Duke Ligon is the former strategic advisor for Love’s Travel Stops & Country Stores, Inc., headquartered in Oklahoma City. Duke Ligon is also a previous executive director of Love’s Entrepreneurship Center at Oklahoma City University, a program that aims to provide entrepreneurial students with the tools they need to pursue their ambitions following graduation.
Statistics indicate that 20 percent of people between the ages of 18 and 34 have a business idea that they hope to pursue. Here are a few tips that may help.
1. Make sure there is demand for your product. A study conducted by Fortune indicated that the owners of 42 percent of start-ups that failed identified the lack of need for the products they sold as the major factor in their failure.
2. Find mentorship wherever you can. Many communities host networking events that allow young entrepreneurs to mingle with people who have experienced the trials and tribulations of business ownership. Learn as much as you can, and use it to inform your decisions.
3. Understand how much money you need before you apply for a bank loan. Most banks won’t offer anything if you don’t have a business plan that covers the financial aspects of your company and your projections for its growth. You should also be able to offer tax returns, bank statements, and credit reports for yourself and the company to demonstrate your current financial situation.
Duke Ligon is the founder of Mekusukey Oil Company in Oklahoma City. He also functions as the company’s manager and attorney. Outside of work, Duke Ligon serves on the board of the Oklahoma City-based St. Anthony Foundation.
The St. Anthony Foundation stands out as the first Catholic health care foundation in Oklahoma. Established in 1963, the nonprofit is a major donor to the St. Anthony Hospital, the first hospital in the Oklahoma region. With the aim of providing the best health care services to all, the foundation also provides financial support to the Bone and Joint Hospital at St. Anthony and other SSM Health programs.
The St. Anthony Foundation is also preparing itself for the future needs of health care in Oklahoma City through its phase-wise Saints Vision Campaign, initially launched in 2005. The $7 million campaign is a part of a $220 million renovation and revitalization of St. Anthony Hospital, which will include improvements to its facilities, the recruitment of doctors, and the purchase of new technology. Phase II of the campaign seeks to raise another $7 million.
Attorney and businessman Duke Ligon serves as president and CEO of the company he established more than 40 years ago, Mekusukey Oil Company, LLC. The company is among the nation's largest privately held businesses focused on acquiring and managing perpetual mineral resources; it conducts business in Oklahoma and more than 20 other states. Mekusukey maintains offices in Wewoka and in Oklahoma City. Duke Ligon and his staff oversee operations covering approximately 80,000 net mineral acres.