Learn the damn industry!
3:20pm-nice saturday afternoon-Im sitting in my office trying to figure out a way to pay approx 6 ppl ( excluding the guys I WILL NOT pay ).
3:21pm-same damn saturday afternoon-Phone rings.
Nikhil : Hello.
Ms.X : Nikhil, the damn play that you are producing is over. We actors QUIT. And go to hell. We want our compensation now. The director is an a*shole and if he inside, we outside. Come here and let us 10 of us shout at you.
Nikhil : Uh oh.
Ms.X : Come on over now, or else...
Nikhil : Or else what?
Ms.X : Exactly.
Nikhil : Im there in half hour.
Click.
3:23pm-sexy super awesome rockin saturday afternoon-Yay! Creditor number jumped from 6 people demanding money to 16 people DEMANDING money. Want to shout at me too! what nice people! Atleast they wont send 'boys' to get me!
To cut a long story into a godamn nutshell, a nut came up to me 6 months back and suggested that we produce a play that he was directing. His first time apparently.
Boo-boo No.1 - Observe carefully. Nikhil says 'yes' without knowing crap about what the hell it takes to produce a play and handle a production company. Going head on with about a zillion awesome production houses in town.
Pan 6 months later(observe the fake wannabe movie producer sentence!).
Utter mess up with actors, venue, sponsors, and practically everything else. Not to mention 6 months of torture for me putting up with screaming actors(playing their part only mindit!) and every-2-minute-open-my-door-to-get-to-toilet moments.
Quite apparently nothing has come out of it.
The only benefactors are the ones reading this blog! Now lets get on with the lesson, shall we!
Never ever ever ever enter a business that you know NOTHING about.
Do your homework first. I know studying sucks and all that, but then HEY! If you want to be a successful businessman in any field, understand the field and attain some mastery over it.
Tipper: Nothing happens under your nose without you knowing the ins and outs of it.
Recommened by tons of CA's(CPA's in aus and usa), auditors, business consultants and high profile CEOs. Of course, hell with them, but seriously! This is critical.
Else you will end up with many problems like I have faced. The sad thing is im still facing! In spite of all the other nonsense I have to handle at work!

