Innovative Management Practices in the Creative Industries: An Analytical Study

Abstract

Paradoxes exist in the creative industries because there are incompatible tensions between marketplaces and the arts. To generate innovation, entrepreneurs must strike and keep that balance between the two sides. In the framework of creative entrepreneurial enterprises, the study examines the connection between a founder's commercial and creative orientations and their impact on innovation. It also offers suggestions for how inventive agents might harness and manage their inventions following their creative visions. The procedures and procedures of the founder's initiative are significantly influenced by factors at the level of the individual, such as their business or creative tendencies. In the setting of a dynamic financial environment and an ongoing struggle for market survival, innovation transforms into an essential component of the company's growth and development. Particularly, it constantly yields novel approaches, fresh ideas, and innovative business methods. Every modern business's capacity to transform its sector reflects its core competitive advantage. Innovation-based operations are crucial for fostering prosperity and creating and preserving competitive advantage.  All of the company's functional departments, not just the R&D, marketing, and production teams, must collaborate on innovations at the same time.