Just as the job market is soaring, so is the state of entrepreneurship in America. And increasingly, people are launching their businesses in Houston.
As InnovationMap reported, our city is a top startup ecosystem, now ranked among the top 50 in the world. One of the fastest-growing sectors is climate tech. According to a recent analysis, the global climate tech market is expected to reach a massive $162 billion by 2033.
All those big numbers boil down to individual, hardworking people with high hopes, big dreams, and a willingness to take risks. Maybe that includes you.
This month, my company reached a milestone. We’ve been around for a decade, which means we’ve beaten the odds. An estimated two-thirds of businesses fail within 10 years. This has been nothing short of a chaotic, exhilarating, and sometimes unforgiving journey. I've been blessed and cursed, from hurricanes to a pandemic, losing my vision to filming documentaries, serving in the US Department of Energy during two administrations to an epic ringing of the closing bell on Wall Street. The successes have been sweet, but the lessons learned are the real treasure.
Here are my five biggest takeaways from a decade in the trenches of entrepreneurship.
Master your market
A deep understanding of the market is crucial to achieve success. By delving into the intricacies of how it operates, identifying gaps you can fill, and engaging with individuals and companies eager to see those gaps addressed, you lay the foundation for a viable and impactful venture. Building credibility and establishing a network over the long term opens doors. I experienced this firsthand in the oil and gas, where my market knowledge and 15 years of experience allowed me to create a business that champions the energy workforce of the future.
However, markets are constantly evolving, and even more so today than ever. It’s hard to bring things to market, so master the market, and listen to the voice of the customer to stay ahead.
Takeaway:
Embrace the power of market mastery and credibility to pave the path to success.
Grit is everything
When I think of resilience, one image stands out—the "man in the arena." (Or I should say the woman!). It's a metaphor often cited, and for good reason. What are you even doing if you're not stepping into the ring, getting your hands dirty, and taking the punches? Grit is what keeps you moving when the odds are against you. Change is inevitable; challenges will come. But grit? That’s what pushes you to stand back up and keep going. If you’re an entrepreneur, there’s no room for half-hearted effort. You're either in the ring or watching from the sidelines.
Takeaway:
The ability to endure setbacks and adapt separates those who thrive from those who fold.
You need more than you think
A hard truth I’ve learned the painful way. When I first started Pink Petro, a mentor of mine and now very successful entrepreneur turned investor told me to “Don’t take capital until you need it.” His advice helped me keep a large percentage of ownership in my company, however I learned that you will always need more time, money, and resources than anticipated. As a solo founder, it is easy to underestimate the financial and emotional cost of building something from scratch, alone. Whether it’s product development, marketing, an acquisition or hiring top talent, it all takes capital.
Takeaway:
Plan. Then, double that plan. Odds are, you’ll need it.
Ask without fear
Whether seeking investment, resources or support, learning to ask for what you need is a game-changer. This one didn’t come naturally to me—I had to lean in and push past the stubbornness of “never needing anyone’s help”. Here’s the truth: most people are afraid to ask. But asking is often what gets you one step closer to your goals. Whether it’s a pitch to an investor or a favor from a mentor, the worst someone can say is “no.” And in business, a "no" is just a chance to refine your pitch for the next opportunity.
Takeaway:
Advocating for your needs isn’t selfish—it’s essential.
The sharks are in the water
Building something meaningful attracts all kinds of attention. Over the years, I’ve dealt with doubters, copycats, and even former allies. At first, it stung. But then I realized something important -- sharks will always show up if you’re making waves. It’s a sign you’re on the right path. The key is to stay focused on your vision and not get distracted
by the noise.
Takeaway:
If you have skeptics and imitators, take it as validation that what you’re doing matters.
Bonus lesson: Put your mask on
This one is personal. Here’s the thing—if you’re running on empty, you’re no good to your business, team, or yourself. That’s when I learned the importance of self-care. It’s not selfish—it’s survival.
Takeaway:
Take care of yourself first. Your business depends on it.
Looking back, ten years feels like a lifetime. The truth is that entrepreneurship is hard. It requires grit, humility, persistence, and the courage to rise above challenges. But it’s also one of the most rewarding ventures you can take on.
If you’re out there building something, keep going. Step into the ring. Learn from every fall. Trust yourself, and never stop moving forward—you might surprise yourself with how far you can go.
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Katie Mehnert is founder and CEO of ALLY Energy, formerly Pink Petro and serves on the National Petroleum Council.
Gautam Phanse of Chevron Technology Ventures answers questions about this unique program. Photo courtesy
