Andy Warhol was one of the founders of Pop Art in the 1960s and when he died was one of the richest artists alive. He started out as an commercial illustrator for a shoe company but embraced the business of art, as expressed in the quote above.
Andy called his studio in New York City “The Factory” and he worked in a variety of mediums from there, attracting many celebrities to his space. He invented the term “15 minutes of fame.” He was the founder and manager of the 1960s band The Velvet Underground. Though he was not without controversy, his life as a highly successful artist exemplifies the use of creative faculties to succeed in the business of art.
Some artists view the business side of music as being something separate from the music. They hope or expect that someone else will manage the business for them, so they can be free to just create. In the current environment of direct-to-fan and viral social media marketing, that may be an outmoded model. The artist is now fully responsible for the business side of their artistic career. I call it “artist entrepreneurship” — the artist as entrepreneur.