If you could go back in time and do it all over again, what would you change? We asked event entrepreneurs on our social media networks to share the biggest pieces of advice they'd give their younger selves. Their tips range from the practical—learn to read financial statements—to the inspirational, plus offer key learnings for event professionals at any stage in their careers.
Matthew Byrne, founder and president, Byrne Production Services, Toronto
1) Don’t do it alone. A lot of people start a business in this industry because they are good at their jobs and think they can do that on a larger scale. Starting a business is a different beast and is a team sport. Find yourself a partner to carry some of the load and be another voice in the formation of your big ideas. Having another equal and enthusiastic opinion on the mic will help a lot.
2) There is nothing special about your special event business. Yes, there are unique market and industry things that you have to forecast, manage, and work with. But business is business. You have to market and sell products and services, manage operations, and balance cash flow. Whether you are producing events or selling widgets, it’s the same.
Amanda Ma, founder and chief experience officer, Innovate Marketing Group, Pasadena, Calif.
Identify what your zone of genius is and hire for what you are not to fill that gap. You do not need to be good at everything. It's important to have a team-managed company so your company can ultimately scale.
Then, focus on developing a growth mindset above all else. There will be times when you feel like you are on top of the world and other times when you fail. You pick yourself up, dust yourself off, and start over again. Remember the lesson, and use it to work smarter and get better.
It’s easy to quit. The harder thing to do is drive forward and figure out how to get to the other side. If it doesn’t challenge you, it’s not growing you. This mindset is what leads to success.
Brett Hyman, president and founder, NVE Experience Agency, Los Angeles
If I could go back to the beginning of my journey, I would tell myself that great talent on your team is the solution to every challenge. The best entrepreneurs should develop a great filter for finding rising stars in our industry, and then give them the tools to unlock their potential. In the early days of NVE, we couldn’t compete with the more established agencies, so we learned quickly to look for the rising stars who exhibited alignment with our core values, and our work style of “The Polished Hustle.” Once you find that amazing talent, it’s critical that you invest in them and trust their judgment.
Will Curran, founder, Endless Events, Phoenix
I wish that I had realized how small the industry was, and that if you stay here long enough, engaged across the online communities, and attend enough conferences, you can start to have a really, really well-built network—but it means engaging on the national scale of the industry and not just the local.
Yaz Quiles, founder and CEO, POP! By Yaz, New York
Entrepreneurs often solely focus on perceived profits—but all money is not good money. When I first started, we were invited to pitch for a very large piece of business with a prominent company. It seemed like a dream, until I probed about their payment structure. I learned that it was net 120, which financially was unfeasible for not only my small business but for most businesses. This structure would easily dry up any working capital I had for months, along with the carrying costs associated with it. It was an expensive venture. We passed on the opportunity, but now make it a practice to understand client payment terms in advance and negotiate the terms to ensure not only that we are profitable, but [paid] within a timeframe that works for my business.
Ann Netzley Hollins, founder and chief experience officer, Events Outlined, Columbus, Ohio
Don’t wait until you need to outsource time-consuming tasks outside your wheelhouse. Contact, contract, and onboard from the beginning!
Brandi Carson, principal event planner, Posh & Private Event Design, Houston
One piece of key business advice I would have welcomed would have been to determine in the beginning whether or not I was interested in being a self-employed event planner or having a scalable event business. Speaking as a self-employed event planner, I approached my situation in a manner in which I thought I would be able to take on an insane amount of clients in order to generate enough gross revenue to replace my corporate salary.
However, it wasn't until much later on that I realized my self-employed business was going to be limited based on my personal capacity. Alternatively, if I began my journey with the goal of having an event business with scalable and repeatable processes, that not only would have increased the number of clients the company could take on, but it would have also freed me up to be a business owner with the option to take on some, none, or specific clients as much as I desired.
Leanne Calderwood, trainer and speaker, Leanne Calderwood Personal Branding for Hospitality Professionals, Kelowna, British Columbia
One thing I wish I would have known when starting my entrepreneurial journey is that you need to learn a whole new slew of new, un-event planning-related skills, and [find] mentors or coaches in those areas.
Jennifer Baker, executive producer, Mina Productions, Los Angeles
Just because you consider someone a friend does not mean that he/she will be happy for your success or willing to assist in even the smallest ways possible. Learn to celebrate your own successes—even if no one else does. And, do not be afraid to self-promote (particularly for women).
Cultivate a network of like-minded individuals—even better if they are not working in the same industry. It’s a blessing to have a trusted circle of people that you can bounce questions off, and grow and learn with and from.
Don’t let your losses define you. The quicker you take the lesson and move on, the faster you better yourself and your business.
Mike May, president and owner, Brightspot Incentives & Events, Dallas
I acquired Brightspot in 2001. Back then, it was named Spear One and had eight employees. Rather than starting something from scratch, I recognized my entrepreneurial strength was taking something small that was working and growing it larger.
Here is my advice: Leading a business requires three core skills that are mutually exclusive—operations, finance, and sales. Most businesspeople work their whole careers in only one of those lanes. A successful entrepreneur needs to be strong in at least two of those skills, and then overcome their weakness in the third skill. If they only have one of those skills, the odds are against them.
I started my career in finance, so I was adept at reading financial statements, which can be the death knell for some entrepreneurs. Later in my career, I switched to operations, so I learned the "blocking and tackling" of serving customers and managing teams. At the "half time" of my career (at 40 years old), I acquired Brightspot, which required me to grow my non-existent selling skills. I read sales books, listened to e-books during my commute, quizzed my rainmaking friends, and, most importantly, jumped into selling with both feet.
Editor's note: These comments were shared by readers on our social media networks. Join our discussions on LinkedIn, Twitter, and Facebook.
