From whom do you want some business tips? How about 50 Cent, rapper and executive, and Robert Greene, author of "The 48 Laws of Power"? They've collaborated on a new business book, "The 50th Law." In an interview with Fortune Magazine, Greene said this about his co-author:
"Something 50 talks a lot about is the importance of owning yourself. Whenever he has a business decision, he doesn't concern himself with the upfront money; he's thinking three years down the line--how he can own the material or own the company or get equity instead of being a promoter."
Greene suggests following this line of thought whenever possible, even within a company: "You're thinking, 'How can I get to a place where I actually own this project or even this information that I have learned and people have to come to me to get it.'"
As a free-lancer I've tended to opt for the potential back-end reward rather than a guaranteed upfront amount several times, but you have to be careful. It doesn't pay to do that, for instance, with a Hollywood studio in terms of profit-share because their accounting makes sure nothing ever makes a profit on paper. For me the gamble has paid off about 50% of the time, but a couple of those times it was with a very generous back-end reward, so I believe it has been the right choice.
(If you're interested in marketing yourself skillfully, there are two books you will find helpful: "Do Something Different," published by Virgin Books, and "Marketing for Entrepreneurs," published by Pearson. Both are available from Amazon and other online and offline booksellers.)
