Creative Businesses are More than just Businesses

Creative Businesses are More than just Businesses 

Suggested Reading: Search Inside Yourself
by Chade-Meng Tan

Creative businesses, and the relationship between creator and consumer, is not just a commercial transaction, there is also a personal dimension. 

President Mitterand, speaking about the French film industry, famously said “These are not just commodities, they are creations of the spirit.”

There is overwhelming evidence of the creative sector as an economic udriver but the true value of the sector is its ability to generate something real and tangible simply by unlocking the creative potential that exists everywhere in all communities and societies on our planet.

When you participate or buy into (either financially or emotionally) a creative product whether it is a piece of music, clothing, sculpture, a film, a game or a building, you don’t just buy the product, you buy into a story, a journey, a set of decisions that have been made about ideas, values and emotions the creator either wants to express or wants you to feel. 

Traditionally these attributes haven’t had a perceived economic value, but increasingly they are as more and more brands fight for consumr’s attention by becoming more personal and relevant to their audiences.

These facets of personalisation and engaging an emotional response make alternative sources of finance, such as peer-to-peer lending and crowd-funding, ideal for arts and creative-based products. 

The business model also works; there is an empty page at the beginning and an identifiable ‘thing’ at the end, whether this is a play, an app, a videogame or an experience. And it is these experiences and artefacts that distinguish the creative entrepreneur from others, becoming an investment in a true sense of the word, both financially and emotionally.

What Makes for a Successful Creative Business?

  1. Purpose-driven. Every successful creative business starts with a why. What is your purpose? What is the big question that you’re trying to answer and how can you and your business solve that problem? Your purpose becomes the guiding star that allows your company stay to aligned with its vision and goals. Being purpose-driven not only fosters creativity (genuine innovation needs purpose), but it also helps to attract the best and brightest minds to the business and helps deliver greater economic and social value.
  2. Discipline. If creativity is the fuel that drives innovation, discipline is the engine. Discipline is what allows a business to be methodical, process-driven, and strategic so that their business can be brought to life. Discipline gives us the resilience and patience to stay focused and work through obstacles. It is also what helps business leaders build and manage teams effectively. Businesses cannot survive on creativity alone and discipline is a key element for profitability and growth.
  3. Adaptability. The ability to adapt and evolve when facing changing conditions plays a big role in a company’s long-term success and sustainability. It requires the willingness to challenge assumptions and the agility to mobilize quickly to solve unforeseen problems. Those who are considered “creatives” are by their nature generally adaptive and flexible, but the most successful creative entrepreneurs are those that can take the lead in bringing adaptability and problem solving into an organization as a whole.

Author: Cristina Capucci

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