Here is an interesting article by Robb Wong at the SBA.This article is good news for veteran entrepreneurs that participate in Federal Government contracting. Whether or not you believe the numbers that our Federal Government reports on itself, this still shows excellent opportunity for military veterans. In Module 3 of Entrepreneurship for Transitioning Warriors we discuss government contracting and the opportunities available to military veterans. The shear size of the potential market should encourage military entrepreneurs consider government contracting.
In Module 6 of Entrepreneurship for Transitioning Warriors we discuss the myriad of funding sources available to military entrepreneurs. Here is a great article from Adam C. Uzialko at Business.com that offers some details that are worth some additional research. There are many debt and equity sources of funding to consider that apply to your situation. Consider all of these during your SWOT analysis to find the best sources for you. Remember that funding sources have near term and long term impact on your company.
This article by Urvaksh Karkaria at the Atlanta Business Chronicle describes venture funding in Georgia companies. Military entrepreneurs should check similar data in your locale. As we discuss in class, Entrepreneurship For Transitioning Warriors, finding funding and raising capital is one of many factors that must be understood. The availability of venture capital in your business idea may be key to launching your business.
Veterans and transitioning military should consistently gauge the market when planning their leap as entrepreneurs. As we discuss in Entrepreneurship for Transitioning Warriors, markets are constantly changing. The perspective of other entrepreneurs is one of many valuable indicators. Here is a great indicator offered by NFIB that you should include in your decision making process.
In Session 1 of Entrepreneurship for Transitioning Warriors we discussed the different ways that military entrepreneurs can get into business. Here Jerry Shaw at Newsmax added to a previous post by David Shutler, President and CEO of Utility Systems Solutions, Inc. who writes for Entrepreneur. This excellent article reinforces what we discussed in class. Jerry offers many tips that potential business owners need to consider. Understanding these tips will help you determine whether entrepreneurship is right for you. We will discuss this this again in class.
Here is a great article by Dan Mattia that I pulled from VETLIKEME. Mattia makes several great points that we discussed in Module 4 of Entrepreneurship for Transitioning Veterans. As you know from class there are several different legal structures from which you can choose when organizing your small business. Each of these has advantages and disadvantages related to liability, taxation, and future funding. The bottom line is to do your reseach and consult with an attorney.
This article by Daniel DiPiazza, a Contributing Writer at the Atlanta Business Chronicle, reinforces our class discussions in Entrepreneurship for Transitioning Warriors. In class we discuss marketing and differentiating your business. Here DiPiazz details five ways that allow you to stand out from all of the others. Competition is rough out there, but the market is large and we all need to find our ways or ways to stand out. As veterans we understand competition. The goal is to transfer that understanding to business.
In Sessions 1 and 2 of Entrepreneurship for Transitioning Warriors we talked alot about marketing and its importance to our vetrepreneurial efforts. Here are some straightforward insights by Samantha Owens Pyle. She offers sound advice that military veterans should consider in their sales and marketing efforts. This generally isn't something that we learn in uniform however we all know that sales and marketing efforts are keys to success.
Last week in class, Entrepreneurship for Transitioning Warriors, we discussed government contracting and its advantages and challenges. Government contracting at the local, state and Federal level can be an excellent market for military entrepreneurs. Governments buy all sorts of products and services and there are many programs at various levels of government to buy from veteran businesses. Here is a short article by StreetShares that Hardy Stone included on his site. This articles presents and reinforces several of the points we discussed in class.
As we frequently mention in class, Entrepreneurship for Transitioning Warriors, the government is the largest buyer of stuff and buys almost everything. Because each of you worked in the government, to me it only makes sense that you would sell to the government if your product or service meets their needs. Here is an article by Marco Terry, the managing director of Commercial Capital LLC, a company that provides invoice factoring, purchase order financing, and asset-based lending to small and midsized companies. Terry offers some great points about selling to the government.