VISION AND FAILURE - LESSONS IN BUSINESS FROM THE FYRE FESTIVAL
‘The vision of the people was fantastic, it was a niche and nobody else was doing it, but it was an epic failure’
The Fyre festival was created by an entrepreneur who created the concept of building the most exclusive music festival in existence but it never lived up to its billing.
In this episode, Rob goes solo to explore the reasons why this festival failed and how we, as business people (property) can learn from the problems to stay on the right track.
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KEY TAKEAWAYS
Have the right professionals around you
Make sure you have the right people in place. In your power team for property development, you will have a builder and a solicitor as part of a group of experts to help things move forward smoothly.
Share your vision with your team
Everybody must be clear about the vision and values and invested in it. Make sure you communicate with everyone in the team.
Don't falsely sell your vision
Having a belief and vision is positive but don’t be tempted to lie about it. And never lie about what you can fulfil for the customer at any point during your interaction.
Learn to manage the expectation of others
Expectations can easily get out of control so you must successfully manage the expectations of others. Keep an overview of all areas - in particular, make sure you are not marketing promises that cannot be fulfilled.
Test before you sell
It is always better to begin by testing a strategy. In property, people often begin by working in buy to let and then move upwards systemising their business as they move into more complex property deals.
Communication and trust
Communication and trust are key to progress but lots of people don’t communicate effectively with others. It takes time to build trust and rapport, but it is an important part of any business.
It takes time to build a reputation
It can take considerable time to build a reputation, but it can be destroyed very quickly. Do not assume that by being rich and powerful, you can create an immediate reputation.
BEST MOMENTS
"Effectively, a tweet of a cheese sandwich ruined the whole thing"
"The vision of the people involved was fantastic, it was a niche and nobody else was doing it, but it failed"
"I admire the courage of the people involved but the execution of the vision was abhorrent"
"Don’t bullshit and don’t lie"
"Having the right team in place is vital"
"They built trust through social media but then didn’t communicate with people when they were contacted, this is a huge red flag"
VALUABLE RESOURCES
https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2
ABOUT THE HOSTS
Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions.
They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.
Buckle up, sit tight and enjoy the ride that is life.
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Subscribe to The Podcast
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