Entrepreneurship can be hard. Being a creative entrepreneur can be even harder. Why? We're always focused on the big vision, and the long-term goal, getting distracted with new projects and ideas. Of course, not every creative entrepreneur is like this. But it got me thinking: Is creativity the key to entrepreneurial success, or can it become a distraction? As someone who is constantly working on new projects (most recently Sersha), I've seen creativity celebrated and the source of innovation and criticised for potentially derailing focus. While a part of me agrees with this, I think it's important to look at both sides of the coin.
Creativity as the Key to Success
Creativity is often hailed as the lifeblood of entrepreneurship.
It's the spark that ignites innovation, leading to groundbreaking ideas, products and services. Take Steve Jobs, for instance. His creative vision made Apple a tech giant, setting new standards for creativity in business, and changing the face of the world as we know it. Take a look at Walt Disney. His endless creativity led to the creation of iconic characters and groundbreaking entertainment experiences. Disney's vision didn't just build a multimedia empire; it transformed the entertainment industry. These examples are 2 in a billion, but they lead a good example of how creativity is the key to success.
Studies back the importance of creativity. According to a report by Harvard Business Review, companies with a strong emphasis on creative thinking are more likely to experience high growth rates. Creative entrepreneurs like myself can identify unique opportunities, solve problems in novel ways, and differentiate their offerings in a crowded market—which is crucial for carving out a niche and implementing a plan.
Alongside this, entrepreneurs who think creatively are better equipped to pivot to changing circumstances, which is an incredible skill in today's market. During the COVID-19 pandemic, for example, many businesses had to quickly reinvent their business models.
Rick Rubin, a legendary music producer known for his creative genius, emphasizes that “creativity is about letting go of all preconceived notions and trusting your instincts.” His thought process highlights that embracing creativity can lead to unexpected and groundbreaking results. Rubin's philosophy on creativity, detailed in his book The Creative Act: A Way of Being, outlines the importance of creative thinking and if you haven't read it, you're in for a treat!
Creativity as a Potential Distraction
With all the positivity, creativity can also be a double-edged sword. While I love being creative and bringing new concepts to the world, it can sometimes be a distraction and can lead to a lack of focus. (This is me, and not every entrepreneur!)
A study by the Journal of Business Venturing highlights this risk. It found that while creativity is important, entrepreneurs who balance creativity with disciplined execution are more likely to succeed. This is why discipline and organisation are some of the most important tasks to execute throughout my working week. This means keeping to my habits of clean eating and exercising, setting boundaries and giving myself time for activities and social events outside of work. I've been in a position before where my creativity was boundless but without the organisation and management, it's easy to waste resources and time.
Additionally, the entrepreneurial journey often involves mundane, repetitive tasks that are far from creative. From managing finances to meetings, these tasks are crucial for the business's survival but can feel like such a chore sometimes! However, it's needed for the business to survive.
Finding the Balance
Is creativity the key to entrepreneurial success or a distraction? The answer lies in balance. Creativity should be harnessed as a powerful tool for innovation but needs to be balanced with strategic planning and disciplined execution. I find that over time I am more successful in my overall life when I incorporate that balance.
Practical Tips for Entrepreneurs:
Set Clear Goals
Prioritize Execution: Make decisions and execute fast. I find that procrastination will kick in otherwise.
Embrace Constraints. (Remember there is no box)
Collaborate with others who can compliment your skill sets.
Stay Adaptable and pivot.
Get a business coach that will hold you accountable (This has been the biggest game changer for me!)