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7 suggestions for aspiring inventive entrepreneurs

Here are seven tips to help a creativity-based entrepreneur set and achieve achievable goals.

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13, 2020

5 min read

The opinions expressed by the entrepreneur's contributors are their own.

In many ways, becoming a successful creator is easier than ever. Thanks to social media and online platforms, ideas can potentially go viral. As an entrepreneur, you can create an amazing life for yourself. However, you may have to turn your back on the superstar and move him to monetization, which makes you happy. Realistic expectations and clear, achievable goals go a long way towards paving the way for your future.

1. Find a niche

To make a profit, you need to find a consumer base that you can serve. The easy way to find a customer base is to look at the problems they encounter and find a solution to them. Once you find a solution, you can easily generate income by solving these problems for others. Every market is competitive in some way. You bypass the competition by being creative, niche, and space for yourself. Follow these tips and your path to becoming a successful creator or artist will be far less daunting.

Related: 14 Things Nobody Told You About Creativity

2. Work with others

There are so many companies involved in the arts that you can get involved to fund your creative efforts while helping others. Note that your company can be both B2B (business-to-business) and B2C (business-to-consumer). Networking is critical. If you are an introvert, you may struggle with this. Through your work, create a business environment and authority for people to come to you when they can, and actively seek ways to refer your company to someone you want to work with.

3. Motivation

Staying motivated as an artist can be difficult. With many business coaches and entrepreneurs, you feel guilty when you feel burned out. They say "your passion and your problems should drive you" but that is often unrealistic. Creating an unsustainable amount of work for yourself to wager on a dream can potentially have a negative impact on your sanity. Pace yourself and know when to take a break.

4. Self-financing

Start where you are with what you have. In the beginning it is important to have a "day job" so that you have the resources to fund your creative endeavors. The easiest way to get entry money is to save some of the money you make from your day job and / or reinvest the money you make from your small creative business. Whether you are freelancing or selling your art / product, you should reinvest your profits to grow!

Related: 9 Ways To Rewire Your Brain For Creativity

5. Get investments

Knowing that an investor never hurts, but there is still a lot to do before turning to any type of lender. You need a proof of concept and a solid business plan to illustrate how the investor will generate a return. In the beginning it's easier to start small. Crowdfunding is an amazing tool that can certainly boost a lot of creative businesses. However, it's up to you to get people to literally get involved with your idea. Is the idea correct? Is your product worth the investment? Do you have the support of enough people who care about YOU to finance your dream? Crowdfunding only works when you have an amazing product, solution, or personality / story.

6. Stay on course

Are you struggling to stay on track? Create lists. Create schedules. Find responsible partners, mentors and masterminds to support you. Create situations where others will blame you for creating it. This way you push yourself to meet deadlines. Building a community around you and running your business is a key to success. Not only will this keep you motivated, but it will also create an environment where everyone is pushing for innovation.

7. Consider your options

Be honest with yourself about your strengths and weaknesses. Ask someone you trust to be honest with you for an outside perspective. When you're in the middle of a creative storm, it can be difficult to be objective with your work.

Related Topics: 5 Ways To Boost Your Employee Creativity

When things are not going the way you want them to, consider a "pivot point". Don't quit, take stock of what works and what doesn't. Investors often apply the so-called "law of asymmetrical return" or "asymmetrical payout". In general, it is a risk management tool referred to when the potential payback on an investment over a period of time is greater than the impact of the risk. If the potential payout of a big win is significantly higher than the cost of accumulated small losses, then it's an investment worth considering.

Being a creative entrepreneur is a calling and is not recommended for anyone looking to get an instant return on their investment. If this is the path you choose, be ready to stick with it for the long term. If you have a solid idea with great upside potential and can stay in the game long enough, you will eventually win. The aim is to be informed and to spread this risk across products and services as well as to know when things need to be mixed up.

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