By Benjamin Watson
A nice way to look at making creative entrepreneurship profitable is through a simple gap analysis – connecting what people want with what they are given. Aim to find something people are searching for which doesn’t already exist and pair up with a company who has the ability to implement the idea.
Turning an idea into a profitable business
One of the main points creative entrepreneurs struggle with is turning an ‘idea’ into a profitable business. Creative minds are brilliant at conceiving and expressing concepts which have the potential to shift thinking and transform markets, though often the missing link is the strategic or business mind to implement profit-generating strategies.
We have seen a rise over the past years in what has been termed ‘Betapreneurs’ (Beta – iteratively adapting and constantly changing). Instead of placing all energy into a single project, Betapreneurs spread their skills over multiple platforms and initiatives – some of which grow, some of which fail. The concept of working in Beta allows for more flexibility and less overheads when starting and continuing on with new ventures.
As opposed to the traditional model of finding venture capitalists to invest large amounts of money into a single project or initiative, Betapreneurship allows many small projects to be started in tandem for a low cost and within a short timeframe. This results in less risk for both the creative and the investor, and more ideas and initiatives getting to a point where they can be tried and tested in the marketplace. This is a trend which will continue to grow, especially as financial markets remain volatile and investment budgets difficult to capture.
A nice way to look at making creative entrepreneurship profitable is through a simple gap analysis – connecting what people want with what they are given. Aim to find something people are searching for which doesn’t already exist and pair up with a company who has the ability to implement the idea. Or take insights from ethnographic research to provide people with something they didn’t know they wanted!
It sounds fairly straightforward – give people something they want or provide people with something they didn’t know they needed. Yes and no. Management consultants and advertising agencies work round the clock to come up with solutions to these problems – it’s a multi-million dollar industry. One thing they are missing though, and constantly searching for is that on-the-ground insight. Not based on ‘user research’, but based on real, understood experiences. Trend agencies and guerrilla marketing companies fill part of this gap, but opportunities for young creative and cultural entrepreneurs are greater as they ARE the target group. They are where these new insights are found!
Being the connecter between people and product
Advice for the upcoming creative and cultural entrepreneur – find a strategic or business partner. Grow your projects in Beta. And always try to envisage new initiatives from the perspective of being the connecter between people and product. You may know something the larger companies don’t. You may understand a perspective other people don’t see. Take these insights and turn them into concepts – provided there is a demand and you have a partner to supply, a good idea will move, transform and continue to grow.