The demand for high-quality event organizations is constantly growing, so the event business is becoming a profitable market segment. However, the event business is not a holiday that never ends, but hard work 24 hours a day. Thus, several factors should be considered to develop a business in this area successfully. First, to remain competitive and achieve success in the industry, event services must be flexible. According to Quick (2020), business agility is the ability to compete and evolve in the digital age by quickly responding to market changes and emerging opportunities through innovative business solutions. A modern event agency constantly needs to adapt both to the new realities of the market and the trends of the global event industry and the new, more stringent requirements of the client. Secondly, in the development of a successful event service and management business, an extremely important factor is the professionalism and motivation of the team. The most important factor in the success of any event service is a well-chosen team of professionals in their field.
The COVID-19 pandemic has created unusual challenges for entrepreneurs, placing hitherto unknown risks. Quick (2020) notes that scientists and practitioners who have previously attempted to predict these types of threats considered them locally – within individual countries. Reality made the whole world live and work according to completely new rules. Since there is no reliable information on how the situation will develop, medium-term and long-term macroeconomic forecasting is impossible. Quick (2020) asserts that flexibility and adaptability are moving from temporary measures to permanent ones; they are becoming a style, system, and culture of business management. If this success factor is not understood, managers can be seriously affected, and the business may be on the verge of collapse. There may be such risks as reduced demand from customers, loss of market positions, and absorption by larger competitors.
As for the professionalism and motivation of the team, it is not enough to find a good team, and the most difficult aspect is to keep it. Working in event services is stressful 24 hours from sudden unforeseen situations, deadlines, and new tasks. According to Quick (2020), most often, people burn out and stop being interested in projects after 2-3 years of working in this mode. The task of any good event service is to keep its team and motivate it. Otherwise, risks such as poor quality of services and dissatisfaction with customers are inevitable.
Reference
Quick, L. (2020). Managing events: Real challenges, real outcomes. London, UK: SAGE Publications.