Celebrities become successful using techniques you can use in building your wealth. For decades I have worked closely with many of the most successful stars in media. All media. Watching them closely, I have observed that there are common traits that lead them to success. A person earning 20, 30, even 100 million dollars a year on their talents is remarkable. That type of sustained earnings does not come from telling jokes or being pretty---performing comes at the end of the process.
Here are several of the actions of celebrities who earn sustained wealth. These can apply to your business.
1. PREPARATION PREPARATION PREPARATION. Movie Stars know their lines, have run their lines and know exactly what is expected of them. Radio stars have to prep a 4-5 hour show daily with no script. (Think about that.) They spend the rest of the day making notes and planning every element of their show to make the show sound spontaneous. That's why many people think radio is easy, it is in fact the hardest show business medium by far.
An unprepared executive or business person is spotted instantly in any situation and their career is short lived. Preparation for the meeting, phone call or presentation is the first step to success.
2. KNOW WHAT YOU KNOW. Sustained stars have pristine knowledge of their limitations. They don't waste time making 5 year plans that won't pan out or trying to inflate quarterly goals. They say no more than they say yes. Their choice of work is a combination of pure gut and hard earned experience.
Many startups with successful premises die because the founders get distracted. One good idea does not mean all ideas are good.
In a startup it is critical to make the original idea "work" before branching out.
3. SIGN YOUR OWN CHECKS. An accountant is necessary to quarterly taxes. A lawyer is necessary for estate planning and dealing with worthless labor law. But the boss watches every dime. It is surprising how many Stars get their bills and checks prepared monthly by the accountant and then sign them themself. They do not give power of attorney to anyone.
4. SEND THANK YOU NOTES. This has been written in other success oriented lit but every Star I've known sends thank you notes on the good stationery. These notes are saved for life and keep the door open for all business ventures.
5. GIVE GENEROUSLY. Stars give their own money to charities. Some just lend their names to charities but don't write checks. What I have observed is those stars do not have sustained success. The ones who have high income for decades write checks to charities from their own pockets. Karma is always in town.
CELEBRITY MONEY SECRETS THAT WILL WORK FOR YOUR BUSINESS is the working title of a forthcoming book.The opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaBizBloggers.com management or associated bloggers. MediaBizBloggers is an open thought leadership platform and readers may share their comments and opinions in response to all commentaries.
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