Lets break the pie up and talk about each slice. This one is easy, you have to have it. You have to have good material and you must be able to perform the material well. I will not dwell on this one, not that it is less important than the other parts of the pie, but talent generally gets allot of focus by the artists while other parts of the pie don't get the focus required for success. It is important to realize that talent alone and a buck will only get you a cup of coffee.
Businesses exist to make money and a profit.
Profit is not a dirty word, especially if you are making the money. If you don't understand the music business it is hard to know how you and your music fits into the promotion and marketing machine of a record label. It also puts you at a disadvantage in negotiating or understanding a contract when you sign with a record label. Trust me it is hard enough to be the artist and write the songs so get a good team to help you. Get others involved that can make an impact on moving your career forward before your eligible for the senior citizen discount at Denny's.