30 April 2014
The Creative Sector in Britain is one of the largest in the world!
Co-founder and producer of the global stage show, Dirty Dancing, Michael Jacobsen, shares his thoughts about the creative sector and creative entrepreneurs.
The very broad range of areas included in the creative sector goes to the heart of how we get our entertainment every day. Largely, the entertainment not derived from the sporting sector is derived from the creative sector.
Advertising, architecture, arts and crafts, design, fashion, film,video, photography, software, games and e-publishing, creative tech, music, publishing, radio and TV are all part of the huge creative sector.
This places a big responsibility on the sector but also, when you think about it, shows just how vital it is to everyone’s life.
Historically, there seems to be a disconnect between creative and the City and or investors. A lot of investors simply don’t understand the investability of the Creative Sector or how important it is to our lives.
With the exception of ‘bread, milk and water ’, most people simply cannot do without their mobile phones, music or favourite downloaded shows or games each week.
This places the creative sector at the top of the list after our most immediate needs are taken care of and makes it far from non-essential but absolutely irreplaceable and integral.
The juxtaposition evident is that whilst products and services in this sector are consumed from discretionary income, most people would consider them vital to their daily lives.
So isn’t it about time it became easier for creative sector entrepreneurs to get investment, scale and obtain business genuine respect?
I think so. This is why when I work advising creatives my first priority is to ensure that the passion and vision, which defines a creative, are matched with some very real business nous.
These represent both sides of the equation and the business side is often missed out in the creative sector because it doesn’t bring creative entrepreneurs the same pleasure as actually creating does.
This then puts them at an inherent disadvantage when it comes to raising capital or expanding.
One thing is true in business and that is that Passion, Innovation and Vision are critical to success and are all common traits of the world’s most successful entrepreneurs.
Look at creators like Steve Jobs, Bill Gates and Rupert Murdoch.
Fortunately for creative entrepreneurs, these skills come naturally to them and in abundant quantity.
Business, money, financial statements, routes to market, marketing plans and the psychology of success are key ingredients to success also.
The bigger and more successful a creative entrepreneur gets, the more able they are to ‘buy in’ business advice to complement their own skill sets. I undertake a lot of advisory work like this myself.
However at start up and growth phase, engaging consultants, advisors and Non Execs isn’t usually available as an option.
I wrote the Business of Creativity to assist startup and growth entrepreneurs in the Creative and Creative tech sectors to marry up. Their creative brilliance with easy to understand and digest business guidance and create a duel skill set.
For some creatives, business nous may come naturally, but for many it doesn’t. Without it, a creative entrepreneur is is not priming themselves for the success they rightly deserve.
The Business & IP Centre has lots of inspiration as well as business advice and support for anyone in the creative sector looking to start or grow their own business. Have a look at the latest workshops and events.
You can also apply for a special Ask an Expert session with Michael, running for one day only in May. Am exclusive one-to-one advice session, open to only 5 lucky people, Micheal can help you get to grips with the issues of running a business in the creative industries. Apply for your place beofre they all go!
Michael Jacobsen is an author, entertainment entrepreneur and angel investor. He sits on various Boards and acts as an advisor for Creative and Creative Tech companies in Britain and Europe.