#47 Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way
Founders
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The Risk Taker's Guide to Tubular Bells
The record label is getting Mike O'Field I think is how you pronounce this last name. He made a very esoteric and bizarre album called tubular bells that was 45 minutes long with no lyrics. So they offered us a highly attractive licensing deal instead with royalties of 18%. We were paying Mike 5% which means that if we accepted the island's offer we could collect 13% on the sales of tubular bells for ourselves. Most small record companies in our place would have accepted it, most lawyers urged us to do so. It was a bold move but even then I knew that it was a boldMove. If you are a risk taker then the art is to protect the downside.
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