August 21 is World Entrepreneurs’ Day! Created by The Alliance of International Business Associations, World Entrepreneurs’ Day was established to help build awareness of, and generate support for, entrepreneurship and innovation.
At Dallas Capital Bank, we consider it our privilege to serve so many entrepreneurial companies in DFW – one of the most vibrant markets for businesses across the industry spectrum. If you’re a business owner, we celebrate you on this year’s World Entrepreneurs’ Day, for having what it takes to create, manage and grow a successful enterprise!
The Entrepreneurial Mindset
While many business owners leverage their own tactical skills sets (i.e., technical, mechanical, financial, creative, etc.) to create a company, entrepreneurship is – at its very core – a mindset, more than a skill set.
“The most successful entrepreneurs are naturally wired to look for and thoughtfully pursue opportunities,” commented Travis Houstoun, Executive Vice President and Chief Credit Officer at Dallas Capital Bank. Those opportunities can involve the development of products, processes, solutions, target markets, and more – the key is recognizing potential, understanding the required investments, and minimizing any associated risks.
“Pursuing thoughtfully is the key,” Houstoun added. “Successful entrepreneurs are not just risk takers. Their magic lies in their combination of foresight and being comfortable with the broader issue of the underlying business.”
Keeping an Eye on the Road Ahead
Beyond the inevitable (and seemingly constant) economic cycles, every business has its own numerical cycles – “inflection points” that challenge owners to consider carefully whether to downsize, maintain the status quo, ramp up or transition the company to a new owner.
“Many business owners are what we call ‘serial entrepreneurs,’” commented Nancy J. Hong, the Director of Addison Treehouse a resource center for aspiring entrepreneurs. “They start company, grow it, then either pass it down to a family member or sell it to a new owner, and then do it all over again – and maybe again. And again. What makes these business moguls successful is that they set goals, they recognize what they lack in order to reach those goals, and they take the initiative to get what they need.”
Travis Houstoun concurred, “They have a Plan A, a Plan B and a Contingency Plan. Why? Because they’re always looking at the numbers in relation to the road ahead.”
Being in Business for Yourself Doesn’t Mean Going It Alone.
In our 21st century world, times don’t just change – they change at lightning speed. Happily, here in the DFW area, there are organizations like Dallas Capital Bank, Addison Treehouse and The Dallas Entrepreneur Center that are focused on providing business owners with insights, tools, networks and mentorship that can help them continue succeeding, whatever the future brings.
So this August 21st, celebrate World Entrepreneurs’ Day! And commend yourself for taking this road less-traveled – and navigating it successfully.