Connect with us

Entrepreneurs

What Entrepreneurs Need to Learn From the Fyre Festival Disaster

Published

on

Fyre Festival 2017

By now, you’ve undoubtedly heard of the infamous Fyre Festival. This 2017 music festival turned disaster/international laughing stock has re-entered the public eye due to documentaries released by both Netflix and Hulu that detailed precisely what went down. If you haven’t watched either doc, let’s just say it’s somehow much worse than we all initially thought.

The good news is that entrepreneurs can learn some extremely valuable lessons from Billy McFarland, the leading man behind Fyre, was described as “either the smartest guy in the room or absolutely insane” by his team. He’s now facing 6 years in federal prison and yet started running scams when he was out from bail after the first fiasco.

Entrepreneurs need to pay attention to precisely what happened here, so they don’t repeat the same mistakes. Startup culture tends to idolize guys like McFarland who take significant risks. Sometimes, it works out, and genius truly is present. Sometimes, you turn into a laughing stock.

Here are some key takeaways to make sure you don’t make the same mistakes:

1. Backup fantasy with fact

This is where you need to start. It’s great to dream big and make plans; well over 50% of Americans want to be entrepreneurs, reports Forbes. However, in reality, only 4% of the population actually are entrepreneurs.

How is there such a massive difference between desires and the actual work of being an entrepreneur? The answer lies in execution. The reality of being your own boss is stressful, draining, and requires large quantities of talent, hard work, and luck in turn.

When the Fyre Festival trailer dropped, it was clearly selling a fantasy. It branded itself as “a quest to push beyond…the boundaries of impossible.” World class supermodels like Bella Hadid and Haley Baldwin swimming in crystal clear waters, beautiful crowds at large concerts, endless luxury, waterside cabanas: these were just a few of the promised teased by the trailer.

The reality of the event has been widely shared: leftover hurricane relief tents, soaking wet mattresses, limited food and water, no influencers in sight. Fyre Festival created the fantasy with absolutely no plan to back it up. After they sold 95% tickets within 48 hours of dropping the trailer, the plan stopped there.

A realistic timeline and solid plan are necessary for all entrepreneurial visions to become a reality. Don’t get caught up in the dream at the expense of the details! That’s what makes that 4% successful over any others.

2. Don’t surround yourself with yes men

Billy McFarland was the ideas guy, the dreamer, but certainly not the planner. He had a team of dozens of successful, artistic designers and organizers working under him. These people had no problem coming forward for interviews with each of the documentaries, but at the time, no one could voice their very reasonable concerns.

McFarland was reported over and over as having a ton of charisma and positivity, and would answer any issues with “We’re not a problems-focused group, we’re a solutions-oriented group, we need to have a positive attitude about this.”

These buzzwords probably sound familiar. While positivity is a great trait to have while dealing with stress, it can only get you so far. Certainly not all the way to the Bahamas. You need a team that will listen to you and support you, sure, but you need someone to tell you when you’re off the mark. “Leaders need to surround themselves with those who are willing to step in and prevent a disastrous decision from taking place,” says Art Rainer.

Mckinsey reports that 97% of employees and executives believe that lack of alignment impacts the outcome of a task or project. Build your team with humility in mind. You need to be checked sometimes, and admitting that is an enormous strength.

3. Know when to call it

Sometimes, your business idea just isn’t going to succeed. That’s just a reality of the entrepreneurial life. The key here is to know when to call it quits. There were a laughable amount of points throughout the “planning” process where admitting defeat would have saved the entire team time, money, stress, and jail time.

McFarland ignored all of it, and finally cracked “when all the guest arrived to the mess,” explains Complex. “After all the guests had left and locals who worked on the festival started demanding money, he was nowhere to be seen.”

The Fyre team could have postponed the festival, explained the issue, or just flat out cancelled, especially when the night before Day 1 the festival site was flooded with rain and the tents and mattresses were ruined, not to mention, the stages were half built and there wasn’t enough temporary housing for 2/3rds of the attendees. Bad press and financial blowback would have been better than the complete disaster of the actual event.

Make sure to begin with a bulletproof process for your entire business pitch, including a plan for failure. Cover your financial bases, make sure everyone involved gets paid appropriately, and learn for the future.

Not every idea will succeed, and that might actually be a good thing for your long term career. You just need to know when to call it. Learn from the worst, become the best. There’s a reason Fyre Festival has become so notorious. The power of influencers and social media as well as the manipulations of McFarland and the naivety of his team all combined into one of the most memorable events of the last few years.

Entrepreneurs just getting started as well as seasoned business people need to take note and make sure not to repeat these same mistakes. Have a solid plan, a reasonable and communicative team, and a realistic timeline, and you’ll be on the right track.

Parker Davis is the CEO of Nexa, a leader in the virtual receptionist and technology-enabled answering services industry. He believes that the application of data analytics, investment in technology, and fostering a positive company culture together create highly efficient and scalable growth companies. In 2016, Nexa achieved record revenues while also being awarded the Top Companies to Work For in Arizona award. Parker is also the Managing Partner of Annison Capital Partners, LLC, a private investment partnership. Follow him @callnexa and on Facebook and LinkedIn.

Advertisement
1 Comment

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

Published

on

Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to sca.auction.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

Continue Reading

Entrepreneurs

How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

Published

on

big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

Continue Reading

Entrepreneurs

Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

Published

on

celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

Continue Reading

Entrepreneurs

9 Ways Augmented Reality Gives Your Business a Competitive Edge

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success

Published

on

augmented reality in business

Leveraging Augmented Reality for Business Advancement: Exploring Applications

In the ever-evolving landscape of business innovation, Augmented Reality in business emerges as a transformative force, reshaping traditional paradigms and unlocking new opportunities for growth and advancement.

Through a comprehensive examination of AR’s capabilities, applications, and business benefits, this article serves as a roadmap for enterprises seeking to harness the full potential of augmented reality to propel their success in the digital age.

UNI.Agency as a forefront developmental agency tailors unmatched digital products and immersive experiences. They help companies outperform their competitors and customers’ expectations. And now, there is time to delve deep into the AR realm.

Gaining Insight into Augmented Reality

From revolutionizing customer experiences to optimizing operational efficiency, AR in retail is poised to drive significant advancements in how businesses operate and engage with their stakeholders.

Augmented Reality (AR) seamlessly integrates digital information and virtual objects into the real-world environment, offering users an immersive and interactive experience through devices like smartphones or AR glasses.

It revolutionizes various industries, from entertainment to healthcare, by enhancing perception and creating innovative opportunities for engagement and exploration in the digital era. AR not only enriches our understanding of reality but also opens up new possibilities for creativity, communication, and problem-solving, making it a powerful tool for businesses seeking to enhance customer experiences and streamline operations in an increasingly digital world.

Differentiating Augmented Reality and Virtual Reality

Augmented Reality (AR) overlays digital elements onto the real world, enhancing the user’s perception of their environment. Virtual Reality (VR), however, immerses users in entirely virtual environments, blocking out the real world. There are some core differences between these two technologies in gear and display approaches:

  • AR enriches reality with digital information, while VR creates entirely immersive virtual experiences.
  • AR typically requires less specialized hardware, like smartphones or AR glasses, while VR often involves dedicated headsets.
  • AR is commonly used for enhancing real-world experiences, such as in gaming, retail, and navigation, encouraging augmented reality shopping. Whereas VR is primarily employed for immersive simulations, training, and entertainment in fully virtual environments.

The Influence of AR on the Customer Experience Journey

As of 2024, Augmented Reality (AR) has evolved into an indispensable tool across various sectors, offering immersive and interactive experiences that seamlessly blend digital elements with the real world.

Stimulating Interest

Augmented Reality (AR) captivates customers by offering visually engaging experiences that spark curiosity and intrigue, enticing them to explore products or services further.

AR’s ability to overlay digital content onto the real world creates an immersive and attention-grabbing experience, drawing customers in and igniting their interest.

Educating and Empowering Users

AR in business empowers users by providing interactive and informative experiences that educate them about products, services, or concepts in a visually compelling manner.

Through AR, customers can interact with virtual models, animations, or informational overlays, gaining a deeper understanding of the features, benefits, or use cases of the offerings.

Exploring Further Depths

AR encourages customers to delve deeper into products or services by offering immersive and interactive experiences that go beyond traditional marketing materials.

By allowing users to explore virtual representations of products in real-world contexts, AR in retail provides a unique opportunity for customers to visualize how offerings fit into their lives, fostering deeper engagement and understanding.

Business Benefits of Augmented Reality

Businesses utilize AR for diverse applications, including product visualization, virtual try-ons, and enhanced customer engagement. In education, AR transforms learning experiences by providing interactive simulations and visualizations.

Additionally, AR has become integral to industries such as healthcare, where it facilitates surgical training and patient education. With advancements in AR technology and widespread adoption, it continues to shape how we perceive and interact with our environment, ushering in a new era of innovation and connectivity.

Let’s look at why AR has become so indispensable as a business tool nowadays.

Revolutionizing Training Methods

AR in business transforms training by offering immersive, interactive simulations that replicate real-world scenarios, enhancing employee learning and skill development.

It’s lucrative for hands-on training experiences. Since there’s no need for physical equipment or environments, reducing costs and logistical constraints while improving knowledge retention and performance.

Boosting Productivity Levels

Augmented Reality in business boosts productivity by providing real-time access to information and guidance, allowing employees to complete tasks more efficiently and accurately.

Through AR-powered tools and applications, workers can streamline workflows, troubleshoot issues, and collaborate effectively, resulting in increased output and operational efficiency.

Implementing Dynamic Marketing Approaches

AR enables businesses to implement dynamic marketing strategies that captivate and engage audiences in unique ways.

By integrating AR into marketing campaigns, companies can create interactive experiences that drive brand awareness, customer engagement, and sales conversions, setting themselves apart in a crowded marketplace.

Fostering Product Development

Augmented reality and marketing foster innovation in product development by facilitating virtual prototyping, design iterations, and collaborative decision-making.

With AR, teams can visualize and test product concepts in 3D, gather feedback from stakeholders, and make informed design decisions faster, leading to faster time-to-market and more successful product launches.

Creating Tailored Customer Experiences

AR creates personalized customer experiences by allowing users to interact with products and services in customized ways.

Through AR-enhanced applications and experiences, businesses can tailor content, recommendations, and promotions to individual preferences and behaviors, enhancing customer satisfaction and loyalty.

Amplifying Brand Recognition

Augmented Reality shopping amplifies brand recognition by providing memorable and shareable experiences that leave a lasting impression on customers.

By incorporating AR into branding initiatives, companies can create immersive brand experiences that spark conversations, increase social media engagement, and strengthen brand loyalty, ultimately driving business growth and success.

Final Thoughts

In conclusion, Augmented Reality in business stands as a transformative force, offering a multitude of benefits across various aspects of operations. From revolutionizing training methods to boosting productivity levels, AR empowers businesses to thrive in an increasingly competitive environment.

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success, while delivering immersive and engaging experiences that resonate with customers and stakeholders alike.

As AR continues to evolve and integrate into everyday business practices, Uni will incorporate the best practices to promote business advancement and drive meaningful change for the clients. We’re to shape the future of commerce to your benefit.

Continue Reading

Trending