VenturePORT Series - Young Hollywood's Top 5 Tips for Young Entrepreneurs
Think you can't learn anything from celebrities about entrepreneurial life? Take a closer look. Business (and life) lessons abound in the blunders of Young Hollywood.
1. Take Responsibility for Your Actions
When Paris Hilton's recent legal trouble surfaced, she blamed everyone but her dog, Tinkerbell. Her manager, who told her it was okay to drive on a suspended license. The people who read her mail for her. The judge who gave her a harsher-than-usual sentence.
Any of those excuses might have been true, but no one cared. People wanted to hear Paris say, "I did a dumb thing, I take responsibility." Which she did, eventually.
Since her release, Paris has cooled it on the club scene and taped a drunk driving public service announcement. She told Larry King, "I take full responsibility." By admitting her mistakes, she's building more goodwill than if she was still blaming others and complaining about her raw deal.
The business takeaway is: if you mess up, 'fess up. As an entrepreneur, the buck stops with you. Period. Even when someone else—a supplier, contractor, etc.—deserves the blame, what your customer wants to hear is, "We take responsibility. We'll make it right."
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2. A Camera Means Forever
Vanessa Minnillo got herself in hot water for candid photos of her and Lindsay Lohan playing with a knife. Celeb sex tape scandals are a dime a dozen. Let's face it, cameras are everywhere.
While having questionable moments caught on camera can boost a celeb's fame, it can be devastating for an entrepreneur. What if someone records you in a private moment, ripping on a client or partner? Or photographs a secret meeting about a potential merger? Or posts that regrettable party photo on MySpace? You've just put your reputation and your business at serious risk.
The lesson? Cameras today are small. And everywhere. The safest bet is to always act like your clients are watching. Because they might be.
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3. Brand Yourself Wisely
Celebrities "brand" themselves like any other product. Their cars, clothes, clubs…these choices shape their public personas.
Lindsay Lohan's antics have established her as a hard-partying wild child. Sienna Miller's outfits make her a fashion trendsetter. Ben Affleck has a reputation as a responsible family man (these days).
Whether or not they like these brands, they're stuck with them. The same goes for entrepreneurs. Make sure the vibe you're sending out matches the impression you want to make. Real estate mogul? Creative genius? Slacker?
Once you understand your brand, you can take action to strengthen it (or change it, if you discover you're sending the wrong message).
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4. Don't Drink and Drive
As a business owner, you have more than just the usual health and safety reasons not to drink and drive.
Busted celebs like Paris Hilton, Michelle Rodriguez and Tracy Morgan may get some bad publicity and a legal slap on the wrist, but as an entrepreneur you stand to lose a lot more.
If you harm yourself or someone else, your business associates' opinions of you can change in an instant. Do you want to be known as "that guy who got drunk and hit the pedestrian?" Of course not.
Plus, there are financial considerations, such as skyrocketing post-DUI insurance costs. And if you're sent to jail, who's going to run your business?
Bottom line: don't play into the stereotype of "young and irresponsible." It's just not worth it.
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5. Beware Your Garbage
While Paris had to deal with the embarrassment of someone auctioning off her garbage, your garbage actually poses a greater risk to you.
Sensitive files, financial information and more can find its way into the garbage. Identity theft, security breaches and lawsuits from customers whose personal information has been compromised are all potential outcomes. Three words: get a shredder.
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