The synergy between creativity and business acumen is more crucial than ever. Often, creative individuals and liberal arts majors find themselves immersed in the expressive realms of art, literature, or design, neglecting the practicalities of business
The synergy between creativity and business acumen is more crucial than ever. Often, creative individuals and liberal arts majors find themselves immersed in the expressive realms of art, literature, or design, neglecting the practicalities of business.
However, integrating business principles into the skill set of a creative mind can unlock a world of opportunities, teaching you how to start your own creative business, and ensuring sustainable success and broader impact.We spoke with Adam Collis, professor of practice at Thunderbird School of Global Management and program director of the Sidney Poitier New American Film School at Arizona State University’s Herberger Institute for Design and the Arts, on the importance of creative people gaining business principles.
“When it came to creative matters, such as where to put a camera, what the color palette of the movie should be … those sorts of creative things were just so intuitive to me,” he said.
“But aspects related more to business acumen, such as organizational dynamics, interpersonal professional dynamics, politics, and diplomacy, I just had no familiarity with. And I really was over my head.”
He stated that the lack of business knowledge was a drawback.
“I knew the craft and the art of it, but I didn’t know how to advance my career,” he said.
Collis earned his MBA at UCLA.
“When you go to business school, there are some really simple concepts you learn that, if you're just a creative, you would have never learned,” he said.
The following are some of the business principles that can benefit the careers of creative people.
Financial literacy, diversification of income streams, resource management, and negotiation skills are among the things needed for business success.
Also read: Why creativity is important for success in business
This also covers areas such as production costs, market demand, and the perceived value of creations.
Collis stated that he had never been taught about value propositions.
“It sounded almost a little untoward,” he said. “But when it was taught to me that a value proposition simply is the value set that the person you're negotiating with will take away from this interaction, it started to make sense. Doesn't everybody need a value proposition when trying to advance anything?”
This knowledge ensures that artists, writers, and designers can protect their creations and negotiate fair deals.
“For a creative person to be able to learn those various business practices, to then be able to be taught how to think strategically and bring those practices into a unified strategy,” Collis said, “that gives them a huge advantage over the many creatives that just don't think in that way and do not have access to those practices.”
Also read: Belonging is fuel for collaboration and creativity: Susie Wise
Also look into local workshops and professional development seminars to get comfortable with other business practices.
Collaborative projects provide valuable insights into the intersection of creativity and commerce, fostering a holistic understanding of the industry.
Find mentors in professional organizations or mentorship platforms connected to relevant groups.
Subscribe to industry publications, attend webinars and panels, and read business books on entrepreneurship, marketing, and leadership to continue the growth.
[This article has been reproduced with permission from Knowledge Network, the online thought leadership platform for Thunderbird School of Global Management https://thunderbird.asu.edu/knowledge-network/]