In 2004 Paris Hilton put her name on a bottle of perfume. Thirty fragrances later, it was one of the most successful celebrity beauty ventures ever built, running on the same partnership with Parlux for close to two decades.

Parlux’s president described the pace like this: “Every minute, nine bottles of Paris Hilton Fragrances are sold worldwide.”

It was never her company. That is not a criticism. It is what a licence is. Somebody else funds the factory. You get income quickly, with almost no capital at risk. You don’t get the customers, the inventory, or the right to sell any of it when the agreement ends.

Revenue is not ownership. Nine bottles a minute for two decades, and the company belonged to somebody else.

Swap “perfume” for consulting, a course, a brand partnership, a commission split. If the money stops when you stop showing up, you are renting. The question is whether you own the thing you are renting out.