Business•September 3, 2023
Creative enterprise and socially responsible business is taking center stage in today’s economy. It is no longer enough only to serve primary company stakeholders with for-profit business models. Companies must adapt and better serve their customers, communities, and society.
Founders regularly mix unique ideas with business sense, whether it be the performing arts, design, fashion, or digital creation. This article discusses creative enterprise as a business type and a corresponding mindset.
A creative enterprise is an entity that originates from individual creativity, skill, and talent. This type of business has the potential for job and wealth creation through the generation and exploitation of intellectual property.
Creative enterprises are involved in creating, producing, and distributing innovative goods and services. They often use various forms of original and proprietary information and property.
Innovators and changemakers own and operate arts-driven businesses. The for-profit-only business model no longer applies. These social leaders want to build sustainable and equitable companies that benefit many stakeholders.
A creative enterprise can take on numerous forms. They include:
Creative businesses provide significant benefits to their internal and external stakeholders. With a typically narrower focus, leaders can quickly identify, address, and exploit ever-changing technologies and market conditions. The following are examples of benefits creative companies provide.
Creative solutions can help businesses identify potential areas for improvement, leading to greater efficiencies. Creative problem-solving skills can also help employees find more ways to complete tasks or projects, resulting in newfound productivity.
Creativity fosters collaboration and innovation among team members. This cooperation contributes to long-term growth.
Creative businesses generally have a more open and positive communication culture, helping improve employee morale and the overall work environment.
These companies create memorable customer experiences and differentiate themselves from competitors, enhancing profitability.
Creativity can benefit external operations by generating innovative marketing strategies, building strong partnerships, and identifying new growth areas.
Creative enterprise is also a mindset. These businesses are inherently social entrepreneurship and usually lead to close team members, community, industry, and business-customer relationships and experiences. Leaders in this space typically work towards being responsible corporate citizens within the communities and industries they serve.
Those with a creative enterprise mindset often support each other; communities also rally behind these creators. Creative enterprise finds a niche within a passion and brings enhanced products or services to the marketplace. It also identifies and tactfully exploits market gaps, sometimes bringing innovations to older concepts or products.
Creativity, innovation, and imagination spur the creative enterprise mindset and resultant businesses. Meridian University’s MBA in Creative Enterprise provides a traditional core business education and cutting-edge concepts such as whole-person and whole-systems competencies development. This MBA program is part of a third wave of business education that creates leaders for today’s ever-evolving, emerging economy.