Capital is the stuff capitalism is made of. It usually refers to money, but it can be any kind of asset that’s used for economic purposes, like starting a business or investing.
Venture capital firms, for example, are in the business of providing capital (money) to start up companies to help them get going.
Freddy Dico is the co-founder of Sir New York, a modern menswear label that launched in Spring 2010. He’s from Macau, but grew up in San Francisco. And before getting into the world of design, he was actually a star student in the biochemistry program at U.C. Davis. Since switching gears and graduating from FIT in New York, Freddy has worked with companies like Polo Ralph Lauren, J. Crew, and Brooklyn Industries, and designed an entire line for mass-market men’s label Scappino in Mexico. You can check out his latest work here.
TILE: Being a designer involves much more than a creative vision and talent with scissors and thread. What are some of the costs of starting your own fashion label?
Freddy: Since we are a really small start-up with practically no capital, time is the #1 cost.
To start, you need a product, which means sourcing fabrics, making patterns, sewing/fitting, creating labels, etc. Once the product is perfected, you need to document and promote it through a website, lookbooks, business cards, fashion presentations, models, invites, etc. The lists really goes on and on and on… Luckily, I have a partner (Auston Bjorkman) who is equally well-rounded in many areas, so we try to personally execute most tasks to lower our costs.
Of course there are only 24 hours in a day, which means you can’t do it all. We’re fortunate enough to have many people who believe in us and who are willing to volunteer their time and effort.
Oh, and let’s not forget about getting a business license and all that legal stuff…
(AP Photo/Walt Disney Studios)
Congratulations – you’re witnessing history in the making! “Mars Needs Moms” – the 3-D animated Disney disaster that came out last weekend – has had one of the worst opening weekends… ever.
The film earned $6.8 million in its opening weekend… but it cost about $150 million to make. Most movies break even within a few weeks of release and then – ideally – start to turn a profit. Not so for this tribute to the power of moms. Though it brought in some revenue, it wasn’t enough to cover the cost of producing the flick.
Disney distribution president Chuck Viane says the problem is simple: “Not enough people came to see the movie.” (Um, duh.) One possible reason is that there were a lot of other animated movies in theaters this weekend, and Earth moms weren’t about to shell out $20 for 3D tickets to all of them.
So were the dismal box office numbers a product of poor timing or a cruel twist of fate?
Perhaps the movie’s budget directors should have taken Budgeting 101?
What’s up with 3-D movies anyway? Are you paying to see them? Tell us.
According to new research from Harvard Business School, most Americans have no idea how wealth is distributed in this country.
Here’s a handy chart from the study that pretty clearly illustrates how Americans think wealth is distributed, how they wish it was distributed, and how it’s actually distributed:
(click chart to download a pdf of the study)
Did you know that there was such a huge difference between the very top and the very bottom of the wealth scale?
There’s an interesting discussion on the New York Times about why this might be the case, why Americans underestimate income inequality, and whether we should even care.
Are you surprised? What would you have guessed?
According to new research from Harvard Business School, most Americans have no idea how wealth is distributed in this country.
Here’s a handy chart from the study that pretty clearly illustrates how Americans think wealth is distributed, how they wish it was distributed, and how it’s actually distributed:
(click chart to download a pdf of the study)
Did you know that there was such a huge difference between the very top and the very bottom of the wealth scale?
There’s an interesting discussion on the New York Times about why this might be the case, why Americans underestimate income inequality, and whether we should even care.
Are you surprised? What would you have guessed?
(photo credit: clagnut)
Carlos Slim (is that really his real name? Googling… his real name is Carlos Slim Helú, which is still kind of funny) is officially the richest man in the world, with a net worth of $74 billion.
That’s more than 6% of Mexico’s entire GDP!
But being the world’s richest man in a country as poor as Mexico isn’t easy on your rep. Unlike Bill Gates and Warren Buffet, America’s wealthiest citizens, Slim hasn’t really focused on philanthropy.
Which led Cyntia Barrera Diaz from Reuters to ask, “What could you pay for with that kind of scratch?”
Here are some gems from the list she came up with:
What does Carlos think about giving away his money?
“Wealth is like an orchard. You have to share the fruit, not the trees.”
What would YOU do with $74 billion?
TILE showed up for part of the Global Student Entrepreneur Awards at the New York Stock Exchange this October, and we met some young folks who made us feel bad about sleeping through college.
Take Milun Tesovic, for example. He wanted a better way to find song lyrics online, so he messed around on his computer for a few hours and – next thing you know – he’s a CEO and winner of the Global Student Entrepreneur Awards. Check him out.
Watch the oh-ficial GSEA 2010 recap video here.
(photo credit: swanksalot)
Did you know that New York State requires residents to pay sales tax on items they order from Amazon.com?
Not at the time of purchase, because Amazon doesn’t calculate state taxes. But when you file your state tax return every year, you’re supposed to tell the state exactly how much unpaid sales tax you owe on everything you’ve purchased from out-of-state retailers (i.e., almost everything you buy online). And at the end of the year, you’re supposed to write a check for that amount.
Which, of course, nobody does. So states have been trying to pass laws requiring online retailers like Amazon, FatWallet, and Overstock to collect sales tax at the time of purchase.
Why all the sudden fuss? Well, most states are facing multi-billion-dollar budget deficits these days, and unpaid sales tax on online purchases could add up to more than $10 billion this year. Aside from selling the local park to a private company, taxes and traffic tickets are really the only ways a state can hope to raise the money it needs.
When you’re low on cash, don’t you suddenly start thinking about all the money that’s owed to you?
(photo credit: swanksalot)
Did you know that New York State requires residents to pay sales tax on items they order from Amazon.com?
Not at the time of purchase, because Amazon doesn’t calculate state taxes. But when you file your state tax return every year, you’re supposed to tell the state exactly how much unpaid sales tax you owe on everything you’ve purchased from out-of-state retailers (i.e., almost everything you buy online). And at the end of the year, you’re supposed to write a check for that amount.
Which, of course, nobody does. So states have been trying to pass laws requiring online retailers like Amazon, FatWallet, and Overstock to collect sales tax at the time of purchase.
Why all the sudden fuss? Well, most states are facing multi-billion-dollar budget deficits these days, and unpaid sales tax on online purchases could add up to more than $10 billion this year. Aside from selling the local park to a private company, taxes and traffic tickets are really the only ways a state can hope to raise the money it needs.
When you’re low on cash, don’t you suddenly start thinking about all the money that’s owed to you?
Click here to learn about hidden taxes, tax evasion in Switzerland, and tax breaks for do-gooders.
(photo credit: Drew__)
If you’ve been in Europe recently, you’ve probably noticed all those extra digits in the price of “petrol.” In the U.S., we’re horrified at the idea of paying $4 a gallon for gas, but in Norway they’ve already blown past the equivalent of $9.
But… why? Is it harder to pump oil in to Norwegian gas stations? Is greater demand among the Norse driving prices up? Not even.
There are a few reasons, but according to Aaron Smith at CNN, it’s pretty much all about the government. Governments can either charge their citizens extra to buy gas (by taxing it) or the pay them to buy gas (by handing out subsidies, which lower the price per gallon).
Taxing gas is useful because the money pays for government programs. And handing out subsidies is useful if you want to keep your population happy. (You see this a lot in oil-producing nations like Saudi Arabia. It’s hard to be angry at the super-wealthy ruling elite when they’re basically paying for your gasoline.)
The moral of the story: Stuff is only worth what someone says it’s worth. $3 or $10, you still need it to make your Hummer go.
How much do you think you should pay to fill up your gas tank?