Life as a wealthy restaurateur and tenor performing opera in the grandest of Mexico’s music venues seemed like a lifetime away from standing in the streets of Dallas seeking a day’s pay on a cold March morning.
On Thursday, March 7, 2002, after an unsuccessful attempt to find work as a jornalero (daily-wage laborer), Juan Miguel López spent the evening exploring Dallas downtown. He was fascinated by the people in formal attire walking in the streets. Curious, he followed them and found himself at the door of the Dallas Museum of Art (DMA), but did not have enough money ($15) for the entrance fee.
López started mowing lawns the following Monday, lived in an acquaintance’s storage room for three months and began waiting tables seven days a week to bring his family to Dallas, raking in extra tips by singing for his
customers.
In November of that year, he entered the DMA through the front doors dressed in his best suit as one of the performing artists of the night. “It was overwhelming; eight months later, there I was on stage and received a standing ovation,” López said, smiling as he recalled the moment. “Life gives you many opportunities, and it’s up to you to take them.”
Later on, the DMA director heard about Juan Miguel’s story and from that day forward, there has been no fee for the main exhibits in the museum.
Fast forward seven years, Juan Miguel López launched his business MITO Financial, and began to live the American Dream.
“The U.S. is a blessed country and it’s been very good to me,” López says, sitting across the table from me at a French restaurant while I practically inhale Saturday’s brunch. He takes a sip of coffee and continues telling his humble story and struggles in life, describing a roller coaster of life-changing events.
The early years in Mexico
At the age of 17, in 1982 shortly after his parents got divorced, López took his first shot as an entrepreneur: a taco stand that put him and two siblings through college. He studied music and voice at the University of Guadalajara School of Music which led to a solid career as an opera tenor.
In 1994, he founded opera workshops in his hometown Leon, Guanajuato, Mexico, and hired theater and music teachers. Two years later he became a member of the Cultural Board of Guanajuato. He also produced several TV shows focused on preserving Mexican traditions and arts.
In addition to his successful career as a singer and patron of the arts, he continued to hone his business skills. He owned four highly profitable businesses: a bar, a nightclub, and two restaurants which were gathering places for celebrities from the cities of Leon and San Miguel de Allende, Guanajuato. After a few years, the heightened trade restrictions in Mexico took a toll on his wealthy customers who were his primary clientele. He closed his restaurant, then six months later, left his hometown and headed to Dallas with $200 in his pocket, no place to stay and no ability to speak English.
Business
“People think everything has to be perfect to start a business,” López said. “That’s never going to happen. You have to begin when you have a gut feeling.”
His perseverance and enterprising character fed his entrepreneur spirit and, on March 10, 2007, MITO Financial was born. A few years later, he launched MITO Investments, a small-business loan company. Since then, he’s created jobs for eight employees and helped 1,550 people to start or grow their own businesses. Almost a quarter of those clients have attended MITO’s business seminars in the cities of Dallas, Irving and San Antonio.
Over a three-year period, the results of his hard work became tangible when in 2010 he was recognized with Emerging New Business of the Year award by the Irving, Texas, Hispanic Chamber of Commerce. He established MITO Group as the holding company for MITO Financial, HABITUAL Magazine, MITO Capital, MITO Sport, IMEXPORT USA, MITO Franchise, IMEXPORT Mexico and RAM.
López also attended the 2012 Immigrant Journey Awards luncheon as one of 11 immigrants nominated for their exemplary leadership in business, a profession, or the civic arena.
MITO Financial was recognized by U.S. Chamber of Commerce as one of the top 100 outstanding businesses and received its Blue Ribbon Award in 2013.
López also attended the 2012 Immigrant Journey Awards luncheon as one of 11 immigrants nominated for their exemplary leadership in business, a profession, or the civic arena. After coming to the U.S., Juan Miguel López continued his philanthropic efforts and
volunteerism.
In the beginning, he was a member of several community organizations where he discussed social-economic issues on radio and television. Throughout his professional ups and downs, he retained his passion for music and founded International Festival Sounds of Mexico, a venue to encourage Mexican arts and talents in the United States.
He joined multiple communities and business organizations and, through his business connections and frequent networking, he soon assumed leadership roles in many of hose groups, including president of Casa Ciudad de Mexico and treasurer of Pueblo sin Frontera, a DFW International Community Alliance. He was also a member of the board of directors for the Mexican Businessmen Association.
In 2014, López was elected president of the Addison Hispanic Chamber of Commerce for a three-year period. He is also on the board of the U.S.-Mexico Chamber of Commerce, and a member of the Latino Leadership Committee for the Greater Irving-Las Colinas Chamber of Commerce, as well as a member of the Texas Business Association (TBA).
Comments and observations by Juan Miguel López
Tell us about Mito Investments.
After observing how difficult it is for members of the Hispanic community to obtain small-business loans, I presented this concern to some friends and the idea of creating a loan company for that purpose was born. The first requirement for an individual to qualify for a loan is to have a business or a clear idea of what they want to undertake. [This prevents giving] a loan to someone without a clear business purpose.
How is Mito Financial different?
It helps our community in everything related to credit, either by establishing or improving it, and how to prepare a business plan and register a business. We also offer free seminars in Spanish on these matters.
What motivated you to launch finance-related businesses in the United States?
My family has for generations engaged in business; my dad opened his first grocery store at age 15, so I grew up watching the buy and sell. When I had to start working in the U.S., I realized that most of my co-workers did not know how to set up a business or about the paperwork involved. Once I understood the system and opened my own business, I wanted to help others establish their businesses.
What are the most common reasons people don’t become business owners?
Most people want to stay in their comfort zone. There’s a saying: “business is good for everyone, but not everyone is good for business.” Of 100 people who attend a Mito seminar, only 12 to 20 follow up with a call for more information and help in achieving their goals. When people realize the long hours required in the first years, discouragement sets in and they return to their comfort zone. Most Hispanics come to the U.S. because of lack of money. The immediate needs for food, and support for our families prevents us from starting a business and we fall back on doing “whatever.” The years go by and it’s easy to get stuck in this system the rest of your life. Only a handful of risk-takers breaks this pattern. The truth is, real obstacles don’t exist; we put them in our heads and that’s what limits us.
What’s your advice for young Latinos in college and aspiring entrepreneurs?
This country offers opportunities to those who ask for it—regardless of their language or origin. Forget the 40/40 (40 hours for 40 years) and put forth extra effort. Start working in a field related to your major, no matter the pay whether if you have to volunteer, and spend time with people from whom you can learn the business. If you hang out with entrepreneurs, you’ll become an entrepreneur!
In addition to entrepreneurship, you’ve made a living as a tenor and founded and directed several programs to nurture and preserve the arts. Why are the arts so important to you?
The only thing that a man has it is his story good or bad, it’s his. For this reason, it’s important to know why we stand here today. It’s no accident; it’s an accumulation of experiences. Art and social movement go hand in hand. For example, the playwright and novelist [Denis] Diderot started important social movements like the encyclopedia, which revolutionized ways of thinking and influenced the French Revolution, and U.S. and Latin American independence. Art and traditions are what give us an identity.
What performance are you most proud of?
Two have really marked my tenor career: initiating “Conciertos de Primavera” (Spring Concerts) 10 years ago in Leon, that tradition continues today, and interpreting the Mexican National Anthem at the Organizations of American States(OAS) building in Washington, D.C., for Mexico’s bicentennial celebration. Representing your native country abroad in an historic, once-in-a-lifetime event is priceless.