Define and discuss the role of Entrepreneurs in the creative industries’ management in the 21st century.’

Role of Entrepreneurs in Creative Industry in the 21st Century
Creative industries have evolved in the 21st century from their old areas such as art and craft, theatre, and designer fashion to the modern and vibrant areas such a digital media communication and software development. In this evolution, entrepreneurs have played significant roles both in addressing the existing challenges and transition of arts into new forms. Entrepreneurs in creative industries refer to the individuals who identify or create opportunities for providing the cultural experience, services, and products for profits. As a result of changes, creative industries have acquired and promoted new definitions of cultural economic, creativity, and intellectual property. In its purpose, this study investigates the key role entrepreneurs have played in the industry to restore its aspects of relevance, productivity, and growth. The key role of entrepreneurs lies in their ability to mobilize funding, ally with support agencies and influence the government policies for increased relevance and growth of the creative industry.
Since the beginning of creative arts in the 21st century, entrepreneurs have remained the source of finances and major planning. Protogerou, Caloghirou, and Marko (2016) note that access to finances remains a challenge in creative industries. In most times, even the grants or loans from individuals come attached to strict terms thus increasing the risks for artists. Sometimes financial institutions end up delaying the decision to fund these industries (Protogerou, Caloghirou & Mark, 2016) and this leaves entrepreneurs in a position to find ways to finance their businesses from personal saving accounts, relatives’ contributions, and even soft loans.

Most of the businesses operating in these industries, including those trading with the community’s cultural resources are financed from personal intervention.
Another role that has befallen entrepreneurs is that of approaching support agencies that can revitalize the sector through funding, marketing, and policy formulation. Unlike in other industries where the consumers of products and services are easily reachable, creative industries except the film and music sectors face market problems. One reason is that finding and accessing the appropriate market for specific artistic or cultural industry is never easy. For this reason, entrepreneurs have a responsibility to find an ally with agencies to make their work visible to local and global consumers for profitability and growth (Rivetti & Migliaccio, 2015). In essence, a creative agency refers to the individuals and companies that can offer a combination of strategy, design, equipment, technology, and advertising services to the artists (The Drum, 2017). Even though there are many agencies, finding the best based on values, effectiveness, and ability to respond to the changing industry and artist needs can be challenging as well.
Finally, entrepreneurs in the creative industry have played a critical role in challenging the governments and institutions that have for a long time subjected the industry and its players to rigid and tradition classifications. Wagner (2011) has explained in his review that these entities tend to influence funding and the marketing of arts in some ways that discourage the productivity of the industry through policy formulation and enforcement. According to Wagner (2011), one effect of this is “uneven fault between the funding and funded” (p.1), and this frustrates the entrepreneurs and support agencies. One way entrepreneurs can challenge the government is being compliant to the existing regulations while at the same time keeping a healthy relationship critical to the formulation of new friendly policies and amendment of the old ones.
Entrepreneurs have a critical role in enabling funding of creative projects, finding support from agencies, and convincing the government to develop friendly policies. For this reason, they are pillars of the industry not only in the production of art and cultural products but also in their marketing. Therefore, there is a need for continuous learning as an entrepreneur to accommodate the changes such as in technology and lifestyle aspects of arts. Consequently, the industry will improve for productivity and profitability of the hardworking artists and agencies.
References
Protogerou, A., Caloghirou, Y., & Markou, F. (2016). Entrepreneurial Ventures in the Creative Industries: a Case Study Approach. Laboratory of Industrial and Energy Economics, 4(1), 1-29.
Rivetti, F. and Migliaccio, M. (2015). Entrepreneurship in creative industries: a case of theater from Italy, Entrepreneurship and Sustainability Issues 3(1): 40-46. .DOI: http://dx.doi.org/10.9770/jesi.2015.3.1 (3)
The Drum. (2017). What role will creative agencies play in a rapidly changing industry? Retrieved from https://www.thedrum.com/news/2017/07/19/what-role-will-creative-agencies-play-rapidly-changing-industry
Wagner, L. (2011) “Entrepreneurship in the Creative Industries: An International Perspective,” New England Journal of Entrepreneurship: Vol. 14: No. 1, Article 9