Here is a short list of things people will need when trying for a career in performance - this is my opinion, so take it at "whatever" value.
I'm writing this piece because i'm surprised at how many very skilled young guitarists are out on youtube who yet don't know that they need these other elements to succeed.
(1)the Product.
music is a product you sell, but the sellable* product is made up of many factors - like many other businesses . .
I consider Rock to be the main venue in Music Business, because even if a Product is branded otherwise, the business elements which contribute to its creation are rooted in the businesses which came out of the Rock industry;
So, a group will need to have these, for point 1(please note that not all are fundamental, and there are ways to get around the lack of one of these, but these are the targets that everyone should have)
Technique
Looks
Awesomeness
Songwriting
Lyrics
Production
Business Mentality
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explanation: technique is the ability to play instruments and sing; after all, it's music you sell, so being able to perform it is important; plus, when you perform live, this becomes more important than ever. Looks are a major selling point, not everyone has them and they have been proven over time to be the (second?) biggest selling factor of all - this element should be run parallel with PR, obviously. Awesomeness is a stupid word to encompass showmanship, charisma, PR stunts, stage setup, lighting, costumes, and everything else that is visual yet stricktly about the musicians - videos count too. Songwriting is different from techinque, extremely precious yet rarely necessary - and can easily be subcontracted, if a good budget is in. Lyrics help selling only when they are keyed to product placement - market niche image; it hardly pays to sing about romance in a grindcore band, does it? Production ought to be self explanatory, yet the burden falls on the business leader, so it's here instead of part 2. Business mentality is when a group has a business leader, an effective business plan, a solid model, and business discipline - thus producing more sellable product for the budget. A business mentality is also where the business leader seeks out and obtains the most "shelf space" (gigs) as a priority over anything - sell even if you suck.
(2) Image
this one is short.. if you can understand it:
Market Niche product placement
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"Selling" music is something which often escapes musicians altogether - you are creating a consumable product, and as all consumables, you need Location, Location, Location. The three "L" are what product you are selling, who you sell it to, and how you sell it to them - in catering, it would go like this : pasta, from a restaurant, in goodge street. trying to sell the right product to the wrong people will not cut it, nor selling it from a horrid venue; by extention, sale techniques, presentation, all make up LLL.
Music sells when it is well packaged, presented, and when it stimulates the appetite for its consumption, so chose your target audience, package it (and yourself - see point 1, many aspects of yourself make up the product, not just "the music") so it appeals to them, and make sure they can buy it.
(3) Business Enterprise Structure
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When selling music, you will need to head a large structure, composed of bus drivers, hair stylists, photographers, managers, agents, promoters, and so on. Your choice is simple (or is it?) : the ones which provide you with the biggest cash flow. End of story - do not compromise you cash flow for artistic integrity .. even if most musicians do the opposite.
(4)Time and Money Budget
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Working in music takes both, and trying without is doomed to failure - if you have no funds, don;t attempt a music business venture, for it will fail you.
That's it.
Not as complicated as it sounds, but subtle, here is a recipe for success that will never fail you (unless your band's name is Anvil);
Good luck, and To Futures Bright !!
*Blogspot's dictionary doesn't recognize this word :/
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