I recently read in a newspaper - a  famous celebrity star was being sued for business malpractice.  I knew the guy.  We were together a couple of times  in several forums promoting entrepreneurship to various chambers of commerce and universities.  He was serious to be in the business.  He had meet success in becoming famous, and in several talks, he manifested his intentions of being more than just a ‘pretty’ face.  He wanted more than just adulation from young fans.  He wanted respect from professionals, and an income stream that is build on a foundation of business acumen.

He did not yet have quite the grounding and trainings for business, but his passion was there.  Which I believe is the reason  he got into trouble.  When you are famous, you will not find a shortage of partners or business ideas.  With rapid succession, he build several different companies, some even in IT which he does not have quite an idea, many of whom with business partners who ‘take’ care of the business while he was busy somewhere else.

When the business carries your name, and you are famous, two things can easily happen.  First obviously your business partner will scatter your name all over and use it to get business.  Some will probably abuse it.  The other side is of course, being famous makes you larger than life, and gives you the halo effect - it makes you more capable than you really are, and fuels high expectations.

When Google goes into email, it comes with a brand that has made a success in search engines, and thus people expect more.  It is no secret that when Apple launches Apple TV, it comes with high expectations than if the provider was somebody else.  In the case of iPhone, they delivered, but it can become a challenge when it is less than a spectacular success.

So going back, the guy was apparently a victim of both.  His partners peddled his business in a way that fueled investors and customer expectations in an unrealistic high.

That can always happen when you become well known, or your brand becomes established.  It is easier to sell since people has expectations.  However, managing these expectations is a continuing challenge that you should be aware of.

Be wary — fame comes with its own baggage you have to know how to handle.