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

CEO SPOT

 

I have an interview with Amy Walker on CEO SPOT podcast! I’m really excited, we had a great time, she really get it!

I hope you’ll listen and give her feedback!

The Case for the 60+ Female Founder

 

The Case for the 60+ Female Founder
By Dr. Letitia Wright

When you think about startups or new companies that get funded millions of dollars you might be thinking of the founders as only one category. I have used this shorthand to describe them, and many of my female colleagues know precisely who I am talking about. We think pale, male and just old enough to drink ale. But studies show that founders over 40 are doing the heavy lifting. They are starting successful companies at higher numbers. Why? Because they are more experienced in both business and life in general. They have connections, support and that creates more opportunities.

But I want to address a section of the female founder that I think is being ignored. And make a declaration that I am looking at you. The Female Founder who is 50, 60 or 70 years old. Why bother starting a business at that age? Here is why you would or would not:
Do it: If you spent your life working a job that was good but always had a desire for your own business and knew exactly what you wanted it to be. Because of obligations, you did not pursue your own business. Now your circumstances are different. You are not taking care of an entire household, perhaps it just you or you and your significant other. Now it’s time to set aside other people’s priorities and go for yours.

Funding an experienced person is a better bet for any investor. A mature person who partners with a younger tech-savvy person has an incredible edge. If you’re a female founder over 60, it might not be time to throw in the towel. Here’s why:

Don’t do it if: Your adult family still lives with you or family members expect you to pay bills or rescue them financially when times are tough. When it’s time to choose as to how to spend your money, you will not invest in your business, you will always choose your family, and your business will suffer.

Do it if: You have a high desire to contribute to the world and make changes. That does not go away just because you are older. Other friends might be slowing down and retiring, but if you’re not, then you need to do something good with your energy.

Don’t do it if: You have no desire to do anything but retire, stay home and relax. You have done what you wanted to do, and now you want, and you don’t want to be bothered.

Do it if: You have a solution or invention that you feel will make a difference, even if you don’t feel tech savvy.

Don’t do it if: You hate the fact that kids today have cell phones and internet and it drives you crazy.

Do it if: You’re open to having a friendship- not mentorship but friendship with someone who is 20 or 30 so that you can learn from them what’s happening right now.

Do it if: You have a curious mind and are open to partnering with someone in a new business.

Don’t do it if: You don’t like 20 or 30-year-olds, think they are stupid, entitled, stinking millennials ( they’re not)

Do it if: You are open to learning more and are ok with not being the smartest person in the room.

If you’re ready to talk about your next business adventure, a special Sky day VIP day with me might be in order,

Let’s talk https://wrightplacetv.as.me/SkyDay

Next Page »