For the success of any creative industry and economy certain factors are very important. They are personal factors, cultural factors, economic factors and social factors
Creativity is one of the essential qualities of successful entrepreneur. Creativity refers to doing something in a different way or introducing some new ideas. It is a unique quality of some individuals. "Creativity is defined as the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others." (Franken).
Creative industry is nothing but the industry that involves some kind of creativity. Creative industries include advertising, music, crafts, art, design, computer software, television, video games, radio, publishing industry, copy writingetc.
Creative economy refers to that economy generated and sustained by all the creative industries put together. Creative economy contributes much to the economic development of any country. There is very little chance of the creative industries becoming irrelevant or going out of fashion. Creative industry is an economic sector which is one of the major contributors of national income of most countries. There are millions of people working in the creative industries and it can safely assumed that there will be high increase in the employment opportunities in these industries in coming years. 5% of the GNP in European Union countries is contributed by creative industry. Its growth rate is also very high. (Working papers series: crating industries in Vienna: development, dynamics and potentials 200