Out of the 27.9M businesses in the US, 2.45M are owned by veterans.
Yes, that’s right; the veterans create more than 5.7M employment positions, and they bring over $1.2 trillion sales to the US economy.
Given the above staggering statistics, veterans might be interested in getting a piece of the entrepreneurship pie.
Be as it may, veterans will require guidance through the entire entrepreneurial journey and in this article we shall explore what veterans should know launching a business.
Find an Opportunity
When developing a business idea, the first step is to recognize an opportunity.
After all, you can’t capitalize on an opportunity if you don’t realize it exists.
So first things first, you need to isolate and develop a business opportunity.
But how do you look or rather identify one?
Start by looking around you and your immediate community in general. Take to talk with people and as you do this, always have an open mind and be open to suggestions.
This is probably the best way to uncover the hidden opportunities, and once you do this, you can determine how to make your idea a reality.
Focus on Execution
Once you’ve figured out a potential business opportunity, the next crucial step is the execution process.
All too often, we see veterans, and inexperienced entrepreneurs make a mistake of not materializing their idea in fear someone will steal their concept.
This ear causes them to feverishly guard their thoughts, consequently insulating that execution from outside influences.
In reality, you should take advantage of every opportunity to speak about your concept with others, especially those that you think might add value and help you in executing your idea.
Above all, sharing ideas will, in one way or another, invite criticism, and if you’re business-oriented, you can use honest and positive criticism to put your concept in place.
Find a Mentor
According to The Business Careers, business mentoring helps inexperienced entrepreneurs to make quality decisions that will later define them.
A business mentor will help you refine your idea, determine your next steps, and maximize your chances of qualifying to new opportunities.
When seeking a mentor, it’s not necessarily that you choose one within your domain, but you can pick one with diverse business and technology expertise.
Similarly, you might also consider entrepreneurial programs that are focused on serving the veterans such as the Patriot Boot Camp or Bunker Incubator, both of which have incorporated mentorship in their curriculum.
To succeed in entrepreneurship, you need to step outside your comfort zone, meet new people, and get active in society.
Make a point of attending the local meet up groups, boot camps, or even startup weekend.
Sure, there might be a learning curve to all this, but don’t get intimidated by that; instead, focus on the growth of your skills.
Maximize of Financing For Veterans
Military veterans have access to special financing to kick start their business.
Most of these funding options are government-backed, though, they might also be offered by specialty lenders, and you can read this comprehensive business loan guide for veterans to learn what type of funding might fit your needs.
Connect with Experts
As you get involved in the entrepreneurship communities and meet new people, it’s advisable to build a small cadre of trusted acquaintances.
Nurture the relationship, communicate with them often, and collaborate wherever possible.
It’s here that you can even select your co-founders or advisors to complement your skills and gap in expertise.
And this should be an easy task since veterans are adept at forming cohesive teams. You should leverage this experience to build a team that will help in the growth of your idea into a company.