How do you measure a business start-up’s success? While sharing his tips and personal experiences, Toni Attard, Founder and Director of Culture Venture and the speaker for this interactive and fun session, discussed the main points together with the interlinking characteristics on how passions and talents can be turned into a business for the creative sector.
A successful business start-up is based on different factors – the idea itself, the business model used, the team, the timing of it all, and the financial accessibility – these are all interlinked.
The idea of a Creative Entrepreneur in Business is firstly based on perspective. In other words, it is the way you view your project and sector. Do you consider your talent within the sector simply as a past-time or a hobby? Or, do you see yourself pursuing a career or heading a passion-based business?
Entrepreneurship is said to be an individuals’ capacity to identify an opportunity, pursue it, and produce an economic success or additional value. Applying this concept to creatives, it is the ability to turn their ideas, talents and passions into actions.
The key to this process is embedded in a creative’s mindset. Using creativity, inspiration, reinvention and innovation, and by taking risks, creatives have the necessary ingredients to transform and materialise their ideas into actions. Such actions and projects not only appeal to the current market and target audience but also address the market gap.
Toni used the Business Model Canvas, the SWOT Analysis as well as several factor diagrams which were key for understanding this overall concept and provided a wider consideration of personal, sociological, political and technological factors. In line with this, personal opportunities and potential challenges were also explored, which each creative could relate to on some level.
An important element that was mentioned during the session was the concept of Timing. Many creatives struggle to find the motivation and the right timing to pursue their dream and turn their passion into a business. If you are one of these creatives who struggle to find the right timing, this advice is for you. “Take a Leap of Fate”, says Toni Attard. “It will never be the right time”.
Yet, consider your benefits, challenges and possible risks. Is it currently too risky? Can you work with your current environment; or better, can you benefit from your current circumstances? Consider your environment and your surroundings and the right timing is bound to present itself as an opportunity.
Entrepreneurship for Creatives was organised in collaboration with the Arts Council Malta