Artists already think like entrepreneurs, now they need to act like them

SKIP TO CONTENT
Search

Artists already think like entrepreneurs, now they need to act like them

A new study has revealed surprising similarities in the psychology of artists and entrepreneurs, identifying characteristics that could help boost creative economies.

Published in entrepreneurship journal, Small Business Economics, the RMIT University study is the first to simultaneously identify the psychological characteristics of artists and entrepreneurs.

It found both groups exhibited higher self-perception of risk tolerance, creativity, openness to experience, and intrinsic motivation compared to other professionals.

Lead author, Dr Bronwyn Coate from RMIT’s School of Economics, Finance and Marketing, said the findings contributed important insights to the growing field of arts entrepreneurship that could be used to inform practice and policy in both arts and entrepreneurship.

“Understanding the psychological similarities between artists and entrepreneurs is important as with precarious employment and dwindling public funding to support the arts, artists need to embrace entrepreneurism more than ever,” she said.

Using a combination of behavioural tasks and psychometric tests, the researchers measured the prevalence of eight characteristics to identify psychological overlaps between the two groups.

Researchers measured personality, intrinsic motivation, risk preference, creativity, social value orientation, self-efficacy, overconfidence and inattention, hyperactivity and impulsivity.

They found three key features that consistently appeared in both groups: artists and entrepreneurs both exhibited higher self-reported risk preference, were more open to experience and had greater intrinsic motivation compared to other professionals.

Smart contracts would connect everyone along the supply chain on the same platform, with each contributor automatically receiving their share of revenue. Artists already have the entrepreneurial mindset to act as ‘artrepreneurs’ and combat economic uncertainty in the post-COVID world.

Coate said this made them uniquely placed to drive innovation and seek novel opportunities in adverse and uncertain circumstances that would be the new normal in the post-COVID economy.

Artists also scored higher in emotionality, openness to experience and creativity, and were significantly more pro-social compared to entrepreneurs.

This suggests many artists already operate as a distinct type of entrepreneur or ‘artrepreneur’ concerned with social and cultural outcomes rather than simply economic ones.

Entrepreneurs, on the other hand, scored higher in extraversion and self-efficacy than artists and had a higher proportion of individualists.

Coate said the findings made a strong case for further examining how artists and entrepreneurs interact with their economic environments as artists in particular could benefit from employing an entrepreneurial mindset.

“Identifying these ‘favourable’ attributes of human capital could assist in estimating artistic, entrepreneurial, and creative economy activity,” she said.

“Ultimately, it could be used to inform the design and implementation of stronger social and economic welfare policies for both artists and entrepreneurs.”

The paper, The economic psychology of creating and venturing: a comparative behavioural portrait of artists and entrepreneurs, is published by Springer in Small Business Economics (DOI:10.1007/s11187-020-00420-1).

 

Story: Grace Taylor

06 November 2020

Share

06 November 2020

Share

  • Research
  • Business
  • Arts and culture
Engage

Related News

Alumnus champions sustainable and inclusive growth

A passion for empowering vulnerable communities has fuelled Pham Nhat Nga’s successful career in communications over the past 14 years.

Why Google is now funnelling millions into media outlets, as Facebook pulls news for Australia

As Facebook pulls Australian news content from its platform, Google is funnelling millions into media outlets. Dr James Meese explains.

Abstract colourful grid surrounded by glowing particles

Training the next generation of innovative leaders in business and digital transformation: EINST4INE project launch

A new research and innovation project funded by the European Union’s Horizon 2020 Marie Skłodowska-Curie grant scheme is on the search for budding doctoral researchers ready to embrace the fundamental challenges of future industrial systems.

5 tips to figure out if a tech company on the stock market is an ethical investment

Historically, tech stocks have dominated global stock markets. Despite the pandemic, many continue to grow at a remarkable rate.

Show more
Subscribe to RMIT NewsSubscribe
aboriginal flag
torres strait flag

Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business. - Artwork created by Louisa Bloomer

More information