After spending 22 years in this Industry, I can conclude there is no fixed formula for success. Formulas and formats of business evolve day in and day out. Also, the situation is different from one company/person to the other. On top of it, the market dynamics are changing at a faster speed than ever before.
Then the question arises, what's constant in this ever changing market conditions which can sustain a business successfully? Here are some basic principles to success:
1. Always consider interest/objective of the client first. Beyond your needs and situation at any cost.
2. Be honest to your team and supply chain. Use and throw theory are shortcuts. They will not lead to a sustainable success. You need good partners internally and externally.
3. More than profits, creditability is long lasting.
4. You are unique, your company is unique, then there is no need to copy anyone. Be yourself. Make your own unique identity and not a copied one.
5. Show-off is like a bubble. It will burst. Accept and show only what you are and do not try to show what you are not. Because you will have to go on dragging yourself and resources to live up to your show.
Will share more articles on building and running successful Business in the Event Industry.
Co-Founder & Director: Eventaa.com