Creative Labourer - or Creative Entrepreneur?

Are you a true entrepreneur - or just a creative labourer?
This was the question posed in my article about the E-Myth.

Here's a true story. Robert Altman was paid a cool $70,000 (US dollars) for directing the 1970 hit movie M*A*S*H.
They needed a song for the movie so Robert Altman's 14 year old son, Mike Altman, co-wrote the song 'Suicide is Painless' with his friend Johnny Mandel.

Robert Altman sold his labour as a film director for a fee. Mike Altman didn't sell his copyright in the song. Instead, he kept ownership of the intellectual property he created and through licensing deals allowed the film-makers to use it. The song also became a hit separately, after it was used in the film. Over the years, Mike Altman made over a million dollars for co-writing the song. Much more than his father earned for directing the film!

The key to generating income in the long term - rather than being a creative labourer and working for wages - is to use our creativity to produce intellectual property that can generate income streams.

It's a different approach and a different business model. It's about being a true Creative Entrepreneur rather than merely a creative labourer.

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* Contact me about  your experiences of generating income streams through licensing intellectual property.