2015 Yellow Ribbon Entrepreneurship Presentation

Veteran Entrepreneurs

Cary McEntee

BLUF• Entrepreneurship Overview

• Characteristics of an Entrepreneur

• Military Training and Skills that Transition

• Challenges

• Process

• How to get Started

• Franchise Options

• SBA Patriot Loan

EntrepreneurshipEntrepreneurship is the process of starting and running a business. The entrepreneur identifies a need, an opportunity, chooses/develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.

Opportunity

Background• Military veteran entrepreneurs have used their learned

leadership characteristics to launch well-known entrepreneurial operations such as Fed Ex, Chick Fil A, American Online, Little Caesars Pizza, and Nike.

• Veterans are majority owners of more than two million private businesses in the United States or 9% of total businesses. Those businesses employ 5.8 million people and spend an average of $210 billion a year in payroll (SBA, 2012).

• Military experience is an even stronger predictor of self-employment than graduate level education

US Veteran & Non-Veteran Population

(300,000,000)Veteran Non-Veteran

Total Population 24,000,000 276,000,000

Total Business Owner

6,000,000 30,360,0000

Ratio of Business Owner

4:1 9:1

Percent of Population

25% 11%Krumm (2009)

Key Indicators• Military service appears to have provided business skills to a significant

proportion of both current veteran business owners and those planning to become owners.

• The self-employment rate for veterans was higher than that of non-veterans in each year from 1979 through 2010, the last year covered by the SBA.

• About 22 percent of veterans in the U.S. household population were either purchasing or starting a business.

• About 23 percent of current veteran business owners, and 32 percent of those planning or in the process of starting a new business, indicated that their venture would be 50 percent or more internet-dependent (SBA, 2012).

Learned Skills• Military provides the foundation, skills, experience and training.

• Discipline

• Tenacity

• Planning

• Leadership

• Ambiguous situations

• Flexibility and Adaptability

• Entrepreneurship talent comes natural, skills are developed.

Programs

ChallengesCompetition

Outside Variables

Experience Level

Financial

Time Management

Commitment

Process• Dream

• Opportunity

• Getting started

• SWOT (Strengths, Weaknesses, Opportunities, and Threats)

• Business Plan

• Financing

• Operation

George Washington

“If I have six hours to cut down a tree, I’d spend the first 4 hours sharpening the ax.”

Start Up Avenues • Patriot Loan $500,000

• Private Financing

• Partnerships

• Franchises

• Government contracts

• Veteran Business Outreach Programs• Workshops

• Training

• Mentorship (SCORE)

SBA Hosts Online Events for Women Entrepreneurs During Women’s History Month

Veteran Entrepreneurship Course

Taught at Virginia Tech• The U.S. Small Business Administration Richmond District Office to host a

one-day Boots to Business entrepreneurial workshop tailored specifically for past and present service members including their dependents at Virginia Tech’s North End Center Wednesday, April 8, 2015.

• Boots to Business is an entrepreneurial education and training program offered by the U.S. Small Business Administration as part of the Department of Defense’s Transition Assistance Program. The curriculum continuum includes steps for evaluating business concepts, the foundational knowledge required to develop a business plan and information on SBA resources available to help access start-up capital and additional technical assistance.

SCORE SLIDE

Franchisees• Benefits of established and

successful business processes.• Over 600 franchise

companies participate in the program.

• Entrepreneurship Overview

• Characteristics of an Entrepreneur

• Military Training and Skills that Transition

• Challenges

• Process

• How to get Started

• Franchise Options

• SBA Patriot Loan

TAKEAWAYS

WebsitesSBA Website has directions to all of these services.

• http://www.sba.gov/content/what-sba-offers-help-small-businesses-grow

• http://www.sba.gov/community/blogs/community-blogs/small-business-matters/leaving-military-life-entrepreneurship-%E2%80%93-5-essential-resources-can-help

• http://www.sba.gov/offices/headquarters/ovbd/resources/362341

• International Franchise Association. http://www.franchise.org/Veteran-Franchise.aspx

Questions

Contact Info

Cary McEntee757-469-0991

[email protected]

SBA.gov

VA.gov