Let me clarify for a moment. I see no reason to invite your friends, unless they are close to the child whose birthday it is (and by 'close' I mean close - not that they spend a lot of time with you and in the same vicinity as your child, but really don't know about anything that is important to said kid). I see no reason to have alcohol. I see no reason to make it about you or anyone else other than the birthday girl or boy, because it's NOT about you or anyone else. It's a child's birthday and subsequent party. The kid doesn't have a birthday to give you an excuse to party, show off, and make it your day.
Let me put it another way. Is your child allowed to invite his or her friends to your birthday bashes? Do you provide special food, beverage, entertainment, activities for your son or daughter for them to celebrate your big day? Perhaps, but probably not. Your child can't drink, so why have available drink that has nothing to do with the child whose day it is? Your child doesn't care about your business contacts, so why are they there? Your college roommate who just moved back into town - don't invite her. You may want to see her, but it's not your day.
Whose day is it? Why not let your child be in charge of the guest list, menu, theme, decorations, cake, music, EVERYTHING? It is their special day, after all.
Just another perspective to think on and a few different examples of differing perspectives to illustrate the good, the bad, and the ugly of birthday parties (you choose which is which):
