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.
In class, Entrepreneurship for Tranisitioning Warriors, we discuss franchising several times. Here is a topic that frequently comes up from military veterans during the franchising discussion. David G. Bates, a Contributing Writer at the Atlanta Business Chronicle offers six points that are right on the mark. Franchising your business may seem like a great idea, but the challenges associated with franchising need to be seriously and objectively considered.
September 12 - September 16
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 an excellent article by Dan Kolber, an Atlanta investment attorney and contributor to the Atlanta Business Chronicle. Dan offers some sound tips that sellers and buyers of businesses need to fully understand. Military veterans and transitioning military buying a business must understand all of the creative ways that sales prices are negotiated. Funding and funding sources remain a potential barrier to buying a business for your life after the military. In this article Dan arms you with powerful information you need.
Kent Hoover, Business Chronicle Washington Bureau Chief, passed on some excellent information here. Veterans and transitioning military considering entrepreneurship need as many sources of funding as possible. Here is an excellent tool for finding funding. This is a valuable sourcing tool to use in Module 6 of the Entrepreneurship for Trainsitioning Military Program. Remember that funding for your business opportunity is available to veterans and transitioning military. The challenge is finding the sources that are right for you.
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.
In class we discuss the option of buying an existing business. This is one of the three ways veterans can get into business and put their military skills to use as entrepreneurs. In this article, Urvaksh Karkaria, Staff Writer Atlanta Business Chronicle discusses an important aspect that's good news to vetrepreneurs who are thinking about buying an existing business. The article about the Atlanta market is a reflection of the US market. Do some research of the market in your area. The selling price for businesses in your area can flucuate for several different reasons. The key is understanding those reasons and factoring them into your decision of whether to buy an existing business.
Karkaria writes - 2015 was annus horribilis for Atlanta’s small business transaction market.
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.