Myelle Lansat

<a href="https://www.businessinsider.com/category/larry-morrow?utm_source=intl&amp;utm_medium=ingest" id="2e7c84d5-9206-3b83-a620-bb00e6105ae6"> Larry Morrow </a> is a well-connected entrepreneur in <a href="https://www.businessinsider.com/category/new-orleans?utm_source=intl&amp;utm_medium=ingest" id="0971db66-b4b0-30fd-a021-09484315cc5c"> New Orleans </a> .

When he first started making money in his early 20s, he was quick to spend it on flashy things, he said on an episode of Business Insider's podcast " <a href="https://itunes.apple.com/us/podcast/this-is-success/id1205997729?mt=2" id="5cb4e415-8dd0-3f70-a19b-aedeb8360dd4"> This Is Success </a> ."

"I think society, especially in the urban communities, society teaches us so many things. Like, we should have the nice watches, the nice cars, spend money. All the material things," Morrow said.

Traveling with flashy accessories was exciting for Morrow at first, but he soon realized he could make smarter investments in real estate or by helping out his family.

"So, I had this watch, and I paid $40,000 for it. And, I would go out of town. It was cool. It had all the diamonds in it. It was beautiful. But, I didn't want that watch to make me who I was," he said.

"It caused a lot of tension. But, I realized at one point, 'You know what? I don't need this. I've got a house on my wrist. I can go invest in a piece of property. I can make money versus wear this watch.'"

Read more : <a href="https://www.businessinsider.com/larry-morrow-gambling-money-lesson-new-orleans-2018-11?utm_source=intl&amp;utm_medium=ingest" id="f85360fe-cfd4-3c10-a997-a1dfed2bae49"> A 27-year-old entrepreneur who built a million-dollar business with clients like Drake and Lil Wayne says a game he played at age 10 taught him 2 lifelong lessons about money </a>

Morrow said he's glad that "phase" is over.

"And, I had to realize, 'You know what? It's not about the materialistic things. It's more about providing something for my family and creating some stability, creating some generational wealth to where my kid don't have to worry about college tuition,'" he said.

Today he owns a restaurant called Morrow's New Orleans and is the author of a book called " <a href="https://www.amazon.com/All-Bets-Me-Becoming-Entrepreneur-ebook/dp/B077Z6D7KG/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1537494437&amp;sr=1-1&amp;keywords=larry+morrow&amp;tag=bisafetynet2-20" id="195753e9-9e33-373d-ac19-590ad79777bd"> All Bets on Me </a> ."

"So, I had to dumb it down a little bit and just get my mind right, not be so focused on material things," Morrow said. "Because, I think you are what you are surrounded by. Once I switched things up and started to think a little different, that's when things really took off."

You can subscribe to "This Is Success" wherever you get podcasts and listen to the full episode below:

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A 27-year-old entrepreneur who built a million-dollar business with clients like Drake and Lil Wayne credits a diamond-studded $40,000 watch with changing his approach to money

An estimated <a id="458e7c83-edba-31a2-a0fd-7b7b4eaff56a" href="https://www.timessquarenyc.org/times-square-new-years-eve"> one million people </a> crowd into sectioned-off quarters of Times Square every year to see the famous countdown and ball drop on New Year's Eve.

But that's not the only way to enjoy the celebratory night in person. You can experience an exclusive party at The Knickerbocker Hotel's St. Cloud rooftop, just 150 feet from the ball drop — if you're willing to pay at least $4,335.

The hotel sits on the corner of 42nd street and Broadway, giving guests the Times Square experience without the crowded streets. The site was built in 1906 by Jacob Astor IV, whose family line is also responsible for several other properties in <a id="6b556526-13f0-3c40-aa0c-be122ace1058" href="https://www.businessinsider.com/category/new-york-city?utm_source=intl&amp;utm_medium=ingest"> New York City </a> , including the <a id="e44a3e06-b0ba-3bf3-ad28-5332b4ec0015" href="https://www.businessinsider.com/john-jacob-astor-and-the-st-regis-hotel-new-york-2012-4?utm_source=intl&amp;utm_medium=ingest"> St. Regis Hotel </a> .

The Knickerbocker Hotel claims several historical moments happened within its walls, including the creation of the first-ever martini and the debut of the red velvet rope to help control dinner crowds.

But one of its most luxurious creations is an exclusive rooftop experience to ring in the new year. Check out what up to $125,000 could buy you on New Year's Eve at the historic hotel.

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The Gold package costs $4,335 and comes with general admission to an indoor reception and free-flowing outdoor access.

This luxury hotel in Times Square hosts an exclusive, rooftop New Year's Eve party where guests are only 150 feet from the ball drop — but a box seat will run you up to $125,000

In a single night, party promoter and restaurateur Larry Morrow gambled away $35,000.

Four years later, Morrowis 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 <a id="5bb3da67-b117-3cea-a831-fdd7382c9cde" href="https://www.businessinsider.com/drake-lil-wayne-mary-j-blige-new-orleans-larry-morrow-2018-9?utm_source=intl&amp;utm_medium=ingest"> an episode </a> 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.

Read more : <a id="f85360fe-cfd4-3c10-a997-a1dfed2bae49" href="https://www.businessinsider.com/larry-morrow-gambling-money-lesson-new-orleans-2018-11?utm_source=intl&amp;utm_medium=ingest"> A 27-year-old entrepreneur who built a million-dollar business with clients like Drake and Lil Wayne says a game he played at age 10 taught him 2 lifelong lessons about money </a>

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."

Listen to the full episode and subscribe to "This Is Success" on Apple Podcasts or wherever you listen.

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A 27-year-old entrepreneur who lost $35,000 in one night explains why losing money can lead him to good things

At 27 years old, Larry Morrow is a rising star in the entertainment and restaurant industries in New Orleans, a city known for both.

He's has booked high-profile celebrities like <a href="https://www.businessinsider.com/category/drake?utm_source=intl&amp;utm_medium=ingest" id="4d609711-3eb4-3b7f-a04d-eb0079159e26"> Drake </a> , Sean " <a href="https://www.businessinsider.com/category/diddy?utm_source=intl&amp;utm_medium=ingest" id="67905579-374d-3a97-aa5e-2de1aa308207"> Diddy </a> " Combs, Floyd Mayweather and Mary J. Blige for parties and performances — and earlier this year, he opened a popular restaurant called <a href="https://morrowsnola.com/" id="e316f88d-d9af-3b6d-a101-48a0d353b3c1"> Morrow's </a> .

Morrow says he learned to take big risks as a young kid from an unlikely source of inspiration: shooting dice behind a barbershop.

"I was 10 years old shooting dice! I walked over to the store with my mom's store money. She would send me to the store to get bread, and I would gamble the money. And I remember one time I lost her money," Morrow said on an episode of Business Insider's Podcast "This Is Success."

After losing his mother's money, Morrow said he cried to get it back and buy what she sent him to get. At first, shooting dice behind a barbershop kept kids out of trouble, Morrow said, but as they got older, it turned into gambling bigger bets.

"And I feel like that molded me to the young man I was and grew me into a man. Because I became numb to risk at an early age, you know, shooting dice, gambling with guys twice my age, and with friends," Morrow said. "It also showed me the value of a dollar, because we cherished those dollars ... I would lose, and I would go home hurt."

As he grew older and built a company, Morrow explained that he turned a potentially dangerous love of gambling into a more constructive approach to assessing business risks. As he started getting into the promoting business, Morrow realized he had to stop making reckless bets and take ones that still weren't guaranteed successes, but were more likely to pan out well. And instead of happening in a game behind a barbershop or in a casino, these bets were made in talks with agents and other promoters.

"I had to ... stop gambling in a game where the odds were stacked against me and start investing in myself where the odds are more in my favor. I know more about my industry than I knew what was under that card," he said.

"But I can tell you the odds and the projections of what I may do by bringing Drake, or doing this party, investing this money, because I know more about it," he added. "So, I decided just to gamble in the industry I'm in."

Read more: <a href="https://www.businessinsider.com/drake-lil-wayne-mary-j-blige-new-orleans-larry-morrow-2018-9?utm_source=intl&amp;utm_medium=ingest" id="dd086b05-9971-34e1-a4c5-8e2dbca73272"> A 27-year-old promoter and restaurateur explains how he built a million-dollar business with clients like Drake, Lil Wayne, Mary J. Blige, and Floyd Mayweather </a>

It wasn't always pretty. Morrow said he lost a lot of money doing it.

Morrow noted that people don't always understand how much he is investing in his company. And not everything he does is for a profit: When he hosted Drake, people thought Morrow made money, but he actually lost $25,000 on that party.

"I was able to endure those things because I lost in the past," Morrow said.

The monetary loss motivated Morrow to push his business farther and harder. After the party, Drake came back into town and visited Morrow's restaurant.

"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,'" Morrow said. "And not too many people can say they brought Drake to town, and worked with him, and have been able to build with him."

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A 27-year-old entrepreneur who built a million-dollar business with clients like Drake and Lil Wayne says a game he played at age 10 taught him 2 lifelong lessons about money

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Myelle Lansat

Articles written by the author

A 27-year-old entrepreneur who built a million-dollar business with clients like Drake and Lil Wayne credits a diamond-studded $40,000 watch with changing his approach to money

This luxury hotel in Times Square hosts an exclusive, rooftop New Year's Eve party where guests are only 150 feet from the ball drop — but a box seat will run you up to $125,000

A 27-year-old entrepreneur who lost $35,000 in one night explains why losing money can lead him to good things

A 27-year-old entrepreneur who built a million-dollar business with clients like Drake and Lil Wayne says a game he played at age 10 taught him 2 lifelong lessons about money