Top Ten Mistakes That Will Ruin Your Business

top-ten-mistakes-business

While it may seem easy for most celebrities to multiply their dollars, the huge number of celebrity flops just might surprise you.  There are lots of reasons for these fruitless business deals.  One little misstep, and your entrepreneurial efforts can rapidly come undone.

Beware of these 10 celebrity business blunders to keep your brand in tact:

  1. Choosing the Wrong Product:  If you’re trying to market a celebrity brand, you’d better make sure it’s a product that people will actually be interested in.  Hulk Hogan made a big mistake in selecting a blender over a (George Foreman) grilling machine.
  2. Making Money Illegally: We all know that sex sells. But Madame Heidi Fleiss took things a bit too literally.
  3. Overextending Your 15 Minutes of Fame: Some celebrities overextend their 15 minutes of fame. Heidi Montag assumed that her famous face would also sell a clothing line.  Wrong.
  4. Forgetting About Customer Service: If you open a customer-oriented business, you’d better focus on the service. Jermaine Dupri’s “Café Dupri” acquired more complaints than profits.
  5. Assuming Personal Preference Equals “Business”: Sometimes there’s such a thing as “too weird.” Marilyn Manson’s “Mansinthe” was too obscure (and illegal in the U.S.) to make money.
  6. “Selling” Something People Can Get for Free: Gwyneth Paltrow’s GOOP website may have nothing but good intentions.  But critics panned her sappy attempts at spreading inspirational advice.
  7. Dreaming Too Big: Make sure that when you want to buy a town that you have a definite plan to boost tourism.  Kim Basinger’s purchase of Braselton, Georgia was an epic fail.
  8. Being Controversial: Sharon Stone’s risky comments about the Chinese earthquake sank her Christian Dior endorsement.
  9. Stamping Your Name on a Product, and then Leave: Contrary to popular belief, you can’t just plop your name onto a product and then forget about it. Britney Spears’ “NYLA” restaurant is a prime example of abandonment.
  10. Turning Extreme Clichés into Revenue: Sometimes trendy can go overboard.  The supermodels that opened New York’s “Fashion Café” quickly discovered that a $20 salad should consist of more than Champagne, cigarettes, and lettuce.

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