Simply the best? Entrepreneurial orientation and success of music artists

Despite the growing interest in success measurement beyond purely financial indicators, the literature on entrepreneurial orientation (EO) is dominated by financial performance measures. To understand the link between EO and success in terms of both financial and non-financial performance, we use survey data on a unique sample of 157 popular-music artists. We measure firm performance using a subjective entrepreneurial success (SES) achievement scale consisting of three components: self-assessed financial success (for the music group and individual members), recognition (awards, positive reviews, fanbase), and symbiosis (the mutually beneficial and prolonged association between the individual musicians). We use innovativeness, risk-taking and proactiveness to measure EO. Because we find that this EO-conceptualisation primarily captures the role of EO in the creative process of artists, we also add competitive aggressiveness (CA) as an EO-related dimension that is more market-oriented. Using a combination of regression analysis and partial least square structural equation modelling (PLS-SEM), we identify links between EO and SES and between CA and SES. SES and its components recognition and symbiosis are significantly and positively related to EO. We also find a link between CA and SES as a multidimensional construct as well as between CA and recognition. Responding to a call for contextualisation of EO research, the present study is among the first to explore EO in a creative industries context. Practical implications and future research directions are also discussed.