Balance

Success in the practice of arts entrepreneurship requires finding the balance between artistic and business demands.

Timing

Execution of courses of action needs to be at a proper time that is suitable to customer and market needs, policies and competitive pressures.

Value

Art is valued in different criteria. It is important for artist entrepreneurs to fully understand their value proposition and build on areas where they can best connect with consumers who will most appreciate their vision and voice to optimize profitability.

Knowledge

A keen understanding of the operational environment is important. Artist entrepreneurs need to be aware of trends, customer expectations, competitive terrain, and even the usage of technology to accelerate their business.

Depth

A shallow understanding of business concepts is not enough for an artist to be commercially successful. Deep knowledge of concepts relating to marketing, financial matters, networks, and effective management is important.

Socialization

Networking and relationship building is critical for arts enterprises. Development of a strong rapport with various stakeholders will have aid the artistic enterprise.

Technology

Several arts ventures have leveraged technology effectively to boost sales and improve business efficiency. Investment in technology and carefully planning its utilization in the enterprise can yield positive results.

Adaptability

The very nature of art is grounded on change and evolution. Consumer tastes and preferences change, policies that support the arts fluctuate, and social and technological climates shift. Therefore arts enterprises need to be able to change quickly with the times.

Partnering

Some arts enterprises have grown their business by working with the right strategic partner. Finding like-minded firms where synergies can be built can be beneficial.

Growth

Artists entrepreneurs need to make a serious effort to grow. Given the competitive and evolving nature of the business, planning for and pursuing a definitive pathway toward self-betterment is essential.

Balance

What are my current artistic interests and demands? What are pressing business needs? What are priorities? What do I need to do to find the right balance? What resources will I need to make this happen?

Timing

What are the current needs of my customers? What are the current demands of the market? In what ways are my competitors superior to me? What are current policies and programs available that I can utilize? How do I respond to customer and market needs and competitive pressures in a timely manner? What do I need to make this happen? When do I make this happen?

Value

What is the value proposition of my business? Do my employees, partners, customers and other stakeholders know this? Does my value proposition translate to profitability? Why or why not? What needs to change? What do I need to make the changes?

Knowledge

Do I thoroughly understand my operating business environment? What are the current trends? What are customer expectations? How is the political and economic environment influencing the arts industry? How is technology changing my business? How are trends and customers changing my business? What does the competitive terrain look like? Who are my toughest competitors and why?

Depth

How well do I know business concepts (i.e., marketing, accounting, finance, management)? With which aspects of business am I strong? Where am I weak? What changes need to take place? What areas do I need to learn more about? What skill sets do I need to hire in my organization? What would it take to make this happen? What would it cost to make this happen? When does this need to happen?

Socialization

On a scale of 1–10, how would I rate my networking ability (1-lowest, 10 highest)? Why? Is this adequate for the business? On a scale of 1-10, how would I rate my relationship building ability (1-lowest, 10 highest)? Why? How has this impacted my business? How would I rate my organization in both areas? What needs to change and how? What would it take? What is my relationship like with other stakeholders (i.e., community, board, investors)? How can this be improved?

Technology

On a scale of 1-10, how effective is technology in my business (1-lowest, 10-highest)? Why? What can be done better? What resources do I need to optimize performance?

Adaptability

On a scale of 1-10, how adaptable is my organization (1-lowest, 10-highest)? Why? What changes need to happen? How can these changes be made and by when? What changes or shifts in policy can be anticipated? How can those be mitigated should they come to pass? Should I restructure my organization? How?

Partnering

What types of other ventures or firms might offer synergy with my business? Would partnering with them provide unique opportunities to strengthen my value proposition? compete better? improve profitability or financial self-sufficiency? How can these partnerships be structured? What are the cost and resource implications?

Growth

With regard to personal development, which areas need the most attention? Where do I need to grow? How do I execute these growth plans? How much would it cost? When does this need to happen and why? What are the strengths, weaknesses, opportunities, and threats relating to my enterprise? Considering these, what changes can I make that would have the most significant impact on my business and profitability? Which of these should be priorities? Where does the organization need grow?

Balance

(1)Assess current artistic interests.

(2)Assess current business needs.

(3)List and evaluate priorities.

(4)Create a plan of action.

(5)Identify timeline and resources needed to implement plan.

(6)Implement plan.

(7)Review, evaluate and revise plan as needed.

Timing

(1)Evaluate current interests, passions, curiosities.

(2)Conduct research and identify needs and patterns of customers.

(3)Conduct research and identify needs of market.

(4)Conduct competition research and analysis.

(5)Develop a plan of action based on the nexus of self-reflection and findings of customers, market, and competition.

(6)Identify resources needed and timing of implementation.

(7)Implement plan with consideration placed on timing and impact.

(8)Review, evaluate and revise plan as needed.

Value

(1)Arrange a series organizational meetings directed at identifying the value proposition of the artistic venture.

(2)Validate meeting discussions with research.

(3)Designate a team to examine and evaluate the financial implications of your company’s value proposition.

(4)Develop a plan of action to optimize value proposition with regards to the appropriate customer segments.

(5)Implement plan with priority placed on its impact on profitability.

(6)R eview, evaluate and revise plan as needed based on business results.

Knowledge

(1)Utilize an internal or external advisory team to conduct research on your industry (i.e., trends, customer expectations, competition, technology).

(2)Design strategies for customer discovery (understanding the needs, desires, and goals of customers, clients, audiences, etc.).

(3)Discuss findings with the management or advisory team and assess business impact.

(4)Develop a plan of action to translate gained knowledge to improvement.

(5)Implement a plan of action to optimize knowledge gathering and analysis.

(6)Review, evaluate and revise plan as needed.

Depth

(1)Assess your personal competencies in business (i.e., marketing, accounting, finance, and management). Identify your strengths and weaknesses.

(2)Assess your advisory team’s competencies in business (i.e., marketing, accounting, finance, and management). Identify strengths and weaknesses.

(3)Evaluate your venture’s overall business competence within its artistic context.

(4)Develop a plan of action that builds on strengths and addresses weaknesses. The creation of a Skills Development Plan and/or a talent or partner acquisition plan would be helpful.

(5)Implement the plan noting when a pivot is needed.

(6)Review, evaluate and revise plan as needed.

Socialization

(1)Assess your personal networking and relationship building ability.

(2)Assess your venture’s networking and relationship building ability.

(3)Evaluate strengths and weaknesses.

(4)Develop a plan for improvement.

(5)Implement the plan noting when pivoting is necessary.

(6)Review, evaluate and revise plan as needed.

Technology

(1)Assess your personal technology competencies.

(2)Assess available technology competencies and channels in use by customers and partners.

(3)Evaluate strengths and weaknesses.

(4)Develop a plan for improvement considering resources needed and timing.

(5)Implement the plan noting when pivoting is necessary.

(6)Review, evaluate and revise plan as needed.

Adaptability

(1)Assess your venture’s level of adaptability.

(2)Examine performance of competitors.

(3)Identify best practices of industry stars.

(4)Identify areas where changes can be made in your business.

(5)Develop a plan of action considering resources needed and timing.

(6)Implement the plan noting when pivoting is necessary.

(7)Review, evaluate and revise plan as needed.

Partnering

(1)Identify areas in your business that can benefit from strategic partnering.

(2)Create a list of potential partners and evaluate derived advantages.

(3)Identify a short list of the best potential partners.

(4)Develop a strategic partnership plan including viable structures, resources needed, and timing of implementation.

(5)Implement the plan noting when pivoting is necessary.

(6)Review, evaluate and revise plan as needed.

Growth

(1)Conduct a SWOT analysis of your enterprise.

(2)Conduct a SW OT analysis of your industry including policies that impact that industry.

(3)Identify changes that need to be made to best respond to competitive threats and capture emerging opportunities.

1.Prioritize planned changes.

2.Create an Growth Plan considering personal and organizational needs.

3.Weigh in cost and resource considerations as well as timing.

4.Create a series of small market tests you can do for minimal cost that can inform your Growth Plan.

5.Use results obtained with the small market tests to either support or refute the assumptions on which you built your plan.

6.Revise and implement the plan to scale. Pivoting may be minimal if you have done a thorough job of creating market tests that are particularly relevant.

7.Review, evaluate and revise plan as needed.