We sat down to speak with Omar Ochoa, an award-winning lawyer, certified public accountant, financial expert, and founder of Omar Ochoa Law Firm. His legal specialties include antitrust, class actions, insurance matters, securities, oil and gas, trade secrets, construction law, environmental law, qui tam, the Fair Credit Reporting Act, employment matters, private equity transactions, and breaches of contract. When he played an instrumental role in uncovering a global automotive parts conspiracy, he not only helped car buyers recover millions of dollars, but also won Outstanding Antitrust Litigation Achievement by a Young Lawyer from the American Antitrust Institute.
Before founding his law firm, Ochoa was an attorney at Susman Godfrey LLP and completed federal clerkships with two of the nation’s top judges — Judge Amul Thapar of Eastern District of Kentucky, and Judge Raymond Kethledge of the United States Court of Appeals for the Sixth Circuit. Before attending law school, he served as a senior financial analyst for General Motors in Detroit. His numerous degrees include a Doctorate of Law, Masters in Professional Accounting, and Bachelors’ degrees in Business Administration, Accounting, and Economics, all from The University of Texas at Austin (UT). He has also made history as the first Latino editor in chief of Texas Law Review and the first Latino student body president at UT.
Table of Contents
Q: The entrepreneurial journey is one of self-discovery. What have you learned about yourself while building your business?
Omar: When I think about what I have learned while building my business, the overarching thought that I have is that I should have done this all sooner. I love it. I love being an entrepreneur. I had never seen myself in that position prior to starting my own law firm. I love it, I really enjoy it. I have learned that about myself.
Q: The entrepreneurial journey is often lonely. Have you experienced loneliness as an entrepreneur? If yes, what was that experience like, and how did you overcome it? If not, why do you think this is the case?
Omar: The truthful answer is no, I never really got lonely. I’ve always had something to do, I don’t have time to be lonely. But I will say this: it is difficult to talk to people sometimes about the things swimming in my mind in regards to my business. Unless you’re a business owner, it’s really hard to understand some of those issues. Seeking out and finding people who can help you become a better entrepreneur is difficult and it can feel isolating. There’s never going to be anyone who understands your business the way you do, so you’re kind of left to build it on your own.
I wish I had others to talk to about growth and managing that growth. It’s great to be successful, but you have this growth issue — that can be really challenging. There’s also subjects like maintaining levels of quality client service and leveraging technology that I wish I had someone to talk to about.
Q: Entrepreneurs generally sleep less, work more, and let their health slip. This combination, combined with loneliness, often results in insecurity, self-esteem issues, and low self-worth. Have you experienced any of these issues as an entrepreneur? If yes, what was that experience like for you, and how did you overcome it? If not, why do you think this is the case?
Omar: Honestly, I feel like an anomaly because I have never been healthier in my life. When I’m on a roll, I feel like I’m on top of my stuff. I’m getting my work done, and that inspires me to keep a schedule in all aspects of my life. It’s when I’m not geared towards a goal or when I don’t have anything to do to keep me busy, that is when I start to feel lazy, for lack of a better word. Staying active is healthy for me. Staying active in my business keeps me in an active lifestyle overall.
Q: Newer entrepreneurs often equate their personal success with the success and value of their business. If their business fails, they are a failure. If their business succeeds, they are a success. Have you experienced this warped perception of reality? If yes, how was that experience for you, and how did you overcome it? If not, why do you think this is the case?
Omar: It’s kind of cliche, but I see every failure as an opportunity. It’s a way for you to learn how to make something better. If something falls through the cracks, you can develop a better process. If a client wasn’t satisfied with your services, you can learn how to make the service better next time. They are all ways to learn how to do something better.
Q: What are your three biggest fears as an entrepreneur, and how do you manage those fears? (please organize your response – 1,2,3)
Omar:
Q: What are three mistakes you made early on as an entrepreneur, what did you learn from them, and how can these mistakes be avoided by others? (please organize your response – 1,2,3)
Omar: They are not necessarily mistakes that I made, but mistakes I could see being easily made that I avoided. 1. First would be not taking care of one’s health. I made that a concern early on. I could see how not managing one’s health well could be a huge problem down the road. 2. Second would be taking on everything on your own, being a lone wolf operation. If you’re going to build a successful organization, you need good, reliable people around you. If you wait too long to get the right people by your side, they may be impossible to come by when you need them the most. 3. Third, I would say a mistake is not investing wisely at the beginning of building your business. For example, when I first started my firm, we had this very nice building in a high-traffic area. For the first three to four months, I did not bother to put a sign on the front of the building. My thinking was, there was one on the marquee by the street. I knew that when I did get a sign, it would need to be large. I knew that would be expensive. I thought there were other concerns that had to come before signage, but people began telling me I needed a sign, so we invested in a huge sign on the side of the building. It’s a draw and it was a wise investment. I understand people wanting to pinch pennies at the beginning of their business, but some investments are worthwhile to do right away.
Q: What are three things you see that are often overlooked by entrepreneurs you encounter, and how can other entrepreneurs be aware of these things from the beginning? (please organize your response – 1,2,3)
Omar:
Q: What are three seemingly insurmountable obstacles you’ve faced as an entrepreneur, and how have you overcome them? (please organize your response – 1,2,3)
Omar:
Q: What are three ways you have managed to boost your productivity without causing burnout? (please organize your response – 1,2,3)
Omar:
Q: How can newer entrepreneurs develop a healthy work-life balance even when it seems like an impossible task?
Omar: There are different ways to approach this. Most entrepreneurs eat, sleep, and breathe their businesses, and that isn’t something to be ashamed of. If that’s who you are, I say accept that. I think knowing yourself and knowing your personality is really important if you intend to solve the issue of work/life balance. The opposite can be true if your business is not your life. If your business is just something you do, and it’s not something you eat, sleep, and breathe, that’s great, too! It’s all about knowing what you need.
Q: What three key pieces of advice would have made your entrepreneurial journey easier, and why? (please organize your response – 1,2,3) Omar:
Q: Is there anything else you would like to share?
Omar: Our goals as entrepreneurs should never be money — not because it’s inherently evil or sinful, but money is often the wrong motivator. It’s going to lead you astray and lead you to make bad decisions. What you should focus on is providing quality work and building a good reputation. If you do those things, you’re going to have good returns, client satisfaction, and happy employees. That will lead to financial success. If you are focused on the fundamentals of your business and delivering an exceptional product, the financial success will follow. You just have to be careful about what you see as the main motivating factor in your business.
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