The99Percent posted an interesting article that focused on three questions any entrepreneur should ask themselves when approaching their ideas. As I’ve said many times before, these days all artists are also entrepreneurs, so I’ll comment below on how we can apply these questions to the music industry.
With each venture, are you getting closer to your true interests and potential?
When there’s so many things to do, a seemingly endless amount really, and only 24 hours in a day, how does one prioritize? Everything you do should move you closer to your goals. You need to be focused and ignore the temptation to bunny-trail down the road of side-ideas. If it doesn’t move you forward, it will set you back. Also keep in mind Pareto’s Principle, which states that “for many events, roughly 80% of the effects come from 20% of the causes.” If your goal is to become a self-sufficient artist, then don’t get distracted by side-projects that may seem to have short-term benefits. for example, if you made your own merch t-shirts, and you see an opportunity to create t-shirts for some other artists as well inside of your community, realize that this may make some money you are in dire need for, but it will not be the best way to get closer to your real goal.
Can you be comfortable with the unconventional and mine the circumstantial?
While you’re keeping your eyes on the prize, make sure you’re not wearing blinders. Be ready and willing to take advantage of unexpected opportunities. While you may have envisioned yourself as a performer (strategy*) in your efforts to become a professional musician (goal), you may come across the opportunity to achieve your goal in different ways, eg. one of your songs get licensed for a big synch that sets you up for a career in that field, or a publisher wants to sign you as a writer for others, etc. (*Note: becoming a professional performer can of course be your goal too, not just a strategy, this was just an example.)
Can you let others own your ideas?
Artists freak out these days when the topic of giving up(partial ownership) of their masters, because of all the stories they’ve read. There are good reasons to be weary and careful about sharing ownership, or splitting profit streams, but lets also be fair and realize that as an entrepreneurial artist trying to break into the business, shared ownership and credit may be an excellent tool to help you assemble a strong, commited and motivated team that will help you achieve your mission.
A few things to think about. Thoughts?