Business Success for Creative and Cultural Entrepreneurs: Influences of Individual- and Firm-Related Factors on Revenue and Satisfaction

Cultural entrepreneurship is an ascendant research discipline but little is known about the drivers of cultural entrepreneurs' business success. This study applies findings from entrepreneurial success factor research to cultural and creative industries research in order to subject cultural entrepreneurs to analysis as a new population. The success factor literature is reviewed and hypotheses are formulated concerning business success. A success-as-a-dependent-variable model takes into account individual- and firm-related factors. Logistic regressions applied to a sample of 403 firms show that high satisfaction with one's economic situation is fostered by intrinsic as well as commercial motives, but debilitated by innovativeness. Contrarily, revenue is affected positively by innovativeness. This may be seen as a "satisfaction gap." Prior experience, internationalization, formal legal form and rural location also show positive effects on an entrepreneur's revenues. This implies that motivational factors are crucial for personal satisfaction, whereas business constitution and positioning are important for quantifiable business success.