Entrepreneurship: The Creative Industries - Term Paper Example

Introduction: Entrepreneurial qualities play a significant role in the success of creative industries. In the present world, where competition is thekey element in the day-to-day life of the human being, creativity plays a very important role in the success of any organisation or industry especially creative industries. Creative industries are the back born of the creative economy. Without creativity there is no development for creative industries. In this modern era both in urban areas and in rural areas the growth of the creative industries is very fast. The growth rate of the creative industries indicates that it is one of the highly growing industrial categories in the world. For the success of any creative industry and economy certain factors are very important. They are personal factors, cultural factors, economic factors and social factors Entrepreneurship and creativity: Creativity is one of the essential qualities of successful entrepreneur. Creativity refers to doing something in a different way or introducing some new ideas. It is a unique quality of some individuals. "Creativity is defined as the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others." (Franken). Creative Industries and Creative economy: Creative industry is nothing but the industry that involves some kind of creativity. Creative industries include advertising, music, crafts, art, design, computer software, television, video games, radio, publishing industry, copy writingetc. Creative economy refers to that economy generated and sustained by all the creative industries put together. Creative economy contributes much to the economic development of any country. There is very little chance of the creative industries becoming irrelevant or going out of fashion. Creative industry is an economic sector which is one of the major contributors of national income of most countries. There are millions of people working in the creative industries and it can safely assumed that there will be high increase in the employment opportunities in these industries in coming years. 5% of the GNP in European Union countries is contributed by creative industry. Its growth rate is also very high. (Working papers series: crating industries in Vienna: development, dynamics and potentials 2005). The success of creative industries: The success of creative industry is influenced by different factors like personal, social, cultural and economic factors. They are explained below Personal factors affecting the creative industry The success of creative industry is influenced by different personal factors. Individual is an important factor in the success of any creative industry. Generally "creative industry is based on a person's desire to be creative and productive and on the joy a person receives from working with his hands- that is from articulating his mind and body." (Schneider 2003, p.163). Here personal sense is an important factor. Some persons gets this creative sense by birth. But it may or may not be happen. Others learn this by practice and reading. For the success of any creative industry like film, advertisement, music, tourism etc. the person who is involved in this industry should have creativity in his mind. Otherwise he cannot constructively criticize the creativities in those industries. Social factors affecting the creative industry: The social system prevailing in the particular area of industry and other different social factors also influence the success of creative industries. Like any other industry, attitude of the society is an important factor for the success of creative industry. According to Shubik "unlike the evaluation of many consumer goods, the problem in the evaluation of the worth of an art object is by far more dependent on cultural norms and social acceptance than the perceived needs of the consumers." (Working papers series: crating industries in Vienna: development, dynamics and potentials 2005, p.8). Education status of the people in the society, financial status of the society, age group which by the particular creative industry is more influenced etc are the major social factors effecting the success of the creative industry. Its success also depends on the circumstances and lifestyle of the people. Cultural factors affecting the creative industry Creative industry has a close relationship with the culture in which it exists. Creative industry is also called cultural industry. Culture is the basic factor, influencing the development of a creative industry. According to UNESCO and CIDA "Once we shift our attention from the purely instrumental view of culture, and awarding it a constructive, constitutive and creative role, we have to see development in terms that include cultural growth." (Sagnia 2005, p.8). In creative industry also, some kind of development or manufacturing takes place. In UK, creative industry is closely related with the knowledge economy. In knowledge economy culture plays an important role. Cultural factors like racial discrimination, language, education etc. are influence the creative industry. Almost all creative industry uses most advanced technical factors for increasing their market value and production rate. This field needs good communication skills which will help it to present any creativity in an attractive way. Racial discrimination problem between employees and within a country itself will effect the growth of the creative industry. Economic factors affecting the creative industry: Creative industries plays an important role in the growth economic sectors. For example In Britain's economic growth, a big part is contributed by the creative industries like music and television programs. According to the cultural secretary Tessa Jowell "The UK creative industries outperform every other European state and in the 21st century they have moved to the centre stage of the UK economy." (Taylor 2007). For this big success of creative industry in UK its economic circumstances give a positive support to this industry sector. Financial status of a country and their economic policy are the major economic factors effecting creative industry. As earlier mentioned Television, fashion, advertisement, music etc are some examples of creative industry. Some successfully running creative industries are: from television field- BBC Planet Earth, from fashion field Thomas Burberry, from music field James Blunt's "You're Beautiful", etc. (Taylor 2007). Entrepreneurship and opportunities: Today there are endless opportunities for entrepreneurship. The entrepreneurs eho have the essential qualities of a good entrepreneur can shine in this era. Because in the present time of global financial crisis the companies are reducing their staff strengths and no fresh h recruitments are taking palace. SO the better way is to start own venture. For those who have the entrepreneurial qualities, this will not be a difficult task. "One might argue that opportunities exist and entrepreneurs discover or recognize them or that research is best served by taking that perspective." (Acs et al 2003, 111). Opportunities are numerous but it has to be found and should be subjected for optimum use. Creative industry is the one of the most entrepreneurship opportunity available industries in the world. Conclusion: From the above discussion it is clear that creative industry is an important part of today's business world. Creativity has an important role in creative industry. A creative industry cannot exist without creativity. In the modern era economic growth of a country also depends on the growth of the creative industry. It helps to improve the job opportunity in many countries in the world. Creative industry has opened its door for new entrepreneurs who have new and genuine ideas. Reference Acs, Zoltan J et al 2003, Handbook of entrepreneurship research, Springer, p. 111, viewed 25 April 2009, http://books.google.co.in/booksid=4KRnkLZfXtMC&pg=PA105&dq=entrepreneurship+and+opportunities#PPA111,M1 Franken, Robert E, What is creativity, California State University, Northridge, viewed 25 April 2009, http://www.csun.edu/vcpsy00h/creativity/define.htm Schneider, Kenneth R 2003, Destiny of change: how relevant is man in the age of development: reconstructive careers, I universe, viewed 25 April 2009, http://books.google.co.in/booksid=mMoLg6uhHmcC&pg=PA163&dq=importance+of+person+in+a+creative+industry&as_brr=3 Sagnia, Burama K 2005, strengthening local creative industry and developing cultural capacity for poverty alleviation: section Ii.1 - cultural concerns in development issues, International Network for Cultural Diversity, viewed 25 April 2009, http://www.incd.net/docs/Sagnia%20Report%20-%20Strengthening%20Local%20Creative%20Industries.pdf Taylor, Jerome 2007, Creative Industries 'fuel Britain's economic growth', The Independent UK, viewed 25 April 2009, http://www.independent.co.uk/news/uk/this-britain/creative-industries-fuel-britains-economic-growth-454685.html Working papers series: crating industries in Vienna: development, dynamics and potentials: entrepreneurship, entry and exit in creative industries: an exploratory survey 2005, Wirtschaftsuniversitat Wien: Vienna University of Economics and Business Administration, viewed 25 April 2009, http://www.wu-wien.ac.at/inst/geschichte/Projekt_Homepage/Hoelzl_EntryExit.pdf Working papers series: crating industries in Vienna: development, dynamics and potentials: entrepreneurship, entry and exit in creative industries: an exploratory survey: economic characteristics of creative industries 2005, Wirtschaftsuniversitat Wien: Vienna University of Economics and Business Administration, viewed 25 April 2009, http://www.wu-wien.ac.at/inst/geschichte/Projekt_Homepage/Hoelzl_EntryExit.pdf Read More