We always hear about innovation and creativity being critical for small business success. However, in “Why Creativity Can Be a Curse for Entrepreneurs,” Carol’s recent post on the Bank of America Small Business Community, she shares the challenges creatives can face in their businesses. Carol begins:
Over the course of a long career advising and strategizing with entrepreneurs, I have noticed a trend, particularly amongst those driven by creativity and passion. For these creative types, it is that their biggest strength – the incredible creativity that sets them apart and drives them to pursue an opportunity – is often their biggest weakness in business.
I have gone deep with the owners of some of the coolest and most interesting business concepts around – the type of entrepreneurs who are doing phenomenal, creative and impactful things with their businesses. From the outside, it looks like they have a veritable goldmine. They are the businesses others look at and go, “why didn’t I think of that?”
However, as I get to peek behind the curtains (i.e., look at their financial statements), many of these “innovative ideas” are not being executed in a way that makes the entrepreneur enough profit to get by. Some aren’t making any profits at all.
High-touch vs. Systems
For many of the high-touch or creative businesses, the uniqueness that sets them apart is what keeps them from reaching the next level or even turning a profit. Instead of being focused on creating something that is perhaps slightly less unique, but scalable and repeatable, the entrepreneur is married to the complexity. They feel it would compromise their vision to streamline what they are doing. Often, that is at the expense of making money.
You can read the rest of the post here.