Shreveport Entrepreneurs Unite for Lunch-and-Learn at Red River Revel

News Summary

On October 1, 2024, Shreveport, Louisiana, hosted a Lunch-and-Learn session at the Red River Revel Arts Festival, bringing together local entrepreneurs to discuss startup strategies. Expert speakers shared vital funding tips and insights on navigating early-stage setbacks. The event highlighted the importance of networking and support systems in the entrepreneurial journey, with a focus on the Entrepreneurial Accelerator Program’s successes in transforming ideas into viable businesses.

Shreveport Entrepreneurs Gather for Insightful Lunch-and-Learn at Red River Revel

Shreveport, Louisiana, was abuzz with entrepreneurial spirit during the recent Lunch-and-Learn sessions held at the vibrant Red River Revel Arts Festival. This engaging event took place on October 1, 2024, bringing together local business owners and aspiring entrepreneurs to share valuable insights on navigating the often challenging landscape of startups.

Great Advice from the Experts

This year’s lineup featured some incredible speakers who certainly know their stuff. Among them was Ken Hale, the president of BOM Bank. He provided attendees with essential funding tips for startups. Hale stressed the importance of having a solid business plan, diligent record-keeping, and crucial financial documents like tax returns and income statements when approaching banks for financing. With his extensive experience in the industry, Hale’s insights left many feeling more confident about seeking funding opportunities.

Julie Gilley Milam, a senior financial analyst from the Entrepreneurial Accelerator Program (EAP), also took to the stage. She introduced a concept called the “valley of death,” a term which reflects the troubling stage when many startups falter, often within their first 18 months due to funding shortages. Milam recommended that emerging businesses aim to have at least 18 months worth of operating expenses saved to cushion against unexpected setbacks.

Raw Realities of Entrepreneurship

Alongside these financial forecasts, attendees had the chance to hear real-life stories from local entrepreneurs. Bob Thames, a small business owner, candidly shared his experiences with early failures. His journey highlighted the importance of choosing clients and projects wisely; learning from failure often leads to empowerment. In the world of entrepreneurship, it’s not just about the success stories but also about how setbacks can often pave the way for growth.

Kalli Combs, a media liaison for the Shreveport-Bossier African American Chamber of Commerce, carried the conversation forward by discussing the critical role of having a reliable support network. Combs emphasized that building relationships with a banker, CPA, attorney, and trustworthy advisors is vital for long-term success. Entrepreneurship can be a lonely road, but it doesn’t have to be navigated alone.

A Proven Path to Success

The remarkable work of EAP in the region was another highlight of the event. Over the past decade, more than 1,700 aspiring business owners have presented their ideas through EAP’s distinctive “blue couch” sessions. This initiative has successfully provided additional support to over 500 startups, enabling approximately 200 of them to secure funding from angel investors, private sources, and banks. A staggering total of $262 million in funding facilitated by EAP has helped transform countless entrepreneurial dreams into reality.

These Lunch-and-Learn sessions are more than just a platform for discussion; they are opportunities for entrepreneurs to gather valuable tools and strategies required for success. The presenters highlighted that entrepreneurship is not a solitary endeavor; it flourishes with collaboration and support.

Looking Ahead

With the success of this event buzzing in the air, attendees are encouraged to mark their calendars for upcoming talks centered around real estate. The connections made and the knowledge shared serve as vital components for those looking to embark on or enhance their entrepreneurial journey.

As Shreveport continues to foster an environment of innovation and support, local entrepreneurs are poised to rise, armed with the insights they need to navigate the challenging yet rewarding road of business ownership.