Key Factors for the Success of Cultural and Creative Companies: Business Model, Individual Factors, the Broader Entrepreneurial Ecosystem and Their Interaction
Year: 2025
Type: article
Abstract: This study focuses on three key factors for the success of cultural and creative industries (CCI) firms: business models, individual traits and entrepreneurial ecosystems, and their interactions. Based on existing literature and corresponding analysis, the findings suggest that a reasonable business model is conducive to enterprise resource integration, value creation and risk diversification. Meanwhile, personal characteristics based on the five-factor model affect entrepreneurs' decision-making, behavior and innovation, and thus are closely related to the performance of cultural and creative enterprises. And a sound entrepreneurial ecosystem supports the success of cultural and creative enterprises through policies, funds, knowledge and talent networks, and so on. The interaction of business model, individual traits and entrepreneurial ecosystem is not a simple linear relationship, but dynamic, multi-dimensional and mutually shaping. Entrepreneurs' personal characteristics drive the establishment and evolution of business models; different business models further affect entrepreneurs' behavior patterns and decision-making orientation; a good entrepreneurial ecosystem provides external resources and environment for business models, contributing to the sustainable development of CCIs.
Author: Linke Yao
Institution: University of Hong Kong
Language: English
Subfield: Urban Studies
Field: Social Sciences
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4410619685