good health!

This video features an in-depth interview with Ekaterina Popova and Alicia Puig, discussing the emotional journey of entrepreneurship and their experiences in the art world.