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Creative entrepreneurship, a seemingly contradictory term, is a unique and extraordinary combination of skills. The balance of business and creativity isn't just a collection of skills—it's a superpower that can set someone apart in the business world.
CEO of Airbnb Brian Chesky once asked, “Of the 500 companies in the Fortune 500, how many are (led by) creative people?” He takes this question even further, asking how many creators exist on those governing boards. Chesky noted that he may be one of the only Fortune 500 CEOs who is a designer by trade, having studied industrial design at the Rhode Island School of Design.
His creative edge, honed through his design background, shapes how he runs the $88 billion global home-sharing enterprise. Chesky sees himself as a designer, not a businessman, and this identity informs how he shapes his company to value good design and experiences above all else.
The creators think otherwise. Entrepreneurs are resiliently efficient. Hiring entrepreneurial creativityyou embed creativity into the DNA of your organization and unlock a world of measurable advantages that drive innovation and growth. Here's what you need to know about these secret superheroes, their impact on your bottom line, and how to use their combined powers.
Digging into the dichotomy: the creator and the entrepreneur
On the one hand, creatives are often seen as free-spirited dreamers or visionary artists who challenge norms – judged by their ability to tell stories and evoke emotions through their work. On the other hand, entrepreneurs are often presented as strong and fast or highly competitive leaders who focus on the bottom line. They are judged by their ability to deliver returns to investors or grow the business at all costs.
The archetypes of the creator and the entrepreneur seem like opposites. But when an organization hires leaders who excel at both creativity and entrepreneurship, new layers of empathy and effectiveness are unlocked.
Related: How to use entrepreneurial creativity for innovation
Creativity and completion
or STUDY from global management consulting firm McKinsey & Company established a quantitative measure of creativity to examine the relationship between creativity and business performance. The results of this study showed that “creativity is closely related to superior business performance” – specifically, better financial performance, innovation and growth.
Of the companies that ranked in the top quartile for creativity—as measured by the amount, breadth, and frequency of prestigious awards won over a 15-year period—67% of the top-ranked companies for creativity had above-average growth organic revenue, and 70% of those quantitatively creative companies had above-average total returns to shareholders.
Further, the study found that “creativity is at the heart of business innovation and innovation is the engine of growth,” supporting the idea that creativity and business growth are powerful dynamics that complement each other well.
The person or organization that possesses both is unstoppable. So how do you bring creativity into your business? By hiring creative people.
Related: 5 secrets to building your own super team of freelancers – and how to keep them
The best of both worlds: The strengths of creative entrepreneurs
Creative entrepreneurs are part cloud, part numbers. we offer visionary leadership and have an uncanny ability to (quite literally) dream up an outcome. We are also adept at solving problems, have the business sense to make practical and actionable decisions and embrace systems and frameworks to execute the larger vision.
After a successful creative career in advertising agencies and working on the branding side, I can attest to how my business skills, knowledge and confidence expanded asymmetrically when I explored entrepreneurship. I started an e-commerce business that evolved into a premium direct-to-consumer candle brand, now expanding into retail in domestic and international markets.
Week after week, I go from curating mood boards, to drafting brand guidelinesdesigning advertising campaigns and writing clever email subject lines, scripts or long forms CONTENT parts to cross-check costs and profit margins, reviewing trend forecasting reports and researching customs regulations to ensure compliance with product export rules.
My creative mind is constantly being challenged, and in the process, I've honed, shaped and strengthened my business mind. These are the kind of “combined powers” you only hear about in action movies, but they're certainly within reach of any creator looking to evolve their professional experience.
It is equally beneficial for businesses to discover these hidden superheroes. When creative people are rooted in business, it provides a complete picture of both worlds, making the creative work and the company more impactful, innovative and profitable without a doubt.
3 advantages of the hybrid creative and business mind
For companies interested in embedding innovation and creativity in their culture, process and organization, here are three ways the hybrid creative and business mindset is useful:
- Increase sensitivity: A hybrid creative and business mindset fosters a deeper understanding of your or your end customer's needs and the creative team's challenges, enabling more empathetic decision-making that will resonate with all stakeholders.
- Improve efficiency: With the mixture creative problem solving with business acumen, this joined-up mindset drives processes, reduces bottlenecks, embraces failure, and encourages innovative solutions that improve productivity and profitability.
- Better collaboration between departments: This hybrid mindset bridges the gap between creative and operational teams, fostering a common language and mutual respect that can lead to more cohesive and effective collaboration across your organization.
Bringing creativity to business
There is no shortage of team exercises and techniques to help C-suite executives increase creativity within their organizations. But you can't work your way into becoming more creative.
Creativity must exist within the heart of your employment and the soul of your organization. It is not just a nice thing, but a necessity to be nourished NEW and driving growth in today's competitive business landscape.
When you hire and induct creative people into senior leadership and executive roles—and let them exercise their creativity—you give yourself the unfair advantage of embedding creativity in your business's DNA, which has proven to drive innovation and above-average revenue growth and returns. But you must be forward-thinking enough to seize this chance with creative leadership.