Some say that people with military experience make the best entrepreneurs. In fact, veterans have 45 percent success rate as entrepreneurs compared to people with no military background. This is according to the study conducted by the Small Business Administration (SBA) Office of Advocacy in 2011.
In a U.S. Census data conducted in 2007, about 2.4 million businesses are owned by former or retired service men and women. These businesses employ about 6 million people and generate more than a trillion dollars in receipts. This only shows that after retiring from their military services, these veterans can also make their mark in the business world.
Veterans also are not afraid to venture into their desired businesses even if they have minimal assets and funds. They overcome these obstacles because of the trainings and experiences that they have gained during their time in the military. They do not waver easily when problems arise; instead they find ways to solve these problems until success is achieved. So, if you are a veteran and you want to immerse yourself into the world of business, here are some tips that can help you get started in becoming the best entrepreneur that you can be.
1. Go with what you know
The skill that you have gained during your time in the military will be the best foundation in starting your very own business. Starting a business doesn’t only need capital but it also needs passion and courage which are the traits that every veteran have. In short, go with a business that you have a good grasp on and a business that makes you happy and grow as an individual even after retiring from the service
2. Know your strengths and weaknesses
The first years of business is the most difficult time for every budding entrepreneur whether he has served in the military or not. Thinking of ways to make the business grow and the challenges that accompany it can sometimes make or break the business and the individual itself. So, focusing on your strengths and what you know will greatly help you in making fewer mistakes.
3. Seek advice from experts
If you are thinking of starting your own business, it is best if you seek advice from business experts. There are more than a hundred local and private business groups that help budding entrepreneurs in setting up their businesses the proper way. VETbiz.com and the local Small Business Administration (SBA) offices at SBA.gov are just some of the groups that can help you in making sure that you are on the right track when starting a business.
4. Find a need and fill it
Before embarking on your dream business, why not go on a tour to some of the nearby business establishments in your area and try to listen on some of the conversations of some of the customers with regards to that establishment. Think of it as some sort of a reconnaissance mission. Gather Intel and important information on what the customers are looking for and inculcate it in your business plans. Talk to the costumers and ask them what they want or what should be done to improve the business establishment that they are in. Never disregard even the smallest detail that makes a business a success. Always be open to suggestions and make negative criticisms a challenge in order to make your desired business an astounding success.
5. Make the most of financing for veterans
There are many government supported loaning agencies that cater to veterans. If you have the right documents, your loan application is almost guaranteed to be approved. An example of a loaning agency that caters to veterans is the SBA Express Loan Program. This agency offers microloan programs with minimal interest to help fund a starting business up to $35,000. By filling and answering the SBA Express Loan Program form, applications are usually approved within 36 hours.
Veterans who have served and protected the United States of America and its people are treated with honor and respect. And because of this and their unquestionable background, they have the best opportunity in venturing and succeeding in any business that they put their minds into. The unique skill that these veterans possess is also their greatest asset. So, if you are a veteran and you want to do something different for a change, why not try putting up your own business and see if you have that entrepreneur in you.