• Margarita Ruseva University of Plovdiv „Paisii Hilendarski“, Faculty of Economics and Social Sciences


Access to finance for the creative industries can be difficult, mainly due to the intangible nature of their assets and collateral, the limited scale of the market, the uncertainty of demand and the lack of expertise on the part of financial intermediaries, taking into account the specificities of the creative industry. Every organization should know the "life cycle of the project". It represents a sequence of phases (stages) in the development of the project from its beginning to its end. Splitting the phase design allows for better and more efficient implementation and management.

The aim of this article is to analyze, through in-depth analysis, the difficulties associated with the development, implementation and management of projects by the creative industries. These gaps in the skills of art managers were found after a survey based on an in-depth interview in the city of Plovdiv, Bulgaria. This article reflects the results of the empirical study. The survey was conducted among 105 organizations and their managers working in the field of creative and recreational industries and identified gaps in project management, resource management, people, and risk assessment. Risk management is an element of the financial management of any organization, including art organizations. Good risk management is a guarantee for success and the achievement of the goals of art organizations. The environment in which the art develops is dynamic, provocative, and it requires an up-to-date risk assessment, which in turn is a requirement for knowing the stages, methods and mechanisms of risk reduction to dimensions that will give reasonable assurance to the organization's art management that the goals will be achieved.