Up to this point, things were looking good. After our first successful event that we actually booked an artist, charged a cover, and doubled our money, we partnered up with a few more clubs in different cities and repeated our process. This is where I learned a valuable lesson in entrepreneurship… past successes don’t always lead to future successes. There was a night that we paid a big named rapper to perform at our Super Bowl after party and literally nobody showed up accept a handful of our friends that we promised we would let in for free. We paid the artist $2,000 and wound up losing it all! Considering the fact that we were now investing advertising money into Facebook ads and printed flyers, our company was literally back at square one with no money in our bank account. This event took a toll on us and broke that feeling of being invincible… a feeling any entrepreneur has to deal with at some point. For us, I guess our first successes got to our head and we never thought about what we would do if we flopped on an event. Now, the time had come to make that decision. We kept going and threw some smaller inexpensive parties that would net us a few hundred bucks and kept us alive but we knew we weren’t tapping our full potential.
One night, probably after a few drinks, my business partner and I decided we wanted to go big. We came to the conclusion that we needed to throw Arizona’s first electronic music dance festival by having one of the world’s top DJ’s perform at the Phoenix Convention Center that could hold 10,000 people. We figured that 10,000 tickets multiplied by $50 per ticket is $5 million dollars… and that was exciting to us. After months of planning, meetings, and overall work, our investor pulled out at the last minute so we couldn’t sign the contract with the Phoenix Convention Center and the entire plan fell through. To make things worse, my business partner had fallen into heavy drug use and was completely going behind my back, making horrible decisions, and ultimately ruining our reputation within the nightlife community. Within a month of thinking we were on our way to riches, I was no longer a part of the company I had built and knew I was going to have to start a new business from scratch. Please read the next post to see what kind of mindset you need to succeed in entrepreneurship. This post has been brought to you by NTS Commercial Landscapers.