News Summary
The Red River Revel Arts Festival in Shreveport, Louisiana, brought together local entrepreneurs on October 1, 2024, to share business insights through Lunch-and-Learn sessions. Key speakers emphasized the value of a solid business plan, financial preparedness, and building lasting relationships. Local business owners shared their experiences, highlighting the critical role of support systems for budding entrepreneurs. The festival not only celebrated art but also fostered a community dedicated to strengthening local businesses with shared knowledge and resources.
Shreveport Buzzes with Business Wisdom at Local Arts Festival
Shreveport, Louisiana is alive with the spirit of entrepreneurship, thanks to the recent Red River Revel Arts Festival. On October 1, 2024, local experts came together to share their insights at the festival’s informative Lunch-and-Learn sessions. This event offered budding entrepreneurs and small business owners a wonderful opportunity to soak in some valuable wisdom.
Financial Savvy Takes Center Stage
Leading the charge was Ken Hale, president of BOM Bank. He stressed the importance of coming prepared with a well-thought-out business plan and all necessary financial documentation when approaching banks for startup funds. Aspiring entrepreneurs were encouraged to take this advice seriously as they navigate the sometimes rocky road of launching a business.
Alongside Hale was Julie Gilley Milam from BRF’s Entrepreneurial Accelerator Program (EAP). She offered a sobering statistic: the majority of startups don’t survive their first 18 months due to financial hurdles. She highlighted why having at least 18 months’ worth of operating costs in the bank is crucial for anyone looking to dive into the world of small business.
Lessons from the Trenches
No great story of success comes without some bumps along the way, and local business owner Bob Thames had a few tales to tell. His experience revealed that selectively accepting jobs and learning from early failures are key components in honing one’s business skills. Thames emphasized that while early setbacks can be discouraging, they often hold the lessons necessary for future success.
A Solid Support System is Essential
Then there was Kalli Combs, a small business owner and media liaison for the Shreveport-Bossier African American Chamber of Commerce. She underscored the importance of having a strong support team around you. According to her, surrounding oneself with essential professionals like a banker, CPA, attorney, and a trusted advisor can make all the difference for newcomers to the entrepreneurial scene.
Building Lasting Relationships
Throughout the Lunch-and-Learn sessions, attendees were encouraged to invest time and effort into building relationships within their industries. Establishing connections can pave the way for important collaborations and ultimately contribute to long-term success. Just like any strong business, relationships are built on a foundation of trust and mutual respect.
Success Through Resources
The EAP has played a pivotal role in supporting local businesses over the years. Over a decade, the program has engaged more than 1,700 small startup business owners through their well-known blue couch sessions, allowing participants to pitch their innovative ideas. Out of those, they have provided supplemental services to over 500 businesses, and a remarkable 200 have successfully secured funding. The total funding facilitated by the EAP sits close to an astonishing $262 million.
A Day for the Community
Not just limited to seasoned entrepreneurs, the Lunch-and-Learn sessions extended a warm invitation to the community. There was a special session dedicated to real estate, showcasing local Realtors and brokers. It was yet another opportunity for residents to engage with local businesses and entrepreneurs while learning about the complexities of real estate.
The Red River Revel Arts Festival not only brought art and culture to Shreveport but also served as a vibrant hub for sharing knowledge and resources among local business owners. Sessions like these remind us that wisdom shared is wisdom multiplied—making for a stronger, vibrant business community.
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