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Fyre Festival Business Mistakes

Fyre Festival Business Mistakes

What can we learn from it?

First of all – if you have not heard of the Fyre Festival is was a great sounding concert that went bad.

There is a great crowdfunding story that goes with it and I talk about it here

Now that you are all caught up, let’s talk about the Business Mistakes made and what can be learned.
Netflix has a great documentary on it that I watched. I really liked how they covered it. I am using the information
from that documentary.

When they put together the team they really
Did not think things through as a business. Tasks were being asked or required but no real rules about working. People were drinking on the job. No real job descriptions or goals setup fro the day. They had a pilot with a plane who had taught himself to fly using Microsoft flight simulator. They thought it was fun because he took people to zero G but he did it because he did not know what he was doing.

They oversold the concert and when the guy in charge of tents told them you need a ship, the island can’t hold that many people and there is not going to be enough infrastructure, he was let go. Always listen to the people you hire, even when they tell you what you don’t want to hear.

They used the models to get a lot of press, which was a smart move. The more influencers you can get do be a part of what you are doing, more the legit your event looks. They were able to start booking some great bands, however, they did not understand what any of these bands required to preform.

I love how shell shocked the people in the documentary look as they tell the story, they are still upset from the experience.

The most interesting thing to me is that even the people who could see it was going to crash and burn and would warm Billy ( the founder) that it was not going to work, they never actually left the job. Billy would say keep going and ignore their clear warnings. They would say, ok and keep going. I have done the same thing in the past, although the stakes were not as high. I have ignored what my gut and personal experience taught me and followed what the leader said to do, only to find out I was right. I does not mean I would never follow this leader again on things, it just means, my inside intuition is still the first thing to be listened to.

He had factored receivables so he had money that had to be repaid and had told investors they were guaranteed money when they were not. He felt pressure to put on the event no matter what. People felt bad for staying on for so long. The Festival was attached to an app. The people working on the app had nothing to do with the festival, the festival was a marketing piece.

The people working on the app felt frustrated. They felt like they lost everything. They felt they were kept out of everything. The public perception was not something they could overcome. The founder actually fakes documents and had the FBI after him. Eventually the founder when to prison for 6 years and is barred from being a CEO of a company or a director  of a company but there is a lot to learn from this.

 

Check out the youtube blog post here

Raising Funds With Business Crowdfunding Tools Part 1 of 5

Raising Funds With Business Crowdfunding Tools Part 1 of 5
By Dr. Letitia Wright

Crowdfunding is a term that covers many different things under business funding. If you think of Go Fund Me then, you’re missing out on what generated $187 Billion in 2018. It’s a whole lot bigger than Go Fund Me. Business Crowdfunding is going to grow past that in 2019 even if the American economy takes a dip because the worldwide economy is still growing and people can invest outside of the United sTates. Most wealthy American investors DO invest outside the United States. But that is a discussion for a different article.

Websites for crowdfunding are tools. They are not crowdfunding itself. The sites you use are merely a tool on which you crowdfund. In some cases ( not all) you don’t have to use a website, you can do crowdfunding on your website if you choose. I am not going into the details on that in this article, but I want you, dear reader, to understand that the option does exist. Successful business crowdfunding depends on having better tools at hand. Making sure you have the right website for your business or project is key to being successful. Thoughtful consideration to which site you are using is critical. When you only know about the “BIG THREE”: Kickstarter, Indiegogo, and Go Fund Me and there are over 2, 500 to choose from, you can not possibly make a good choice for yourself.

Most people who are running a business do not have the time to do the proper research. When people tell me they have been “looking” into crowdfunding and “researching it,” I am a bit skeptical. Not because I think they are not smart enough. I think, in today’s world, where we are over-committed, over-informed with information we don’t need and generally over-whelmed as business owners, I can’t imagine how anyone has the proper time to do that. Even if you read five books on crowdfunding before you crowdfund, it would take you anywhere between 2-6 months to do that, and your skill level would still be very low because you have never done it before. Imagine reading all the books on how to play baseball and then getting your turn at bat in a major league baseball game. Your knowledge of the game is there, but your skill level is not up to par with everyone else.

So having a strategy is very important. A crowdfunding strategy is a must-have tool. It’s the first thing you need before you start figuring out what website to use. Having someone who helps you put together a winning strategy is essential. 65% of people trying to crowdfund do not reach their goal. They think they are going to copy a successful campaign, but it’s hard to do with explicit knowledge of that strategy. I’ve helped reach and raise their goals over and over. And I’ve also helped people do a business check so they can improve their company over and make money in other ways.

I work with Purposeful, Passionate Female Founders who are looking for alternative funding, if that’s you, let’s talk! You can get on my calendar at
http://www.meetwithDrWright.com

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