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Celebrity endorsements have proven very successful around the world where, due to increasing consumerism, an individual is considered a status symbol when they purchase a celebrity-endorsed product. On August 1, 2007 laws were passed[where?] banning health care professionals and public figures such as movie stars or pop singers from appearing in advertisements for drugs or nutritional supplements. Though become the commonplace for celebrities to place their name with endorsements onto products just for quick money. However, some celebrities have gone beyond merely using their good names and have decided to put their entrepreneurial spirit to work by becoming entrepreneurs. Along with investing their salaried wages into growing business endeavors, a number of celebrities have become innovative leaders in their respective industries, gaining the admiration of their peers and contributing to the country’s economy. Numerous celebrities have become budding business moguls and established themselves as entrepreneurs, idolizing many well known business leaders such as Bill Gates, Warren Buffett, and Donald Trump. For instance, basketball legend, Michael Jordan became an active entrepreneur involved with many sports related ventures including investing a minority stake in the Charlotte Bobcats, Paul Newman started his own salad dressing business after leaving behind a distinguished acting career, or rap musician, Birdman started his own record label, clothing line, and an oil business. Other celebrities such as Tyler Perry, George Lucas, and Steven Spielberg have become successful entrepreneurs through starting their own film production companies and running their own movie studios.[34] Tabloid magazines and talk TV shows bestow a great deal of attention on celebrities. To stay in the public eye and build wealth in addition to their salaried labor, numerous celebrities have participating and branching into various business ventures and endorsements. Many celebrities have participated in many different endorsement opportunities that include: animation, publishing, fashion designing, cosmetics, consumer electronics, household items and appliances, cigarettes, soft drinks and alcoholic beverages, hair care, hairdressing, jewelry design, fast food, credit cards, video games, writing, and toys.[56] In addition to various endorsements, a number of celebrities have been involved with some business and investment related ventures also include: and toddler related items, sports team ownership, fashion retailing, establishments such as restaurants, cafes, hotels, and casinos, movie theatres, advertising and event planning, management related ventures such as sports management, model management, and talent management, record labels, film production, television production, publishing such as book and music publishing[disambiguation needed], massage therapy, salons, health and fitness, and real estate.[56] Although some celebrities have achieved additional financial success from various business ventures, the vast majority of celebrities are not successful businesspeople and still rely on salaried labored wages in order earn a living. Most businesses and investments are well known to have a 90 to 95 percent failure rate within the first five years of operation. Not all celebrities eventually succeed with their own businesses and other related side ventures. Some celebrities either went broke or filed for bankruptcy as result of dabbling with such side businesses or endorsements. Though some might question such a validity since celebrities themselves are already well known, have mass appeal, and are well exposed to the general public. The average entrepreneur who is not well known and reputable to general public doesn't the same marketing flexibility and status-quo as most celebrities allow and have. Therefore compared to the average person who starts a business, celebrities already have all the cards and odds stacked in their favor. They can have an unfair advantage to expose their business ventures and endorsements and can easily capture a significant amount market share than the average entrepreneur.[57] |
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