Entrepreneurship is a tough cookie to bite into, but it’s also the sweetest one to taste if your teeth are up for the task. However, the one serious misconception most people hold about entrepreneurship is assuming that it can only be a full-time job for you to find success. Celebrity entrepreneurs are a key example of how it’s possible to do exactly this.
For celebrities, the pursuit of entrepreneurial success is a rather unique one. Most celebrities are just comfortable riding their fifteen seconds of fame and slapping their name on a brand, making a few endorsements and bathing in royalty fees. However, fame is merely a perk and not a guarantee for success. Secondly, fame is a fickle friend to rely upon; fortune however, will never leave your side. This is why it’s essential for them to stick to business ideas that align with their passions in order to start ventures that have a better chance of survival in the long run.
Only a handful of celebrities have truly transcended the gloss of fame and moved onto becoming owners of flourishing business empires. Here are 5 of the most successful ones:
- Robert De Niro
While building himself as a Hollywood legend, Robert De Niro quietly built a legendary upscale sushi restaurant chain named Nobu. With an estimated worth of $250 million and over 24 locations around the world, this influential restaurant chain allows the actor to rake in 30% of the total profits.
He is also the co-owner of 2 renowned food franchises and a part-owner of a swanky Italian café chain named Ago located in New York, Los Angeles, Las Vegas and Miami.
Sporting a net worth over $520 million, hip-hop superstar Jay-Z has captured the imagination of the music industry by raising the bar of what a celebrity business tycoon is supposed to be like.
After his first hit album, Jay-Z has worked hard to build his name into an infallible brand by first establishing his own record label, Roc-a-Fella Records. He also has an ownership stake in the 40/40 nightclub chain, Def Jam Records, as well as a couple of elite teams like the New Jersey Nets and Arsenal. In 2007, he also managed to rake by selling his clothing line Rocawear for $204 million.
- David Beckham
Becoming the face of the world’s most popular sport is no joke, and in his heyday, David Beckham was undoubtedly one of the most talented and well-paid sportsmen in the world. Apart from his ridiculously high annual contract salary, Beckham has also enjoyed a string of high profile multi-million dollar endorsement deals with brands like Pepsi, Calvin Klein, Adidas, Vodafone, Gillette and Samsung throughout his career.
He also partnered with clothing retail giant H&M to launch his own Bodywear line, which also went on to become a highly profitable venture.
- Magic Johnson
For American basketball hero Earvin Johnson Jr., the “Magic” never ended even after retirement. He earned over $18 million a year through his contract in his prime and numerous millions more in sponsorships, which he saved to kick off his own business empire, Magic Johnson Enterprises. This venture is valued at over $1 billion today.
Johnson developed quite the knack for spotting golden business opportunities and became a partner in several successful corporate entities like AMC Theaters, Starbucks and T.G.I.F. His net worth is estimated to be a mind-boggling $500 million.
- Oprah Winfrey
Launched in 1986, The Oprah Winfrey Show marked the rise of one of the most powerful faces in the media industry and revolutionized the TV talk show platform. Oprah’s media empire further expanded through her own production company, Harpo, which helped launch more daytime TV juggernauts like Dr. Phil and Rachael Ray. She also started a popular lifestyle magazine, O.
Oprah also took charge of her own cable channel named the Oprah Winfrey Network in partnership with The Discovery Channel a couple of years ago. Her current net worth is estimated to be over $2.3 billion making her one of the biggest celebrity entrepreneurs of all time.
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