When you think of celebrity entrepreneurs, the likes of Oprah Winfrey, Kylie Jenner, and Jay-Z readily come to mind as successful ventures. Celebrities have great influence and a large audience, something that can be a considerable advantage when they decide to start a business.
Unfortunately, not every venture a celebrity creates or endorses is guaranteed success, and things can go south quickly. Now, let’s go ahead and explore some celebrity ventures that flopped and some important lessons to learn.
Trump University
Another day, another Trump-related venture! Trump University was an online business education program created by Trump and his associates. The university was aimed at entrepreneurs seeking knowledge of real estate investment, property management, and other related fields.
However, the university encountered several legal suits, with allegations of misrepresentation, fraud, and false advertising. The lawsuits eventually led the venture to shut down in 2011.
Trump Steaks
The Trump Organization is known for its various ventures, including real estate, media, and hospitality. In 2007, Donald Trump announced the launch of Trump Steaks, a line of premium cuts of beef that he claimed would be of the highest quality.
However, the venture did not take off as expected and ended up being discontinued several months after launch.
Fyre Festival
In 2017, rapper Ja Rule teamed up with entrepreneur Billy McFarland to create Fyre Festival, an exclusive luxury music festival in the Caribbean. The marketing campaign was a hit, featuring A-list models and influencers promoting a once-in-a-lifetime experience.
Unfortunately, the reality was a total disaster. Guests arrived on the island to find emergency shelters instead of luxury villas, meager food, and no running water. Fyre Festival became a cautionary tale of what not to do when it comes to event planning and marketing. Lesson learned: Do not oversell your product. Most importantly, make sure you can follow through on your promises before making public declarations.
Britney Spears: Chaotic
In 2005, Britney Spears and her then-husband Kevin Federline released their reality show “Chaotic,” detailing their relationship and daily lives. The show was highly criticized for its poor production quality and revealing too much about Spears’ personal life.
Although the show garnered high ratings, it was later canceled after one season because of negative reactions from fans and media.
Kardashian Kard
In 2010, the Kardashian sisters – Kim, Khloe, and Kourtney – announced they were launching a Prepaid Mastercard for teenagers, allowing parents to keep track of their children’s purchases.
Thus, the Kardashian Kard faced criticism over its high fees, including a monthly fee of almost $10 and a $100 three-month fee. The backlash was swift. Eventually, the Kardashians ended up pulling the card from the market.
Jessica Simpson Collection
Finally, Jessica Simpson is a successful celebrity entrepreneur, with her fashion and beauty brands reported to be worth millions. However, her foray into career advice did not achieve the same success.
She released a self-help book, “I Do: Achieving Your Dream Wedding,” and a TV show featuring brides preparing for their big day. The program received poor reviews, generating low ratings and only one season.
