A 27-year-old entrepreneur who lost $35,000 in one night explains why losing money can lead him to good things
- In a single night four years ago, party promoter and restaurateur Larry Morrow gambled away $35,000.
- Today, Morrow is a rising star in the entertainment and restaurant industries in New Orleans and has an extensive network of influential clients like Drake, Migos, and Floyd Mayweather.
- After his biggest loss, Morrow started investing in himself and the industries he knows well. Even if he still lost money, he learned something and built relationships.
In a single night, party promoter and restaurateur Larry Morrow gambled away $35,000.
Four years later, Morrow is a rising star in the entertainment and restaurant industries in New Orleans and has an extensive network of influential clients like Drake, Migos, and Floyd Mayweather. He owns a restaurant called Morrow's New Orleans and is the author of "All Bets on Me."The then-23-year-old Morrow bet all of his money while watching an NBA game on a casino television. Losing it was a wake-up call, he said on an episode of Business Insider's podcast "This Is Success."
"I took it as a sign from God. He was trying to humble me because I was young. I was making fast money, I was partying, I was drinking, I was gambling. So I was just doing too much, and I think it got the best of me. And I used that little time to just refocus and get my mind right," he said.
From that night on, Morrow realized he had to start investing in himself.
"If you want to come up, you've got to go grind and get it. If you make some money in a casino, cool. Extra money. But don't let that control who you are, because the casino got the best of me," he said.
Morrow began praying, became more spiritually connected, and ate better. He didn't stop gambling, but this time he took bets on himself and the industries he knew well. Even if he still lost money, he learned something and built relationships. Earning a profit isn't the only goal, he said."I was able to endure those things because I lost in the past. I lost money coming up. I lost money in the casino. I lost money with the restaurant. I lost money with a bunch of different things. So, my endurance for it was totally different," Morrow said.
For example, after he had already established himself in New Orleans' entertainment scene, he threw an event for the hugely popular rapper Drake. Despite the event's success, the bill was larger than the return - by a significant amount. But it didn't phase Morrow, and he was able to find the positive side of it.
"When I lost that $25,000 I'm, like, 'You know that? It's done something bigger for me. It built my brand. It added to my résumé.' It motivated me to go a lot harder. I'm like, 'You know what? I've got to make this back.'"
"One thing a lot of people, entrepreneurs, they lose, or they fail at something. And that's the end. But with me it's like, every time I failed, I came back stronger. It motivated me to continue to reach that next level. I didn't give up easy."