





































 

VOL. 11, NO. 2 
FALL 2022 

 

Meta-Analysis on the Importance of 

Entrepreneurship in Canada’s Music Industry 

Charlie Wall-Andrews 

Toronto Metropolitan University  

 

 

 

 

 

ABSTRACT: This article draws on research to evaluate the skills and traits required to be a 
successful music entrepreneur and Canadian musician in the face of digitalization. Theoretical 
and empirical studies emphasize entrepreneurship in every career. Researchers found that 
successful businessmen had unique skills that helped them achieve their goals faster. Creativity, 
timing, resource management, and opportunity awareness are connected to career success. 
This research explores academic entrepreneurs’ best practices. Entrepreneurship is varied; 
therefore, the study found comparable effects and distinct conflict causes. Comparing general 
commercial success determinants to the skills musicians need to succeed in Canada and abroad 
generated four surprising findings: 1. Musicians require entrepreneurial skills. Musicians need 
skills to succeed and make money. 2. To capitalize on music industry digitalization, Canadian 
artists must strengthen their business skills. 3. Canadian artists need digital distribution and 
copyright skills to succeed in the internet era. 4. Entrepreneurship may be taught. Empirical 
research shows that entrepreneurs can learn better via experience than didactic training. These 
findings should support earlier research and assist policymakers develop “industry-specific” 
entrepreneurship tools for Canadian music practitioners.  KEYWORDS: Canada, 
entrepreneurship, creative industries, music, music industry, musicians, literature review.  DOI: 
doi.org/10.34053/artivate.11.2.162 

1. Introduction 

Considering the challenges presented by the digitalization of the music industry, this 

study draws on original qualitative and quantitative research to investigate the skills and 

traits required to be a successful entrepreneur using the music industry and musicians, 

particularly in the context of Canada. 

Citing theoretical and empirical studies of entrepreneurship, this article highlights 



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the skills that foster entrepreneurship in any professional field. Although several 

entrepreneurs believe that having industry experience and creative talent determine their 

level of success in their niche area, researchers have found that the most successful 

businesspersons exhibit certain skill sets. These aid career success and enable them to 

achieve their goals faster than other businesspersons; for instance, these skill sets include 

the ability to think innovatively, to determine the right time to enter a market, to organize 

monetary resources, and to recognize opportunities. 

This review explores the top entrepreneurial skills proposed by different scholars, 

focusing on best practices. Unsurprisingly, the literature has both common results and 

multiple points of conflict that reflect the heterogeneity of entrepreneurship. Comparing 

the general entrepreneurial success factors to the skills required for artists to succeed in 

the music industry in the domestic (Canada) and international markets revealed four 

interesting findings: 

1. The essential skills that precede entrepreneurial success in any field are 

relevant to music artists. However, there are other skills workers in the music 

sector must add to their repertoire if they want to achieve fame, success, and 

money in the industry. 

2. Although artists in Canada exhibit some critical essential entrepreneurial skills, 

there is a need for them to enhance these skills to effectively tap into 

opportunities provided by the digitalization of the music industry. 

3. Canadian artists need a solid grounding of industry-specific skills (e.g., digital 

distribution and copyright issues) that will enable them to match and surpass 

their competitors in this new era of digital platforms and internet technology. 

4. Research suggests that entrepreneurship skills are innate, natural, and can be 

taught, contrary to some opinions. Additionally, empirical findings (Wardana 

et al., 2020; White, 2020; Zupan, 2018; Toscher, 2019; 2020) show that 

entrepreneurial skills can be taught and learned. However, for students to 

absorb disseminated knowledge, teaching strategies should be based on 

experiential learning rather than on the conventional didactic approach 

commonly used by educational institutions. 

These findings provide additional support for existing literature and enable 

policymakers in the industry to develop better tools to promote “industry-specific” 

entrepreneurial skills among music professionals in Canada. 

1.1. Background 

The turn of the 21st century brought about immense change in the music industry. Rapid 

technological evolution fueled the growth and development of the internet and resulted 

in a dramatic shift from an analog economy to a digital one. Additionally, higher consumer 



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preferences for digital streaming services led to the complete dematerialization of 

physical music formats. Subsequently, traditional marketing and selling strategies 

declined, giving way to new business models and revenue streams. Global sales of 

recorded and licensed music dropped as the internet made access to creative content 

ubiquitous and unpreventable (Nordga rd, 2018:16). These revenue cuts contributed to 

many record labels going out of business, while labels that survived had to downsize. Now, 

more than ever, it has become imperative for musicians and other players in the sector to 

build self-sustaining careers that do not rely solely on album sales or the backing of a 

record company. To accomplish this, higher levels of drive and entrepreneurial mindsets 

are needed compared to what was required before the digitalization era. Artists who 

aspire to be successful and effectively monetize their work must (at the very least) 

develop essential business skills and are willing to approach doing business like 

entrepreneurs. 

In Canada, the music industry is beset with various challenges and opportunities. 

On the one hand, new platforms and new technologies have almost eroded traditional 

revenue drivers that rely heavily on CD and LP/Vinyl record sales. On the other hand, 

however, technology has created a new channel for Canadian artists. In the past, 

artists needed a record deal to launch into the industry, but now they can self-produce 

and break into the international scene at little to no cost. 

Thus, esoteric music genres with less mass appeal that were historically constrained 

to smaller markets can now reach bigger audiences worldwide. While this new frontier 

presents fruitful opportunities that promote a lucrative career and business in music, 

tapping into it requires the acquisition and development of vital business skills that 

include rights management—a good understanding of basic legal principles relating to 

contracts and partnerships. There is also a need for emerging and even established acts to 

have a working knowledge of cultural and business standards in foreign markets if they 

want to function effectively and be relevant in today’s entertainment scene (CHRC: “The 

Business of Music,” 2008:11). 

1.2. Problem Statement 

Research has shown that artistic talent is not enough to guarantee a successful career in 

the art/music field. Coupled with this, artists face the issue of few job openings for full-

time and permanent positions in music and art. Therefore, most artists that choose to 

remain in the field have to go either the freelancing or self-employed route. 

This challenge and others introduced by digitalization have created a pressing 

need for artists to build entrepreneurial skills and start operating like entrepreneurs 

to successfully address the multifaceted economic challenge ahead of them. 

Consequently, the effect of digitalization on the production, distribution, and 

consumption of music and on music industry workers has been the subject of many 



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studies. Researchers seek to understand the impact of internet technologies on the 

industry and how to adjust to the new business climate. Many academic studies have 

focused on the global music industry. However, the specific impact on different 

regions and the qualities required to succeed in those terrains are yet to be 

extensively researched. Considering this, this study reviewed research literature to 

identify key strengths that recording artists, producers, songwriters, publishers, and 

labels in Canada lack and should develop for sustaining a successful career in a 

constantly evolving market. 

1.3. Research Questions 

As stated previously, extensive research has been conducted on the ways digital platforms 

and technology are impacting workers in the music business—albeit on the global level—

and the need for them to develop entrepreneurial knowledge and the vital skills to learn. 

The questions this review seeks to answer will provide deeper insights into the 

entrepreneurial skills Canadian artists need to tap into to benefit from the ever-evolving 

revenue streams created by the internet and digital technologies. Not only does this in-

depth exploration build upon existing ideas and literature, but it also has the advantage of 

guiding Canadian industry personnel at all levels—entry-, mid-, and executive-level—on 

how to match/surpass their competitors in a rapidly expanding and extremely 

competitive marketplace. 

1.4. Aims and Objectives 

This study aims to distill from existing academic literature the essential skills required to 

be an entrepreneur and an artist entrepreneur. The objective is to determine if these skills 

are reflected in skills Canadian music creators have and to identify gaps that need to be 

filled with additional research. Modern-day technology tools and platforms have 

drastically changed the path through which professionals in art and music deliver value 

compared to what was observed 30−40 years ago. That is why research into this subject 

is an essential “facts provider” for professionals in the field. It offers vital insights into 

which knowledge and skills are crucial to becoming successful in the new era—the overall 

objective of this study. In conclusion, the primary aims and objectives of this study are to: 

• Critically review academic studies on entrepreneurship to identify which skills 

are relevant in today’s business climate. 

• Extract from those studies the key entrepreneurship skills that show a strong 

positive association with success in the music business. 

• Identify which of these critical entrepreneurship skills Canadian artists need to 

develop to compete favorably both in the domestic and the international market. 



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1.5. Methodology/Approach 

This review examines the existing literature regarding the skills needed by entrepreneurs 

to succeed. The objective was to identify key factors that support entrepreneurship 

regardless of the field and note the skills musicians in particular need to navigate their 

“digitalized” industry. In total, forty-two papers were reviewed. First, this review provides 

the background of the study (above), the problem area, and the questions it attempts to 

answer. Below, it explains the terms “entrepreneur” and “entrepreneurship” and provides 

a theoretical and empirical explanation of the skills that are required by all entrepreneurs. 

The next core section identifies seven skills that show strong positive correlations with 

business success, outlines the challenging tensions and some fundamental issues relating 

to the topic, and evaluates the effectiveness of the stated skills. This review further 

examines the specific knowledge musicians in Canada and other parts of the world need 

to acquire for significant career development. It concludes by discussing areas that would 

benefit from further research to guide interventions that would grow entrepreneurial 

abilities among musicians. 

1.6. Key Findings 

Given the enormous changes in cost, supply chain marketing, revenue creation, and 

methods of production, the need to acquire the right skills to adapt to the new normal has 

become a top priority for music professionals. 

The findings of this review support the ideas of existing literature that certain 

business skills can be classified into a group called “entrepreneurship skills.” There is 

evidence suggesting that various skills can contribute toward achieving some degree of 

success in business. These include opportunity recognition, assessment, and realization; 

idea generation and creativity; strategic thinking and planning; networking; sales and 

marketing; finance; and leadership and managerial capabilities. In the music sector, an 

industry survey suggests that having a good understanding of the following specific areas 

is a high success factor: 

• Recorded music production 

• Music publishing 

• Music artist management 

• Live music production 

• Development, marketing, and distribution (CHRC, “The Business of Music: A 

National Training Strategy for Business Skills in the Music Industry”, 2008) 

In Canada, available evidence shows that the entrepreneurial skills of a significant 

number of artists are relatively underdeveloped and there is potential for this group to 

improve substantially on their performance. According to the Cultural Human Resources 



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Council (CHRC)—an NGO that looks after the welfare of artists and cultural workers in 

Canada—musicians need to acquire extra knowledge in rights management, cultural 

trends, and business standards in foreign markets as well as a basic legal understanding 

of contracts and partnerships. Having these skills will prepare musicians to successfully 

adapt and navigate the rapidly changing entertainment industry. 

Lastly, the review shows that there are serious gaps between the entrepreneurial 

courses taught by music training schools and colleges in Canada and what industry 

professionals identified as their needs. To resolve this, professional music organizations 

in the country like the CHRC held national roundtable talks with educators, industry 

representatives, and practicing musicians. The aim of the discussion was to identify the 

training gaps and the necessary intervention strategies to be applied. 

2. Overview of the Current Analytic Approach 

This section discusses the research methodology. First, it elaborates on the approach adopted 

for the review. Secondly, it discusses the criteria applied for inclusion and exclusion of article. 

Lastly, it provides a brief discussion on the search strategy and method employed to extract 

and analyze data. 

2.1. Method 

The current article combines the use of systematic literature review (SLR) and meta-

analytic methods to provide a more comprehensive review that includes all relevant 

studies that might be excluded by the requirement of each individual method. While the 

SLR method was used to answer the research questions, the meta-analytic procedure was 

applied to establish themes within the study. 

To tap into the benefits provided by the two aforementioned methods, this study was 

conducted using the PRISMA (Preferred Reporting Items for Systematic Reviews and 

Meta-Analyses), which allows the researcher to tap into the advantages of SLR and meta-

analytic review. Meta-analysis, due to strictly following a qualitative process, is prone to 

flaws. SLR (the traditional form of reviewing literature) likewise, due to employing 

quantitative techniques, is also less than perfect. Thus, by using the PRISMA technique, 

which utilizes the two methods, the researcher seeks to ensure greater precision, greater 

thoroughness, and greater objectivity (Page et al., 2021, citing Moher et al., 2015).   
 

2.2. Inclusion and Exclusion Criteria 

Studies that were included in this review consist of case studies, longitudinal studies, and 

discussions of the crucial skills required for the entrepreneurial success of artists. The 

included papers were peer-reviewed and written in the English language. Although 

Google Scholar was the prominent platform used to source for literature, the search 



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results were checked against specific compliance standards (stated in the table) to remove 

lower-quality reports and ensure this review has the most recent findings from extant 

literature.  

2.3. Search Strategy 

In the first phase, at least a hundred and two documents comprising journal articles and 

books relating to entrepreneurship and entrepreneurial skills in the arts were analyzed in 

order to identify key themes and facts. As the body of literature was gradually 

investigated, certain key themes emerged, which were organized into nine broad groups. 

The second phase involved the meta-analytic procedure which was used to synthesize the 

emerging sub-themes and the sub-themes with the highest agreement levels presented in 

the table. 

2.4. Data Extraction 

As mentioned earlier, this study was conducted through PRISMA—a system used for 

reporting systematic reviews and meta-analyses. Where the initial first stage of search 

yielded 102 papers from Google Scholar, ScienceDirect, and Springer Link, the final 

filtering stage eventually produced only forty-two papers. The papers were passed 

through four filtering processes which include: 

1. The first investigation, wherein a large proportion of relevant texts were 

collected. 

2. The duplication removal stage where duplicate papers were removed. 

3. The third selection process where articles were chosen based on their title and 

abstract. 

4. The last stage where all selected papers were checked against the inclusion and 

exclusion criteria. 

2.5. Data Analysis 

After the selection processes, the researcher established a framework for the extraction 

and synthesis data. Following the implementation, data were extracted from the forty-two 

articles and synthesized. The table shows the content as well as its form. 

3. Skills That Promote Entrepreneurship—A Theoretical and 

Empirical Perspective  

This section uses a theoretical perspective and empirical evidence to familiarize readers with 



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the terms entrepreneur, entrepreneurship, and entrepreneurial skills; to explain why it is 

important for entrepreneurs to possess a variety of essential skills; and to provide the 

research evidence according to this view.    

3.1. Theoretical Foundation 

Entrepreneurship is vital to every field. It equips people and businesses with the skills and 

knowledge to build value around their idea or exploit market opportunities for monetary 

rewards or some other benefits (Bygrave and Hofer, 1999; Schumpeter, 1965). The music 

world has come to realize that it stands to gain much by incorporating the study of 

entrepreneurship into its knowledge base (Rabideau, 2008). With the recent upheaval the 

industry experienced as a result of the COVID-19 pandemic coupled with existing 

challenges, learning skills that promote career sustainability has become more important 

now than ever. However, gaining a clearer understanding of entrepreneurship and 

entrepreneurship skills requires knowing who an entrepreneur is. 

3.1.1. Who Is an Entrepreneur? 

Lazear (2003) posits that an entrepreneur is a person who conceives an idea for a product, 

hires the initial team, and obtains some of the early funding to kick-start the business. 

Rauch and Frese (2000), on the other hand, define an entrepreneur as an individual who 

shows the need for achievement and exhibits traits such as innovation, risking-taking, 

strategic planning, and environmental adaption and is capable of deploying resources for 

maximum returns. The Schumpeterian definition is quite similar to that of Rauch and 

Frese. Schumpeter explains that entrepreneurs are people who exploit opportunities in 

the market through technical and organizational innovation (Toscher and Bjørnø, 2019). 

Further, according to Kirzner (1985), the entrepreneur perceives profit opportunities and 

initiates actions to meet their existing unmet needs. Simplifying these definitions, it is 

clear that entrepreneurs are similar to artists in many ways. Professional artists aim to 

monetize their work just like an entrepreneur. Additionally, they organize and invest 

resources to push forward the production process with the goal of a specified reward 

(Lindqvist, 2011). 

3.1.2. What Defines Entrepreneurship? 
According to Gartner (1985), entrepreneurship involves creating new business entities 

and organizations. Similarly, Barot (2015) posits that entrepreneurship entails creating 

something that provides value and is different. Other researchers define the term as going 

after opportunities regardless of the resources at hand (Jarillo, 1990), taking risks 

(Drucker, 1970), and revitalizing mature firms (Onuoha, 2007). 

3.1.3. What Are Entrepreneurial Skills? 

The term “skill” means translating knowledge into action (Wickham, 1998), and 



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“entrepreneurial skills” in its simplest form refers to the know-how to operate a business 

successfully (Linan et al., 2009; Bellotti et al., 2014; Dewi et al., 2019). A more 

comprehensive definition of entrepreneurial skills was proposed by Hisrich and Peters 

(2002), who defined the term as the knowledge to create something new and valuable that 

will bring value to the user/buyer and generate wealth for the entrepreneur. Several 

factors make up entrepreneurial skills including boldness, risk-taking, empathy, 

resilience, flexibility, and critical thinking (Linton et al., 2019; Lo bler, H. 2006). Regarding 

what level of knowledge best promotes entrepreneurship, Lazear (2004) holds the view 

that individuals who possess a balanced set of skills have higher chances of becoming 

successful in their business pursuits, proposing a “Jack-of-all-trades” hypothesis that 

argues that entrepreneurs, unlike employees, need to gain sufficient knowledge of the 

many fields that affect their business to succeed. In contrast, paid employees will benefit 

from becoming experts in a given area with high demand in the labor market. Several 

studies (Stuetzer, et al., 2012; Wagner, 2006, 2009; Silva, 2017) confirm Lazear’s theory 

and support the idea that multi-skilled musicians with varied professional and 

educational backgrounds stand a better chance of building a sustainable career (Murzyn-

Kupisz and Działek, 2019). 

3.2. Empirical Perspective 

There is sufficient evidence showing that entrepreneurs who possess the right 

combination of skills, knowledge, and competence experience more business success than 

those lacking in these areas (Fadzil et al., 2019; Metzeger, 2006; Frese, 2014; Neneh, 2012; 

Jabeen et al., 2017; Thom, 2016). 

Thom (2016) conducted an online survey involving 652 Fine arts lecturers (who 

are also working artists) from Germany and the UK. The aim was to discover what 

this group thinks about the importance of skills in overcoming market challenges. The 

participants’ responses show that a certain set of business skills such as networking, 

communication, finance, art-specific skills, creativity, opportunity recognition, and 

selling/marketing are linked to the economic success of artists.  

Due to the difficulty artists in the UK experience in finding viable employment or 

transitioning to self-employment, Lee, Fraser, and Fillis (2018) set out to identify the 

definitive reason behind this and provide a way forward for the industry. Besides 

analyzing various reports and literature, the researchers interviewed 20 new 

graduates who also worked as artists while in school. Overall, their findings revealed 

that most emerging artists struggle after school partly because of their anti-

entrepreneurial mindset, lack of interest in developing the necessary commercial 

skills, and lack of opportunities. These same reasons were identified as the root cause 

of why many artistic enterprises in the country remain small and unprofitable. The 

researchers mentioned that skills such as motivation, enhanced ambition, marketing, 



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sales, and opportunity recognition would play a vital role in boosting the artistic 

confidence of artists and the growth of art businesses in the country. 

Fadzil et al. (2019) studied twelve eCommerce entrepreneurs in Malaysia for 18 

months to identify the role that motivation and competencies play in launching 

eCommerce ventures. Their results show that work and business skills (e.g., 

motivation, finance, strategic thinking, computer, and communication skills) are two 

of the biggest factors that led to the creation of these online companies. 

In South Africa, Neneh (2012) analyzed data from 86 entrepreneurs. The study 

found that a lack of entrepreneurial competencies contributes to the phenomenally 

high failure of SMEs in South Africa. Additional studies by the researcher also show 

that those entrepreneurs whose SMEs performed well exhibited factors like 

creativity, growth mindset, and risk-taking. 

In summary, the review identifies that the success of businesses notwithstanding 

the sector is tied to the presence of specific business skills such as finance, sales, 

strategic planning, marketing, communication, and networking. 

4. Essential Skill Sets for Entrepreneurial Success  

This section identifies the skill set that is responsible for the success of business enterprises. 

It examines empirical evidence from different fields such as education, art and music, 

engineering, technology, and agriculture. It also looks at research on small firms (SMEs) and 

large organizations and their leaders. This section concludes by identifying nine skills that 

are crucial to the success of any entrepreneurial venture.  

Lazear (2005) proposed a “Jack-of-all-trades” theory, which explains that generalists who 

are endowed with a broad set of skills and have diverse professional experience fare 

better than those with narrower specializations. Empirical evidence has shown that this 

theory holds for all entrepreneurs (including artist entrepreneurs) in today’s digital world 

(Kurczewska and Mackiewicz, 2020; Silva, 2006; Lechmann, 2011). 

Baron (2000) and Poorsoltan (2012) also observed that an entrepreneur’s 

capability to learn all skills pertaining to entrepreneurship is an important success 

factor in the business world. Baron (2008) and Usenitz and Barney (1997) further 
added that some entrepreneurs became more successful because they “show 

overconfidence in self-abilities, think differently from other people, adapt better to new 

social situations,” and “are better at interacting effectively with others”. 

Every study agrees that some competencies favor business success more than 

others, so what special skills or abilities should a person have to attain the top echelon 

in their field? Dyer, Gregersen, and Christensen (2009) interviewed 72 successful and 

unsuccessful entrepreneurs and 310 executives of large companies. Some of their 

high-profile respondents include Jeff Bezos (Amazon), Peter Thiel (Paypal), Herb 



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Kelleher (Southwest), Pierre Omidyar (eBay), and Michael Dell (Dell). The 

participants were asked questions to determine the traits that separate innovative, 

successful entrepreneurs from typical entrepreneurs. The reports collected point to 

four major differences between the two groups of entrepreneurs/CEOs. Executives 

who succeeded showed high creativity in generating novel ideas, were engaged in 

something called idea networking(that is, they actively generated and tested ideas 

with others), were strategic thinkers, and were deep observers possessing 

opportunity recognition skills.  

Scherdin and Zander’s (2011:2−7) analysis of artist entrepreneurs found that 

artists who had the capability to create/recognize and seize new opportunities fared 

better in their careers than those who did not. The two professors of 

entrepreneurship also identified creativity, finance, marketing and sales, idea 

generation, risk-taking, and managerial and communication skills as vital to 

developing and sustaining the entrepreneurial ventures of artists.  

Ucbasaran et al. (2003) analyze data on entrepreneurial capabilities and conclude 

that although managerial (or leadership) capabilities are important factors 

influencing the economic success of firms, the ability to “identify and pursue better 

quality opportunities with greater wealth-creating potential is the most important 

skill any entrepreneur could have.” Wasdani and Manimala’s (2015) investigation of 

279 SME firms highlights creativity and innovation, alertness or opportunity 

recognition, strategic thinking and planning, and market knowledge as prerequisites 

to successful entrepreneurship. Other studies (Barron, 2000; Bellotti et al., 2014; Cui 

et al., 2019, Davis et al., 2016) identify a combination of creativity, timing, leadership, 

finance and cash management, sales, accounting, and effective communication skills 

as crucial to entrepreneurial success. 

Zhou and George (2001) analyzed a survey sample consisting of 149 employees 

and noted lower levels of creativity as one of the main determinants present in 

struggling businesses. Yadav and Bansal (2020) reviewed 82 research papers related 

to entrepreneurial marketing in an attempt to unify extant literature and suggest the 

best directions for future research. Their research shows that the majority of business 

failures in both developing and developed nations can be attributed to low 

managerial and accounting experience, ineffective planning, meager partnerships, 

and poor timing in taking products to the market. 

Fillis (2004:9) in his book The Entrepreneurial Artist as Marketer: Drawing from the 

Smaller-Firm Literature identifies creativity, commerce-related skills (marketing, 

sales, and finance), art-specific skills, risk-taking, and self-management as some of the 

dominant traits in artist entrepreneurs. The significance of strategic planning and 

communication skills was also confirmed by Zupan et al. (2018) after an experiment 



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on entrepreneurial mindset involving 146 students and 20 teachers in 10 schools in 

Slovenia. Ven (1993) examined the issues and events that promoted and constrained 

entrepreneurship. He observed that poor business management abilities especially in 

areas like marketing, finance, innovation, and research and development had high 

constraints on entrepreneurial progress. Broeck et al. (2008) mentioned that good 

leadership and managerial knowledge are essential to the success of any firm. 

Toscher (2020) emphasized that knowledge of sales and marketing, finance, social 

media, business planning, and art-specific knowledge is important to the career 

success of artists, especially musicians. 

In an empirical study performed by Groves, Vance, and Choi (2011) surveying art and 

technology students, they linked six factors to business failures. The respondents, which 

comprise 33 professional actors, 31 accountants, 77 frontline managers, and 39 senior 

executives, unanimously mentioned the following shortcomings in failed or non-

profitable companies: Inability to think strategically; not taking risks and communicating 

through the right channels; not meeting and exchanging ideas or experiences with like-

minded peers (networking); poor technical/market knowledge of the industry; not being 

proactive in validating ideas quickly; and little understanding of one’s weak areas and 

areas of expertise. These responses were consistent with the findings of two other studies 

(Chen & Hu, 2020; Ibrahim et al., 2016). 

Ibrahim and Masud (2016) propose that people with exceptional business, 

relationships, and opportunity recognition skills have a higher chance of thriving in 

business. The pair identified additional key characteristics for business success such as 

risk-taking, self-belief, tenacity, readiness, and leadership capabilities. Chen and Hu 

(2020) embarked on a review of the causal effect of Lazear’s balanced skills through a 

study on the entrepreneurial activities of farmers in rural China. Their findings, in a way 

similar to those of Groves et al. (2011), show that managerial skills (which include 

business planning, opportunity recognition, and especially technical industry know-how) 

foster entrepreneurship. 

In conclusion, even though the review of extant literature reveals various factors 

explaining why entrepreneurs fail and succeed in business, nine skills and competencies 

appear more often and were ranked higher in importance by researchers. The skills (in no 

particular order) and how researchers view them are as follows: 

1. Creativity: Ability to unlock the entrepreneurial potential of individuals, 

entrepreneurs, and organizations (Ngek, 2012). 

2. Opportunity recognition: Ability to look at the world in new ways and notice 

ideas, applications, and markets that others have not noticed or that may be 

served in ways not currently thought of (Hayton and Cholakova, 2011). 

3. Sales and marketing: Ability to sell, attract new customers, and manage 



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customer relationships profitably (Armstrong and Kotler, 2007:5). 

4. Finance: Ability to understand and manage financial products and concepts  

(Mitchell and Lusardi, 2007b:36). 

5. Leadership: Ability to influence others to manage resources strategically to 

emphasize both opportunity-seeking and advantage-seeking behaviors (Ireland 

et al., 2003). 

6. Strategic thinking and planning: Ability to apply one’s critical thinking 

capabilities to resolve problems and develop a blueprint for the future 

(Mintzerberg, 1994). 

7. Communication: Ability to effectively present your ideas verbally, non-verbally, 

or in written form (Iksan et al., 2011). 

8. Networking: Ability to cultivate relationships with others based on mutual 

interest and to develop a strategic competitive advantage (Klerk, 2010). 

9. Risk-taking: Ability to go ahead with a plan with an uncertain outcome to 

achieve a goal (Kahneman and Lovello, 1993). 

5. Impact of Essential Entrepreneurial Skills on Business Success 

This section shares empirical proof showing the effectiveness of four of the key 

entrepreneurial skills in growing a business. 

Entrepreneurship is a multidimensional and hard-to-define term like other social science 

variables (Ibrahim & Masud, 2016), so it is complicated to empirically determine the 

impact of entrepreneurial skills and activities on the performance of a business. This is 

not to say there have been no studies done on the subject. Definitive evidence might be 

limited (Astuti et al., 2019); however, several studies have shown that the presence of key 

entrepreneurial skills contributes positively to the growth ambition and success of 

entrepreneurs. Due to the need for more empirical proof of the impact of skills on the 

entrepreneurial process, Indriati et al. (2020) suggest that the area will benefit from 

further research. 

5.1. The Influence of Managerial/Leadership Skills on Entrepreneurial 

Success 

One of the top and possibly the most taxing jobs of an entrepreneur is that of the 

managerial function. The entrepreneur has to manage employees, financial and material 

resources, sales, customers, and every other business element (Ireland et al., 2003).  

Managerial functions further extend to the daily running of the business and hiring 



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decisions. These crucial managerial functions inform Arasti’s (2014) analysis of the “Role 

of Managerial Skills of Entrepreneurship in Business Success,” where she concludes that 

good leadership/managerial behavior is a prerequisite to the success of entrepreneurs. 

Asieba and Nmadu’s (2018) study of 30 community pharmacies revealed that successful 

companies mostly owe their success to good management on the part of the owner who 

is usually the manager. Even startups that had impressive growth rates were found to 

have capable leaders who have balanced managerial and entrepreneurial behavior 

(Gakure et al., 2013). 

5.2. Strategic Thinking and Planning  

According to Dushkov (2018), strategic thinking and planning capabilities are the main 

competencies that rarely fail to create sustainable competitive advantages for 

entrepreneurs. These give individual entrepreneurs the ability to scrutinize their external 

environment and extract viable information that can enhance their knowledge which can, 

in turn, result in an organization’s success (Dunhaime et al., 2012). Heracleous (1998) 

provides another perspective to this explanation, stating that the ability to think and plan 

strategically is what helps entrepreneurs tackle challenges they might encounter in their 

careers or when running their businesses. He adds that, in cases where this skill is lacking, 

there is a high probability of the business failing. 

Veskaisri, Chan, and Pollard (2007) studied 656 small- to medium-sized SMEs in 

Thailand to evaluate whether strategic planning has any link to SME success. They 

conclude that analytical thinking competencies have a positive effect on a company’s 

performance. Richardson (2010) argued that strategic capability not only allows 

business owners to extract vital information from around them, but it also creates 

opportunities and aids in the effective exploitation of these opportunities, which in 

turn affects business performance. Robinson et al. (1984), in their study of 51 small 

businesses in the United States, also provided empirical proof that strategic planning 

is positively correlated to the success of a business.  

5.3. Creativity/Innovativeness 

Creativity and innovativeness are often the bedrock upon which new developments are 

born and are crucial elements in the economic success of an individual or business entity 

(Herzig, 2020). Creativity gives rise to new products, new solutions, and novel ways of 

doing things and tackling problems, which can give a company a distinct edge over others. 

Amabile (2018:19) agrees with this and even goes further to explain that creativity is the 

“... production of some novel results, that [are] useful, tenable or satisfying and represent a 

real leap away from what has previously existed.” To illustrate how significant creativity 

and innovation are to business growth, consider the next study. 

In their study of nine Moroccan firms, Elbaz, Binkkour, and Majdouline (2013) found 



ARTIVATE 11.2 

15 

that SMEs with smaller overall resources were able to compete effectively against bigger 

rivals as a result of their innovative culture and climate. Another study highlighted the 

importance of these two qualities to businesses and especially to entrepreneurs. Ojo et al. 

(2017) observed that, unlike conservative thinkers, creative and innovative individuals 

developed a higher number of novel solutions, readily embraced new ideas, and were 

quick to improvise. They further add that creativity and innovation are big drivers of 

revenue growth in any organization. 

5.4. Risk-Taking Propensity 

Risk-taking might have its downsides, but there is evidence that it is one of the key traits 

displayed by successful entrepreneurs. In a business, there are many times when 

entrepreneurs will have to take the proverbial leap of faith in the absence of concrete 

proof or guiding data. The key, however, to increasing the odds of success is to take well-

seasoned risks (Jemal, 2020). From research, taking well-seasoned or calculated risks 

involves two strategies: first, deciding to take the risk and, second, having a plan to 

minimize the risk (Memili et al., 2010). Wang and Poutziouris (2010) studied 236 family 

firms in the UK to determine the impact of risk-taking on the performance of businesses, 

especially SMEs. Their findings confirm that the risk-taking propensity of leaders 

correlates with the success of their business. 

6. Fundamental Career Skills for The Modern Music Industry  

This section identifies the industry-specific competencies that are vital to the success of 

artists in the music industry as well as the skills and knowledge gap in the industry. 

Music industry entrepreneurs might share several similar skills with regular 

entrepreneurs, but they also have art-sectoral-specific skills (Beckman, 2005). Here, 

entrepreneurship in music (including the other art fields)—as much as it needs the 

general business fundamentals—has its own set of unique capabilities. Bridgestock 

(2013) attributes this to various distinctive factors in the industry like the nature of the 

market, product/service diversity, regulatory mechanisms, labor processes, value chains, 

and demand for products and services. 

While it is understandable that every industry has specific competencies, a 

general misconception about the music industry is that it is solely focused on the 

record business (Williamson and Cloonan, 2007:305−322). This means people and, 

unfortunately, some artists place a greater significance on recording skills over other 

core music business competencies. Fran Healy, a band member and director at The 

Featured Artists Coalition (FAC), addressed this misunderstanding during an 

industry meeting with UK’s Digital, Culture, Media and Sport Committee in 2012 

(Nordga rd, 2018:5−7). 



ARTIVATE 11.2 

16 

The artist stressed that contrary to what the outside world thinks, the record 

business is only one of four distinct industries that comprise the music economy 

(Nordga rd, 2018). The other three are music publishing, live music, and the 

merchandise business. Since digital streaming took over at the turn of the millennium, 

there has been a considerable demand and financial shift from recorded music to live 

music, which has caused the recording sector to dramatically decrease in size, while 

the size of the live industry continues to increase. Currently, the record business is 

estimated to be about 25% of the entire sector with the other three areas making up 

the remaining 75%. This clarification makes it easy to understand why knowledge 

about live music production (alongside recorded music production) has suddenly 

become a must-have for the modern artist. 

Besides live music production, the review of extant literature uncovered seven 

core areas whose proficiencies are extremely vital in developing the careers and 

building the fan bases of artists and other professionals in music. According to 

research and an industry report (CHRC, 2018), some of these areas have been non-

existent or of lesser importance in the past. However, they rose to prominence 

recently due to technological developments and changes in culture and market 

dynamics. These include live music production, recorded music production, music 

publishing, music artist management, rights management, social media networking, 

and basic legal knowledge of contracts and partnerships (Walzer, 2016; Burgess, 

2013):“The demise of traditional recording studios now demands the rise of an intelligent, 

confident, media-literate, and self-directed community of producers who take it upon 

themselves to learn how to create their idea” (Walzer, 2016). 

In other words, artists who are equipped with the know-how to create high-

quality sounds by themselves can function autonomously. With the aid of a 

laptop/phone and free digital workstations, artists can create and distribute their 

work and generate (at least) a modest living wage without the support of a record 

label. Proficiency in rights management is important for every artist who wants to 

stay ahead of the intellectual property and copyright game (Vernic et al., 2011; 

Gammons, 2011). Of all the core competencies studied by researchers in this internet 

age, social networking skills were considered a non-negotiable skill all artists need to 

hone and develop. 

6.1. Skills and Knowledge Gaps in the Music and Art Industry 

Even with the high awareness of the importance of entrepreneurial skills in successfully 

starting and growing a business, there is still a wide chasm between the skills artists 

currently have and what they ought to have. 

Rodriguez (2012) in his paper, “What’s in a name? Typifying artist 



ARTIVATE 11.2 

17 

entrepreneurship in community-based training,” identified the resistance of some 

artists to developing an entrepreneurial mindset as one of the gaps affecting people’s 

careers in the industry. Rodriguez also identified the anti-commercial stance and 

unwillingness of others towards learning skills like business planning and budgeting 

as one of the reasons why many artists have challenges with growing their careers. 

Toscher (2020) conducted an online survey of over 700 students in five music 

institutes in Norway to determine the knowledge gap within this group of emerging 

artists. His findings revealed that of all the fifteen skills students were questioned 

about, the largest gaps were found in sales and marketing, financial literacy, market 

and industry knowledge, business planning, and social media networking.    

Bridgstock (2013) stressed the need for financial literacy, opportunity 

recognition, risk-taking, and self-management skills among artists, while Nordga rd 

(2018) inquired into why artists are having difficulties adapting to a digital economy 

and found that artists need to acquire industry-specific skills such as basic legal 

knowledge on copyright issues and music production skills (both live and recorded 

segments). In Canada, industry reports revealed knowledge gaps in the following 

areas: recorded music production, music publishing, music artist management, live 

music production, development, marketing, and distribution (CHRC, 2008). 

7. Conclusion 

7.1. Concluding Remarks 

This review’s findings support the ideas proposed by existing literature that a certain set 

of business skills can be classified into a group called “entrepreneurship skills.” There is 

evidence suggesting that these skills—which include opportunity recognition, 

assessment, and realization; idea generation and creativity; strategic thinking and 

planning; networking; sales and marketing; finance; and leadership and managerial 

capabilities—bring some degree of success in business. In the music sector, an industry 

survey suggests that having a good understanding of the following specific areas is a high 

success factor: recorded music production, music publishing, music artist management, 

live music production, development, marketing, and distribution. 

In Canada, evidence shows that the entrepreneurial skills of a significant number 

of artists are relatively underdeveloped and there is potential for this group to 

improve substantially on their performance. According to the Cultural Human 

Resources Council (CHRC), musicians must acquire extra knowledge in rights 

management, cultural trends and business standards in foreign markets, and basic 

legal understanding of contracts and partnerships. Having these skills will prepare 

musicians to successfully adapt to and navigate the rapidly changing entertainment 



ARTIVATE 11.2 

18 

industry. 

7.2. Limitations 

As with every study, this current review also has several limitations that warrant 

consideration. To begin with, the main limitation of this critique is that since it uses data 

from various contexts, countries, and art sectors, it may be hard to generalize it to 

Canadian musical artists as environment also plays a great role in determining what 

business skills within the region are needed to succeed. A second challenge to the validity 

of this research is that the study may not have discovered some relevant sources due to 

the research sample size. Using a substantial number of articles and across many 

databases may have helped to eliminate this challenge. Associated and unpublished works 

not obtained in the selected database pose a potential threat to the internal validity of this 

research.  

Further, when undertaking a study of this nature, an extensive search for relevant 

information and research may be impossible. Although the researcher carried out the 

investigation using several search parameters and logical operators to eliminate this 

threat, the review could still contain some margin of error due to the original sample 

size.  

Lastly, entrepreneurial success is a complex phenomenon and occurs due to several 

reasons. As a result, although the comprehensive review of existing literature uncovers a 

wide range of entrepreneurial skills affecting the economic success of musical artists, 

there is still no evidence and consensus of which skill sets are essential for these 

professionals. Hence, there is no clear and direct evidence that the entrepreneurial skills 

outlined in this study are the predominant factors responsible for the success of 

professional working or self-employed musician entrepreneurs.  

7.3. Further Research  

As the literature shows, most musical artists utilize the connections within their social 

circles network to improve their career success and to cope better with their economic 

status. On this subject matter, more research effort is recommended for effective 

intervention by practitioners and policymakers. It was stated earlier that there is a lack of 

consensus in the literature on the definitive skill sets needed for the entrepreneurial 

success of working musicians. More survey findings and longitudinal studies are required 

in this area to provide deeper insights. A comprehensive analysis of the impact of 

entrepreneurial competencies on the economic dealings of this group is also important to 

reveal opportunities for better sustainable strategies, and further critical approaches to 

understanding the role of entrepreneurship to support equity-seeking artists are 

essential. 



ARTIVATE 11.2 

19 

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Cover image: Photo by Segun Jana, 
www.pexels.com/photo/close-up-of-buttons-
on-a-dj-console-7517028/ 
 

 


	1. Introduction
	1.1. Background
	1.2. Problem Statement
	1.3. Research Questions
	1.4. Aims and Objectives
	1.5. Methodology/Approach
	1.6. Key Findings

	2. Overview of the Current Analytic Approach
	2.1. Method
	2.2. Inclusion and Exclusion Criteria
	2.3. Search Strategy
	2.4. Data Extraction
	2.5. Data Analysis

	3. Skills That Promote Entrepreneurship—A Theoretical and Empirical Perspective
	3.1. Theoretical Foundation
	3.1.1. Who Is an Entrepreneur?
	3.1.2. What Defines Entrepreneurship?
	3.1.3. What Are Entrepreneurial Skills?

	3.2. Empirical Perspective

	4. Essential Skill Sets for Entrepreneurial Success
	5. Impact of Essential Entrepreneurial Skills on Business Success
	5.1. The Influence of Managerial/Leadership Skills on Entrepreneurial Success
	5.2. Strategic Thinking and Planning
	5.3. Creativity/Innovativeness
	5.4. Risk-Taking Propensity

	6. Fundamental Career Skills for The Modern Music Industry
	6.1. Skills and Knowledge Gaps in the Music and Art Industry

	7. Conclusion
	7.1. Concluding Remarks
	7.2. Limitations
	7.3. Further Research


