Celebrity gossip can be great fun to follow. We the people watch in awe as celebrities make their rounds around the sun with marriages, breakups, meltdowns and successes. We can’t stop watching, but what are we learning? Is there anything to learn? The answer is yes, but what?
While the personal lessons to be had may be obvious, you may be surprised to learn that celebrity relationships can actually teach us a few money lessons and even investment lessons that can be applied to businesses.
Lesson 1: Get a Pre-Nup
Of course you likely are not marrying your business relations, but in every business relationship there needs to be an exit strategy. Celebrities rarely neglect to do this because there is so much at stake financially, and the same is true for you in your company. You don’t want to lose it all if you or the other person decides to walk away.
Put a plan in place at the beginning of the relationship that outlines what will take place if the business relationship ever dissolves.
Lesson 2: Always Examine the Next Step in Terms of Investment
Celebrity investment in a relationship includes more than just money. It includes time and career investments as well. Is this relationship a worthwhile way to spend time? Is it good for the career?
The same is true in business. Is the investment good for the bottom line? Is it worth the time? Is it worth what it will do to your career?
Whatever that next step is, consider the investment. If you are looking at taking on a partner, buying a partner out, expanding, shutting down, adding hours, adding people, firing people, or any other business change, what does it look like in investment terms. If you will make more money, but have no time left for life, then it may not be worth it. Then again, it may be. The decision is highly personal and based on personal ambitions.
Lesson 3: Limit Overspending
Generally, overspending should be limited to zero. There are different types of overspending however. Just as investments include money and time, so does “spending.” Celebrities overspend time in their career at the expense of time in their relationships, which can lead to success in career and failure in relationship.
If you are overspending in your business, you may be seeing success currently. You must consider, however, what is being sacrificed for that overspending to take place, and what the long-term effect will be. Is failure to come if the overspending continues?
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