The rise and fall of many entrepreneurs is all too common a story we have heard and seen repeatedly.
Too many instant millioneers often called “new-money” entrepreneurs get to be the limelight. They hog newspaper headlines, they are seen at the A-List of top parties and events. The drive expensive cars, wear expensive designer clothes, go to expensive holiday destinations, they are the envy of society.
Coming from an ethnic group and being wealthy can rapidly take you to the very heart of the celebrated people and result in reams of positive press coverage.
The fall will show how fickle a mistress the media can be, and that ultimately all the glitz, glamour and perceived opulence in the world is not replacement for sound business planning and hard work.
Many celebrity entrepreneurs enjoy the limelight. It is part of the personality of entrepreneurs to want to show the world what they are made of.
The media is a double-edged sword. They are looking for stories, headlines and angles. If someone new comes along, someone young, successful, wealthy, it is little wonder the press will trip over themselves to put that face on their covers.
But it comes at a cost.
As soon as entrepreneurs hog the media space, they need to watch out. And if they are up to no good, they should not hog that space at all in the first place. As they say, it will end in tears.
By being famous, celebrity entrepreneurs are able to use their public persona to generate new business. This is invaluable to any business starting out and looking to grow.
Also, a celebrity entrepreneur will have already developed a community that is willing to support them, overlooking rival businesses, giving the business a competitive advantage.
The American rapper, Jay-Z has managed to use his celebrity status to transition into business. However there are countless entrepreneurs who did not start off as celebrities and when they became successful, the media elevated them to celebrity stardom.
It is the loss of focus that comes with being a celebrity entrepreneur that most entrepreneurs blew it.
The media is like a fickle mistress who loves you when you are making money but does not hesitate to drop you when you are losing it.
Instead of focusing on expanding the business, some successful entrepreneurs are enticed by the limelight, A-list parties, magazines covers that they lose focus of what is important, business.
All that glitters is not gold.