What is Creative Entrepreneurship?

Perhaps childhood is the only stage of life where we do not think about owning a business and becoming a successful entrepreneur, otherwise we think about it all the time. So, that is called entrepreneurial spirit, hidden inside all of us, and we all want to take it out in our own ways. But always bogged down by one pertinent question: how and where to start from. Hence, there are many types of entrepreneurship, namely creative, social and typical business. Creative people think of setting business using own or other’s intellectual power. Things do work for creative folks, not necessarily that only typical business people can set up business ventures and others have the task to stare at them. Earlier, when we talk about the days without internet, only business entrepreneurs existed, though there were creative ventures too but very fewer ones like publishing houses or art and painting galleries. Since the advent of internet things have become known and closer to common folk or say everyone; as an upshot the evolution of entertainment and media field was inevitable.

Creative entrepreneurs are the part of creative industry, where a range of activities take place to generate information or an engagement entity using various talents. Creating buyer – seller demand supply cycle by exploiting talent creates a creative economy. One notable feature of this industry is that it is recession proof and the general enthusiasm of public augments its growth, but in later stages. Earlier it was taken at the stake of high risk; people were considered bohemian who involved themselves into it. However, with success of films and music and radio across the world, things begin changing and now courses are created and offered to students worldwide. Through these courses, people learn the fundamentals of this industry and a whole new variety of market is available to them to work in.
Renowned Economist, Richard Earl Caves, proposes a theory for creative industry and its people, where he conveys that creative artists hugely differ from their counterparts engaged into typical business in substantial and systematic ways. Based on his theory, he proposes some underlying features about creative industry:

Time is sum and substance
Products are different and unique
Demand is unsettled
Creative persons are sensitive to their products

As per the 18th century French definition, a successful entrepreneur is someone who unlocks the capital attached to land and redirects it. While Richard E. Caves says creative entrepreneur is someone who uses creativity to unlock the wealth that lies within them. A creative person knows if his/her creativity managed rightly and on time, there are sure chances to make great fortune off it. This seems idealism but has worked miraculously for many in 20th century and growing like ‘a rise of a phoenix’ in the 21st century.

Richard Caves’ theory for creative industry and its people allegedly draws a distinguishing line between artists and gatekeepers (art dealers, agents promoting or buying artists’ works). They both belong to creative industry but differ drastically in intensity and intentions. Gatekeepers usually weigh an artist’s work on the scope of commercialism. If the work has no charm for the market, it will be put down. Due to this quality gatekeepers are never considered vital parts of creative industry, though they remain present but mostly working as secret agents than stage actors.
Further, it has been observed that every creative working person dream to start their own venture one day in the field they are working. Before setting on the paths of entrepreneurship as a creative person, one should know what the eligible fields are and how to become entrepreneur in them.

Film and Music: Creative people (actors, singers, directors, lyrist, etc.) involved into this segment, after reaching an apogee of fame start their own production houses.

Publishing: Writers, columnist, poets, etc. think of opening up their own publishing houses or stores.
Graphic Designers: They are also known as modern or computer painters. This is relatively a new field added in the creative industry. Veteran ones go on to find mega designing agencies.

Though there are millions of people involved and working in the creative economy, however they are working either as freelancers or self-employed. Only a handful of people think of creating an entrepreneurial venture, and the basic reason behind this nub is the lack of time-honored support from the society.