There are many brands out there that make us ponder what made them so successful. But, it wasn’t all happy-go-lucky from the beginning. The road to success certainly wasn’t easy, as there were failures along the way. Nonetheless, these A-listers were still able to move forward and learn some insight. Take a breeze through their flaws and work on navigating them for success.
1) The Kardashians: Kardashians Kard
Beauty moguls and sisters, Kim, Khloé, and Kourtney were entrepreneurs of their own back in 2010. They had owned their high-end Calabasas-based clothing store Dash and decided to step it up a notch with their debit card. The Kardashians’ card was mainly targeted towards young teens, so they developed the right financial habits at a young age. The MasterCard card was prepaid too, and made parents allow their kids to be more financially responsible in their decisions.
Why it Failed
This decision by the Kardashians received a huge amount of backlash from the public. Firstly, many people immediately thought the beauty queens were incapable of guiding people to make stable financial decisions. Even though many people favored it, the card had a ton of unnecessary fees that could easily misguide young teens. It seemed more like a scam instead of a successful business venture, and fees were as high as $100. What was even worse was the fact that you still had to keep paying added fees for the card after purchasing it, which is much different than a regular debit card. After much criticism, the sisters agreed to pull the deal off the card in November 2010. However, they weren’t let off the hook as easily, as they had to deal with the legal consequences in a future lawsuit.
Even though the Kardashians were trying to be a positive influence, a prepaid card was not the way to go. They should not have charged crazy fees on young kids, and really turned against their own message. If you are planning on starting your business idea, it’s important to navigate your consumers in the right direction and not scam them. Make your brand easily accessible at all times, as well as affordable. You want to keep attracting customers instead of driving them away, so stick to your goals and be responsible.
2) Natalie Portman: Té Casan Footwear
Natalie Portman is a well-renowned actress in various TV shows and movies. However, people were a bit skeptical to hear that she was starting her vegan footwear line. She has been an advocate for veganism at a young age, so it made sense this is something that she wanted to pursue. She collaborated with the store Té Casan in 2008, to launch her cruelty-free shoe line.
Why it Failed
To her dismay, Portman’s business declined drastically as the products were harshly criticized in every way. First off, the shoes were ridiculously overpriced, with customers needing to have at least $200 with them for purchase. Thereafter, vegan shoe design was not very favorable for the public and was not very popular back in the day. Té Casan tried to do better through sales and changing prices, but the public was not thrilled. That led Té Casan to close doors soon after, as well as kiss Natalie’s brand goodbye.
If there’s anything we can learn from this brand, it is to make sure your brand is up to date with the people’s needs and standards. Consumers are always looking for the next best thing, instead of boring and old trends, so make sure you are catching people’s eye. Vegan products are much more in the market these days rather than in the olden days, so stick to what everyone likes. Also, as mentioned previously, don’t burden your customers with extravagant prices. Be considerate and make your brand easy to buy, so it succeeds and thrives in the growing financial market.
3) Blake Lively: Preserve
Gossip Girl star Blake Lively is a shining star in all things fashion and entertainment. She decided to take on the role of entrepreneur not long after, with her up-and-coming brand Preserve back in 2014. Preserve showcased products fit for the home, such as a woodblock map, salt, jam, oak, pillows, etc. There were a bunch of extravagant things people could choose from and was more so a creative outlet for people to showcase and buy from.
Why it Failed
Blake Lively recalled the many flaws that were within this short-lived business in an interview with Entrepreneur. She shut down her company due to the idea that her company wasn’t fulfilling her expectations in the way she intended. She strongly believed that the company was not making the appropriate impact it was supposed to and didn’t gain enough recognition. There were also implications that her products were overpriced.
Blake’s heart was in the right place, but she didn’t take appropriate measures. To maintain and keep up with your company, you must have strategies that pinpoint the importance of communication and organization. One should have the right forefront and get at it, instead of just plain visualizing. Lively’s company seemed all over the place, and she even released it to the public months earlier than it was supposed to. There was not even research and planning put into it, which is why it failed so quickly. For a company to run in the long run, make sure you have the appropriate people, figure out your audience, and build the website creatively and efficiently. This planning out can take a while, so make sure not to rush it and just enjoy the ride.
Just Keep Going
Thankfully, all of these A-listers have moved on from their mistakes and have crafted huge names for themselves entrepreneurship-wise. Blake now has her custom drink brand called Betty Booze, Natalie is very successful with Dior, and the Kardashians have their brands in all things clothing and makeup. They surely have not let their mistakes deter them from their long-term aspirations, so make sure to be positive. There are always negatives and obstacles, but use them to your advantage and just keep going!
