Are You An Entrepreneur?
Part 2 of a 2 Part Post
Click Here for Part 1
In Part 1 of this post, I talked about the qualities of an entrepreneur and the many paths to entrepreneurial success that are available to you.
Part II focuses on one of the most successful entrepreneurs in the DJ business, Bobby Morganstein. Bobby was kind enough to write the Foreword to The Mobile DJ MBA. His business model is mighty impressive and has duplicability for entrepreneurial-minded mobiles who are willing to invest the time and effort.
Bobby’s Credentials
Owner: Bobby Morganstein Productions, Beat Street & Beat Street Station Party Rooms, Hour Entertainment, Enlight Lighting & Video, Lounge Around
Producer: Complete Party CD Series & Complete “How To” Video Series
Winner: International DJ Expo “DJ of the Year” Competition (1999)
Inducted: American DJ Hall of Fame (2006)
Website: bobbymorganstein.com
The Secrets to Bobby’s Success
In His Own Words
I started out in 1981 working for a company called Fascinating Rhythm. Five years later I went solo as Bobby
Morganstein, DJ Entertainer. In 1991 I expanded the company by adding three other DJs and we went by the name Frontline Productions. As a youth-oriented company that mainly did Bar/Bat Mitzvahs, I saw a need for good Jewish party music, so I produced The Complete Jewish Party CD. Shortly thereafter, The Latin Party CD and Novelty Party CD came along.
In 1992 I made my last company name change and incorporated as BMP Productions. I added more DJs, MCs and Party Dancers to the mix in our Huntingdon Valley, PA location. We used staging, backdrops, costumes, props and elaborate dance floor lighting to take Mitzvah entertainment to a whole new level in the area. The company was very successful and I thought that other mobile entertainment services from around the country could benefit from learning about what we do, so I produced The “How To” Bar/Bat Mitzvah Basic and Full Production videos.
In 1996 we expanded to six crews and opened the Beat Street Party Room. I also expanded our CD line to ten and our video line to five. A few years later we also expanded Beat Street to accommodate larger parties and in 2000, opened Beat Street Station. A couple of years later, we added Hour Entertainment, a company that offers clients novelty entertainment and photo favors for their cocktail hours. I opened a new company division in 2004 called Enlight, which provides intelligent lighting, plasmas and video screens not only for my entertainment company but for my local competitors as well.
In 2009, The Complete Party CD Series reached thirty-five CDs and expanded into digital distribution on iTunes. Twelve different DVDs are now available. We offer a full white setup in our productions and room-enhancing uplighting with customized gobos. We also introduced a lounge setup complete with sofas, funky chairs, ottomans and light-up tables.
Now that you’ve read my story, you’re probably wondering what principles I used to build a multi-million dollar operation. Well, first and foremost I would say that I looked around for voids in the marketplace and filled them, meeting the needs/wants of clients and DJs alike. I wasn’t afraid to take risks but they were always well-calculated and planned out. Owning a DJ business is fantastic but I always knew there was more I could add to upsell my clients, increase my bottom line, be a trend-setter and outdo my competition in the marketplace.
I am only one person, so it has been critical to surround myself with an excellent and dedicated staff to expand. Without them I would not own eight companies. I am proud of the fact that most of my employees have stayed with me for over ten years. I have always told them that one-third of the work happens before you ever get to the party, so make sure phone calls are returned quickly, that your client feels comfortable throughout the planning process, follow up after the event and stay in touch afterward.
No matter how many great ideas you may have for expansion, it’s critical to add just one at a time and do it with the right splash. Showcase it, advertise it, add it for free to your parties and then let word-of-mouth advertising allow you to make money from your new venture!
I have always cared about doing the very best for my clients and therefore feel I have earned having a flawless reputation in my marketplace. I listen to what people want and offer suggestions if I think what they are asking for may not work.
Ultimately though, the client has the last say and is always right. This philosophy has enabled me to build a reputation in which I have to spend very little on advertising and have primarily referral-based operations. All of my businesses are in a constant state of evolution. We continue to expand and make adjustments according to new changes in people’s tastes. BMP stays adaptable and strives to be ahead of the curve, offering our clients cutting-edge technology and entertainment innovations.
Diversification is possible in the DJ industry. I am living proof of this fact. I don’t think I will ever stop creating because there is a great “high” involved with having a new idea, researching it, making it a reality and then earning money from it.
Do you have a great idea for a new product, service, or division for your entertainment company? Then go ahead and take a risk. The marketplace is calling you!
I wish you great success!
Have you had a great entrepreneurial success? If so, please share it with us!
*** If you know of someone who you think deserves to be featured in our DJ Spotlight section, please shoot us an email and let us know who and why! ***
