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.
Last week in class, Entrepreneurship for Transitioning Warriors, we discussed the challenges of maintaining cash flow in your business. Here is an article about factoring which is one of several solutions to improving cash flow. Here Marco Terry, the managing director of Commercial Capital LLC, offers a thumbnail on factoring. Factoring is not for everyone as you'll see below, but for many veteran owned and military entrepreneurs it is a viable solution to preserving cash. The key for veteran owned businesses is to find the right cash flow solutions for you.
I know that I'm a little late with this post, but this article is important to those of you considering buying a business. Here Urvaksh Karkaria at the Atlanta Business Chronicle describes businesses selling in the Metro Atlanta area, but the information my very well apply to your locale. As we discuss in class, Entrepreneurship for Transitioning Warriors, when a veteran plans to buy a business there are many factors that must be understood. One of those is the changing market for businesses. Prices rise and fall just like with other commodities. It is important for veterans to understand these price changes and factor the changes into the decision making process.
In class, Enterpreneurship for Transitioning Warriors, we discuss profitibilty and cash in modules 5 and 6. Understanding the difference between the two is critical for military veterans transitioning to entrepreneurs. Randy Southerland, contributing writer to the Atlanta Business Chronicle, offers some key points to remember in your business endeavor.
It is important for veterans and transitioning military to understand their local entrepreneurship market. Just a little research provides you with the information that you need when you plan on buying a business. Buying a business is one of the three ways to become an entrepreneur that we discuss in class-Entrepreneurship for Transitioning Warriors. This article by Urvaksh Karkaria at the Atlanta Business Chronicle descibes the current trend in the Atlanta Metro Area. This is great detail that veterans and transitioning miltary should use when deciding whether to buy an existing business or start a new one.
Here is a great article by G. Scott Thomas. Veterans and those approaching the end of their military service should take note of these cities and especially the five vital qualities of the cities. In class we discuss market analysis in Modules 1 and 2. During that analysis, veteran entrepreneurs should consider these five qualities, also. These are significant contributing factors to the success of your business. Information like this is available through many sources during your market research.
This article by Urvaksh Karkaria at the Atlanta Business Chronicle describes businesses selling in the Metro Atlanta area, but the information my very well apply to your locale. As we discuss in class, when a veteran considers buying a business there are many factors that must be understood. One of those is the changing market for businesses. Prices rise and fall just like with other commodities. It is important for veterans to understand these price changes and factor the changes into the decision making process.
Here is an informative short article by Mark Gurley, the CEO and co-founder of Rebounderz Franchise and Development. This article from the Atlanta Business Chronicle offers veterans some key points to consider when contemplating the entrepreneur path.
Gurley writes ---- Some people think that being an entrepreneur is easy because you get to be your own boss and make your own schedule.
Sometimes it is, especially when you have a passion for your work and business.
But most of the time, being an entrepreneur and business owner is easier said than done.
The entrepreneurial journey takes persistence and patience — and it often takes a lot more than someone who hasn’t taken it can imagine.
Here are my top seven things every entrepreneur needs to consider before taking the leap into business ownership.
1. It requires 10 times more work than you think.
For whatever reason, it’s always harder than you imagine. I love the quote attributed to Thomas Jefferson, “The harder I work, the luckier I get.” Like raising children, being an entrepreneur is hard work and perhaps the most demanding and rewarding job you’ve ever had. In addition, the job is never really done. There’s always more work to do, and there’s always another phase in the life of your business — and your child.
2. You must be persistent.
It is okay to fail. You learn more from failure. Experiencing failure allows you to make adjustments and improve. Being determined and knowing how to fail forward — or move forward in a positive way — helps to make these failures okay.
3. It helps to tune out the negativity.
You find out that everyone has an opinion, and the more successful you are, the more people will criticize you. Develop a support system that encourages you to push yourself and encourages your ideas and your journey. You need people in your corner to silence the naysayers and the negativity.
4. You must have the ability to focus on the big picture, while still focusing on the details.
For many companies, the details matter the most in becoming successful. For example, ensuring you have clean bathrooms in your office is a small detail that can make a huge impact and will allow you to focus on the bigger picture — getting customers back in the business.
5. You need to know how to delegate.
Creating a team that can assist you in moving tasks forward and getting projects completed is important. This allows you to focus on the bigger picture items. I’m known as the visionary, while my co-founder handles operations and processes. To increase our success, I need to focus on what I do best and delegate the rest.
6. It requires knowing when to stop working in the business and start working on the business.
Learning to delegate is a critical step in this process. Once you can do that, you can then confidently focus on reaching your goals and dreams for your business.
7. You should lead by example and lead from the front.
I believe in leading from the front. While my team is working on the here and now, I’m actively working several months ahead of them and several months ahead of our company. Because I can anticipate what’s next, I’m forging ahead and making advance preparations. My team is never waiting for me to do my job. Instead, I’m anticipating future needs, providing the resources and moving quickly to pave the way for my team to be successful.
Every entrepreneur’s journey is a little different and yet we all have the same goal: to create a successful business and business model that can sustain growth and provide jobs to the American people. These tips are a resource for budding entrepreneurs as they start their journeys.
Many veterans consider the SBA for their funding. Here is an excellent article by Cassius F. Butts, Regional Administrator in Atlanta of the U.S. Small Business Administration. As we have discussed in class many times, the SBA is a great source of information. Even their website offers many great ideas. The SBA can help veterans find an SBA Preferred Lender in your area.