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Win Some, Lose Some: The Key Lessons Learned From Failed Celebrity Businesses

When stars enter into business, the financial loss can be devastating and so can the subsequent media coverage from the failure.

Celebrity successes are normalized. From box office blowouts to sold-out concert venues, the rich and famous are seemingly always winning in the public eye. However, stars aren’t immune to being in the red when it comes to business. Business ain’t easy, even for the elite.

Investopedia reported that about 20% of new businesses fail in the first two years of their opening, 45% in their first five years, and 65% during the first decade. Overall, just 25% of new businesses make it to 15 years and beyond. The hardest industry to succeed in is the food space (a celeb favorite i.e. restaurants) and hospitality.

When stars enter into business, the financial loss can be devastating and so can the subsequent media coverage from the failure. But, as the saying goes, it’s important to fail fast and learn faster.

Here are some lessons we can glean from flailing celebrity business ventures.