If you took this question on its face value, then you have got a wrong idea about the article. Why are celebrities wealthy? It might seem a stupid question. Frankly, its not. Sure, they are wealthy because they get paid very highly for it. But the real question is, why are the celebrities paid so much?
There are so many things for an entrepreneur to learn from celebrities. There are quite a few reasons why celebrities are almost always wealthy. Let me discuss a few of them below:
You got to prove yourself on the turf!
A celebrity as a person does not make any money. For any given actor or actress, author, comedian, there are thousands of people out there who are just as (or sometimes more) talented, beautiful, handsome etc. It is very difficul to prove yourself on the turf where there are people who are just as talented as you. It takes a lot of spunk and real mettle to do it. You have to market yourself to be the best in areas where there are others who are as good (or better) than you. It is a personal trait that I am sure you will find in every successful celebrity. And there is a lot of entrepreneurial wisdom to be found in it too.
Always appeal to your audience
This point is pretty much self-explanatory. No one is a real celebrity, until they have a strong fan following. And the minute, celebrities lose their fans at that moment, a celebrity loses his/her stardom. Similarly, it is very important that your brand appeals to the customers. Because they are the one’s who will take your company to the next level. And the minute your focus deviates from them, you will find that your business is struggling.
Celebrities follow the basic rule of free enterprise
The basic rule of free enterprise – “You must give, in order to get!” Follow this closely. Celebrities closely study what their audience likes/dislikes. They understand that performance is the final parameter for their success. Which is why we read about seasoned actors getting cold feets before their movie is about to hit the theaters. A couple of flops and most actors could end up packing bags to go home from Hollywood.
Understanding this, entrepreneurs need to develop a product that is really useful for those who buy it. If the product or service is inferior or does not meet the level of satisfaction of your customers – then your business is dead.
They really work hard
Celebrities are all hard workers. I mean really hard working guys. They spend 6-8 hours rehearsing for their concerts, movies etc. Count all the flying hours along with some strict diet schedule and if it were you, you would be begging for outs. Most celebs are on a shocking time crunch and usually lack adequate sleep. No, I am not promoting an unhealthy lifestyle here. But instead, telling you that these celebs have it really hard behind all that glam and glitter.
Another really good post that has appeared on Tech Crunch, about the same topic – What Justin Bieber can teach entrepreneurs.
This post talks about what celebrities can teach you about entreprenership. Likewise, there is something to learn from the most simplistic things, we only need to be observant and open to our surroundings.