5 Entrepreneurial Lessons From Michael Jackson’s Mistakes

5 Entrepreneurial Lessons From Michael Jackson’s Mistakes
June 29, 2009 by Ade Shokoya
Filed under Daily Entrepreneur, Entrepreneur Characteristics, Entrepreneur Tips
With the recent untimely passing of Michael Jackson, here are 5 important lessons every entrepreneur and small business owners can learn from some of his mistakes:
Watch What You Say and Do - there’s no doubt that for much of his career, Michael Jackson used the media to his own advantage. However, in the later years, the media turned on Michael Jackson and became his worst enemy.
In your business you must pay close attention to your marketing materials and message. Make sure that it’s consistent with who you are and what you company represents.
Be careful how you use gimmicks. And never make exaggerated claims about your products or services.
Stay True To Who You Are — We’ve all seen the pictures of Michael Jackson’s transformation from a good looking, young black man, into a scary, old white man (no offense).
There has been much speculation as to the reasons for this transformation, But the lesson to be learnt is that always stay true to yourself.
Often in business — especially under current circumstances — there will be much pressure and temptation to deviate from your core values. But it’s when times are hardest that you must draw on those values to guide you through.
Do not let external events or circumstances define you. Be true to yourself and true success is only a matter of time.
Choose Your Team Wisely – looking back over Michael Jackson’s life, there’s no doubt that many of the people in his ‘camp’ didn’t have his best interest at heart and were only out to get what they could from him.
The sad fact of life is the bigger and more successful you become, the more hangers-on you attract. So be careful to build an inner team of people around you who share your vision and have similar values to you.
As you grow, where possible make these your trusted advisors. And if at any time it becomes apparent that any member of your team is really playing ’solo’, don’t hesitate to drop them.
Manage Your Finances – it’s being reported that Michael Jackson was having severe financial difficulties before he died. Which goes to show — it’s not how much you make; it’s how much you keep.
Pay attention to your finances and cash flow. Don’t make the mistake — that many entrepreneurs and small business owners do — of thinking that money in = spending money.
Make sure you have a good understanding of your overall balance sheet, so you know exactly where you stand in terms of profit and loss. Apply the same to your personal finances too.

Never Over Commit Yourself — Just before he died. Michael Jackson committed to performing 50 nights at London’s O2 Arena. But many industry experts questioned if Michael Jackson was fit enough to deliver such a physically, mentally and emotionally demanding schedule.
And it’s now being suggested that the stress he was experiencing leading up to these performance may have been a major contributor to Michael Jackson’s untimely death.
The lesson to be learnt from this is not to over commit. In fact, you’ll often find that you’re much better off under committing and over delivering.
Because if you over commit, that might be the death of you and your business.
Ade Shokoya
Want to know how to confidently overcome fear, doubt & criticism, and prove you can succeed in business? Then check this out…