THE PROCESS OF CULTURAL ENTREPRENEURSHIP: A LITERATURE REVIEW

Abstract

This paper conducts a comprehensive review of literature on entrepreneurship in cultural and creative sectors. The cultural entrepreneur is progressively becoming a major figure in contemporary cultural processes, with the ability to meet market and audience needs, fill developing commercial gaps, and contribute to the revitalization of towns and regions. Cultural entrepreneurship can be defined as an entrepreneurial process that uses components of culture as a medium to achieve specific entrepreneurial goals while also promoting the culture as a whole, which helps the region's socioeconomic growth. Art, handloom, handicraft, language, literature, and performing arts such as dance, music, and theatre are examples of this potent cultural media. For cultural entrepreneurs, networking and relationship development are key factors, and it is one of their entrepreneurial responsibilities. However, it is important to recognize that overcoming significant difficulties consumes a significant amount of resources, particularly in terms of social capital intake. This study demonstrates that investing more effort into building relationships and contacts does not always result in success, and in some cases, it might even be harmful. Effective communication channels between government departments are necessary for the successful implementation of cultural entrepreneurship.