Event
Management Industry: A Snapshot
From the so called third party to the Event manager,
the growth of the event management industry has been impeccable. Those were the
days when the eldest one in the family, during a marriage, delegates other
family members to take care the function. Those who are in charge are seen
running whole arena without even enjoying the event. The situation was no
different during birthday parties, wedding anniversaries and other family get-togethers
too. Even corporate events seemed to huff and puff. This scenario has paved way
for the professional approach to conduct an event. Hence it resulted in the
outright growth of the event management industry.
When history seems too appealing for the scope of
the industry, 21st century had all its ingredients to blaze it. Its
quiet appreciable that the fast paced industry has been coupled with
professional courses to get the skills polished. Even though a career in this
industry doesn’t even require a bachelor degree, the competitive era asks for
better organizing skills which indeed comes from higher educations.
The latest studies conducted by the Event and Entertainment
Management Associations {EEMA} along with the research agency Ernst and Young,
the 2800 Crores worth industry in 2011-12
has been projected to whopping 4375 Crores by 2014 fiscal year. The
growth rate has tipped many other industries in terms of turnover. Numbers are
very much convincing to start a carrier in the event management industry. Let’s
analyze the various opportunities in the industry.
Opportunities/Pros
This industry is made for dynamic people. The opportunities
for conceptualizing ideas are unlimited. Hence every day and every project
seems to be new. The so called social-bees thrive in this sector. From hosting
an event to personalizing the menu, the scope seems to be like an ocean. You
bound to meet new people, their culture and tradition, their likes and dislikes
etc..Hence makes your learning curve even lengthier. Networking seems to be a
mantra for business development along with better customer satisfaction in this
sector.
In a carrier prospective, there are many institutes
offering various professional courses varying from 6 months to 2 years. Many of
the well known event management companies calls for those specializations. Skill
sets developed in this sector are transferable. Those who had proven their organizing
skills in this industry had success in other industries too. Even there are
countless opportunities for entrepreneurship in this segment with little seed
capital requirements.
Apart from the theoretical ideology of staging an event,
the industry has called for Research and development expertises too. It had
even called up highly esteemed research agencies to study its potential. Just like
all other booming industries, this had its share of cons too. Let’s discuss it
in brief
Threats/Cons
The satisfactions of the clients are directly proportional
to the growth of the company. It asks us to deal with extremely rude clients
who give us no room for error. It even takes us to deal with unforeseen events
including sudden climatic changes. The stress meter seems to be on its higher side
throughout the day. Traveling and physically demanding activities can drain you
easily. Long working hours seems to be unavoidable during events. Irrespective
of the systematic planning, things are bound to go wrong and should be prepared
for that.
Competition seems to be stiff and to hire
professionals for all positions is a far cry. Marketing takes big share in
expenses. Social media had its opinions and reviews often flooding when it
comes to service quality, hence goodwill will be at stake when someone goes
unsatisfied.
Last economic crisis almost gave this industry a
farewell without
even joining the league of booming industries. Hence Layoffs
are guaranteed accordingly.
