What is the most important quality of an entrepreneur? Many would argue it is passion — an overwhelming love of what one is doing, and the drive and determination to see one’s dreams realized. Others might say leadership — the ability to bring a team of people together and guide them toward a common goal. But some believe that creativity — a boundless imagination that is constantly innovating and seeing the world through a different lens — is the ultimate key to business success.
Hence, what is creative entrepreneurship?
Creative entrepreneurship is the practice of setting up a business – or setting yourself up as self-employed – in one of the creative industries. The focus of the creative entrepreneur differs from that of the typical business entrepreneur or, indeed, the social entrepreneur in that s/he is concerned first and foremost with the creation and exploitation of creative or intellectual capital. Essentially, creative entrepreneurs are investors in talent – their own or other people’s.
The most renowned creative entrepreneurs have combined creative flair with entrepreneurial ability to build multimillion-dollar business empires. Examples include Rupert Murdoch, Madonna and Richard Branson.
Here are a few reasons why creative entrepreneurship is very imperative no matter your business.
1. Creating new ideas for competitive advantage.
The whole process of entrepreneurship is rooted in creation and exploration of new ideas. When an entrepreneur is able to generate a new idea that is feasible as well as efficient, it gives him an edge over the competition. The ability to explore different niches is just like a learned skill or a resource that is possessed by an individual.
2. Creativity is a bigger predictor of success in life than intelligence.
Most educational institutions and businesses still value intelligence over creativity. This may be because intelligence is easier to quantify, easier to manage, and easier to identify, whereas creativity can be difficult to spot because the most creative people often struggle in school. This makes it hard to discern the difference between a potential troublemaker and a truly creative person, who could bring great benefits to a company if their creativity were properly harnessed. A business should consider hiring for creativity in addition to intelligence. This will go a long way in improving the company’s output and new ideas.
3. Thinking of novel ways to develop your product and improve the business.
Creativity helps develop new ways of improving an existing product or service and optimizing a business. There is always a room for improvement in the deliverables of an enterprise; it is the creative entrepreneur who can assess how to do it.