@wolfkhan Some 8 years back, we were three friends just like you and came up with the same idea. This was before event management was a buzz word and years before Band Baja Baraat made it big. We purchased some stuff for our office, met people but of course, we failed miserably. However, here are a few lessons learnt.
1- Everyone in your age is entrepreneurial which isn't necessarily bad. He who succeeds is the one that puts in the most effort, honest effort!
2- The event venues, your hotels, wedding halls, convention centers will welcome your idea skeptically. They become wary and think somehow you might be asking for a cut in their profits. This is the nature of our people sadly and this brings me to the next point.
3- Make some good presentations, keep backup plans for all events because once you lose your goodwill with clients, you will lose your business.
4- Learn to sell yourself. Present the most potent business case and rehearse before you meet even a single person. There are no second chances of a first impression with the guys you are going to be dealing with.
5- Always be wary of a black sheep in the team, one who only got on board because he couldn't resist the idea of a good hitch to riches. Of course, no one wants to see others prosper even when they don't have it in them to get their lazy bum off the chair. If you can muster to politely show this person the door, you have a better chance of success. Business and Friendship almost never works in the long run. There will be a point in time you will blame someone, or you will be blamed by someone if there ever is a failure. Learn to not lose hope and do not snap at anyone. You will always get another opportunity to succeed.
6- A mistake made is a lesson learnt. Note down your mistakes and the lessons learnt. With experience, I have learnt to lose money if that meant learning an important lesson in life.
I wish you all the best and here's hoping bachelors on Pakwheels can get their weddings arranged by you at a good discount.