Anamaria Wills, CIDA UK CREATIVE ENTREPRENEURSHIP Creative Industries Conference Durres, Albania February 2006

Have you heard what they say about us? We are flaky We’re not interested in profits We always rely on subsidy Why don’t we do the popular stuff? Why don’t we get a Proper Job?

Talk to the hand! Most creative businesses are like those in the computer games industry – they tend to be small, under-capitalised and under-managed. They get by with improvisational entrepreneurship, by the seat of their pants. ( Charles Leadbeater, 2004 )

Left brain, right brain Students on arts and creative courses are generally more practical, ‘right brain’ and lateral thinkers than many of their peers. As such, many of these students already have the latent competencies required for entrepreneurship (Roepke 1998 et al)

What is the reality? Creative entrepreneurs are driven by the work itself For others, being in business is an end in itself For creative entrepreneurs, being in business is a means to an end

The reality Creative enterprises are characterised by freelance or micro businesses Portfolio workers adapting their skills to a range of employers Minimises need to take on responsibilities for leadership, management, human resource development etc Limits potential for business growth

The reality The sector does not conform to traditional industrial definitions – Prototype, equipment, reproduction and distribution Sector is often more collaborative – eg games and musicians; songwriters, singers and record producers etc

The reality Creative entrepreneurs are not driven by the market – they often make the market Rarely undertake market research Need to develop ‘bread and butter’ product lines

The reality Creative entrepreneurs tend to be financially risk averse

The reality Creative entrepreneurs tend to go for local markets Fear of strategic planning Weakness in making connections Knowledge economy makes global business an opportunity even for new creative entrepreneurs

The reality Creative entrepreneurs have difficulty in accessing finance External perception of sector as ‘high risk’ and ‘bad managers’ limits opportunities for investment Creative solutions being sought

The reality Creative entrepreneurs are dismissed as mere ‘lifestyle’ businesses Term coined in 1987 to describe businesses ‘unlikely to generate economic returns robust enough to interest outside investors’

The reality Lifestyle ventures are usually ventures run by people who like being their own bosses. They are neither financially independent hobbyists nor wealth seeking empire builders – research shows that independence and the desire to master a craft or skill are the key drivers – but they are in it for the income as well (Wetzel, Wall Street Journal, 2004)

Critical Behaviours for Success

Integrity – A clear sense of values and beliefs underpinning creative and business decisions Particularly in difficult or challenging circumstances

Conceptual thinking Uses fresh approaches Comes up with crazy new ideas leading to new or radical change Listens to new ideas without pre- judgement

Risk taking Tries new things (stretching beyond what has been done in the past) Learns how to assess choices responsibly Weighs outcomes against values and responsibilities

Networking Understands networking is a key business activity Networks provide access to information, expertise, collaboration and sales Careful planning and preparation leads to desired results

Strategic Thinking Valuing the planning process Planning over a significant period Recognises external trends and opportunities Thinks through complex implications for the business

Commercial Aptitude Keeps up to date with latest developments Seeks out best practice Identifies and seizes opportunities not obvious to others

Decisiveness Resolves issues as they arise Does not get bogged down with analysis Responds flexibly to changing circumstances

Optimism Persists in pursuing goals despite obstacles and setbacks Operates from hope of success rather than from fear of failure Sees setbacks as due to manageable circumstance rather than as a personal flaw

Customer Sensitivity Builds long term relationships of trust Generates expectation of high level of customer service Regularly exceeds customer expectation

People Focus Sees and values the best in others Builds total capability of the team Always considers principles of inclusiveness in planning and dealing with others

Creative Entrepreneurship Technical skills – marketing, finance, etc – very important Integrity and Optimism mission critical Get the behaviours/attitudes/competencies in place Creative Entrepreneurship can work on its own terms

GOOD LUCK!