It is Ok to Make Mistakes, Even Expensive Ones. Here is One of Mine.
My First Failure of 2017.
Ever Since @AnaHilarski and I attended LaBitConf (Latin American Bitcoin Conference) in Buenos Aires back in November 2016 we wanted to run our own conference. We asked the team of LaBitConf if they would do the show here in Panama this year but they chose to do it in Bogota, Colombia. We felt their was an opportunity.
Last month a friend that we have known from our days on Google Plus, who is an event planner, came to visit. While she was here we discussed the possibilities of doing a Crypto Currency conference here. Within a week we were at the Hard Rock hotel scouting the location and conference center. We quickly decided that it was possible to host a 700 person conference.
The First Mistake.
I signed a contract with my friend to do the conference without getting a chance to discuss the conference with the people I viewed as vital to its success. At the time everyone was busy and we just could not seem to get together. So with shaking hands I signed a contract to host a Crypto Currency conference in Panama.
Reality Hits.
Two weeks go by and I finally get the chance to meet with my peers here in Panama. Not one of them thought our ideas for the conference were viable. We thought we were doing the right thing but we failed to do the research.
Then I am told that we could pull off a smaller conference but it would not be a profitable venture. I also get news that a similar conference just had to postpone by a few months because they could not find enough sponsors.
Drop the Dead Weight Before We Drown.
Not even a month into the project @AnaHilarski and I have decided to cut our losses and continue to focus on our other projects. We know we could do a conference and maybe it would be a success but we know our other projects and businesses are successful so why add a maybe to the mix?
I never announced the conference publicly but it still hurts especially in the pocket book.
Lessons Learned.
- Research Everything Before Committing to a Contract.
- Stick to What You Are Good At.
- Don't Make Decisions Based on Emotions.
Bet on Your Strengths.
Great article !! Some times emotion are driving us to a cliff !
They sure do, never make a decision when you are angry or excited.
Great Post, Mistakes give us a chance to learn. thanks for shearing your story.
Glad that you have a positive and winner's mindset on this one... you will eventually win as you quickly move on and get new projects. Looking forward to see you on a sky high level of success with that attitude. Congrats in advance!
Oh my....now you are just like the rest of us...not perfect. Ha ha!
Not even close to being perfect. ; )
We all make mistakes. Learning from them is invaluable. Good luck with new endeavors! ☆☆☆☆☆😎
@hilarski FIIIRRREEEEDDD!!! :) Just kidding. It's important to learn from everything and who knows maybe next time you are hosting the International Bitcoin Games or something. Thanks for sharing!
That was the plan but I think I will let professionals handle it. We will stick to what we are good at.
I hear ya on that!
Enjoyed your post !
When starting something new, start as small as possible.
Maybe with a web/online conference.
Gauge results and move on from there.
Empirical research is usually better than theoretical research.
Cool post. Followed, upvoted and restreemed. Thank you
All the lessons of life are learned through mistakes. I have made a lot of mistakes, but each mistake made me a better person in life. Great post @hilarski