Challenges, and surmounting them
Shannon considers challenges to be opportunities. “Without adversity, we cannot test what we are made of,” he states. He holds that starting a business is not as difficult as sustaining it. “I have found starting a company, or getting the initial momentum is not as challenging as scaling it to profitability. Failure rates tell the story for me – 31% of businesses fail in the second year but by the fifth year that rate is almost 50%. That statistic speaks volumes to me because it shows where it gets truly hard,” explains Scott. In his experience, starting a company, or getting the initial momentum is not as challenging, as getting enough buy-in to scale the product/service to profitability.
Sharing the challenges faced by Trak Capital, he says: “In this business, we are dealing with ongoing legislation. While we operate in the private sector, we have the challenge of needing to follow the public sector closely. Over the years I have developed and worked closely with Congress in tax incentive programs and other areas of compliance legislation. We have a responsibility to our customers to always be on top of how current (or proposed) legislation may impact their compliance.”
Growth engines: personal & professional
Shannon’s simple mantra for personal and professional growth is: “Listen and read. Find mentors, people smarter than you, who know more than you. Don’t feel intimidated by them. Ask questions. Someone smarter than you in a room is an opportunity for you to grow and learn, not a threat. Secondly, read. The more you read, the more you know and understand.”
Scott believes that a true business leader revels in his insatiable urge for entrepreneurship, never resting on his laurels. “I can believe I have accomplished a goal or recognize an achievement, but …there is always the next thing in the back of my mind the second I am idle.” He says, “When you are deeply passionate about your business and deeply passionate about your family, you are always going to be at war with yourself.” At home, Shannon strives to be the best father he can be, and in office, the best CEO.
Sustaining superior standards
Shannon ensures that the company maintains the highest standards of integrity and compliance. “Through Oncentive, Trak Capital has processed billions of dollars in financial incentives and has never had a single dollar returned to the IRS. I never want our company to lose that exceptional level of service distinction.”
The Trak Capital portfolio features some companies that thrive in a down trotting economy and others that will thrive in an economic boom. “We will have some new platforms and disruptive technologies being released in 2023.” He shares.
Advice to entrepreneurs
Shannon advises budding entrepreneurs to carefully choose the people they engage with. “Surround yourself with people that believe in you, that you trust, you can confide in, and work shoulder to shoulder with. Nothing will be as important as the people that comprise your business. Find the right ones…the great ones…and reward them well. The key to your success is not just you – mostly the people around you.”