Shreveport Entrepreneurs Unite for Lunch-and-Learn Insights

News Summary

At the Red River Revel Arts Festival in Shreveport, local entrepreneurs engaged in informative Lunch-and-Learn sessions on October 1, 2024. Headlined by industry experts, the event focused on vital business strategies such as effective business planning, managing startup financial challenges, and the importance of building a reliable support network. Participants left equipped with practical tips and a renewed sense of collaboration within their community, highlighting the entrepreneurial spirit thriving in Shreveport.

Shreveport Entrepreneurs Gather for Insightful Lunch-and-Learn Sessions

This year at the vibrant Red River Revel Arts Festival in Shreveport, Louisiana, entrepreneurs and business owners took a break from the typical festival activities to indulge in some valuable knowledge sharing. On October 1, 2024, local business leaders participated in a series of Lunch-and-Learn sessions, where they shared wisdom and practical tips aimed at helping other entrepreneurs thrive.

Expert Speakers Share Valuable Insights

The event was headlined by Ken Hale, the president of BOM Bank, who emphasized the importance of a solid business plan when seeking loans. He noted that clarity and simplicity are key when presenting a business idea to potential lenders. Hale underlined the point that aspiring business owners should be prepared with additional documents such as tax returns, financial statements, and a personal net worth statement in order to increase their chances of securing funding.

Another notable speaker, Julie Gilley Milam, a senior financial analyst with the Entrepreneurial Accelerator Program (EAP), discussed a critical aspect of business survival—the infamous “valley of death.” This term refers to the challenging period when most startups face financial difficulties within their first 18 months. Milam urged upcoming entrepreneurs to have at least 18 months of operating costs available to bolster their survival rates. Cash flow, she pointed out, remains essential even after the initial phase, making sure businesses are well-cushioned against financial hardships.

Learning from the Journey

Bob Thames, an established small business owner, shared his perspective on the valuable lessons that can emerge from initial failures. He highlighted that every setback can open doors for future success and encouraged participants to be selective in choosing their projects wisely. This approach can help prevent entrepreneurs from getting overwhelmed, which is often a pitfall for budding business owners.

The sessions also featured insights from Kalli Combs, the media liaison for the Shreveport-Bossier African American Chamber of Commerce. Combs suggested that building a reliable support team is vital for entrepreneurs. This includes having a banker, CPA, attorney, and a mentor ready to offer honest feedback. Milam echoed this sentiment, underscoring that a strong support network is essential for achieving long-term sustainability.

The gathering encouraged creating lasting relationships within the industry, promoting collaboration as a path to business success. Sharing strategies for maintaining momentum in operations helped participants cultivate a mindset ready to adapt and grow in a competitive marketplace.

Upcoming Opportunities

real estate success tips, perfect for entrepreneurs interested in expanding or starting a new venture in the real estate market.

As the entrepreneurial spirit thrives in Shreveport, these informative sessions at the Red River Revel prove to be an excellent opportunity for local business owners to learn, network, and expand their potential. Entrepreneurs are encouraged to get involved, share their stories, and keep growing together in this bustling community.

For anyone eager to learn more details about these sessions or future events, keep an ear to the ground and seek out more opportunities to bolster your entrepreneurial journey. There’s always more to discover!