For military veterans who want to become entrepreneurs, did you know the first steps are usually the hardest?

COL Mikel J. Burroughs — Mon, 07 Dec 2015 07:49:16 -0500

For military veterans who want to become entrepreneurs, did you know the first steps are usually the hardest?

RP Members here are a few other veterans from South Florida who have stepped up in the world of entrepreneurship:

What are your thoughts and recommendations for other veterans that want to become entrepreneurs?

http://www.miamiherald.com/news/business/biz-monday/article48340485.html

Veterans, who make up about 8 percent of the U.S. population at more than 21 million, are twice as likely to jump into entrepreneurship as civilians. Today, one in 10 small businesses is started by a veteran, and about 20 percent of small business employees work for veteran-owned businesses, according to the Small Business Administration.

According to the most recent national statistics available from the Small Business Administration, most veterans start businesses in finance and insurance, followed by transportation and warehousing; mining, quarrying, oil and gas; construction; and professional, scientific and technical. In South Florida, Crews says veterans start a wide variety of companies that include lawn care maintenance, cell phone repair, financial services, dog grooming, personal training and providing person chef services.

For military veterans who want to become entrepreneurs, the first steps are usually the hardest

When Rob Ceravolo’s impressive U.S. Navy career was nearing its end in 2009, the fighter pilot with 41 missions and two Air Medals during Operation Iraqi Freedom could have sought a lucrative job with a major airline. But he decided instead to use his military leadership and team building skills to take a big leap of faith and follow his dream, launching Tropic Ocean Airways in Key West with one seaplane that had been flown by actor Matthew...

Response by PO2 Mark Saffell made Dec 7 at 2015 7:59 AM

PO2 Mark Saffell — Mon, 07 Dec 2015 07:59:14 -0500

That's scary because I read that over 50% of new businesses fail within the first year but to answer your question. No I didn't and have considered opening my own gun store.

Response by CPT Private RallyPoint Member made Dec 7 at 2015 7:59 AM

CPT Private RallyPoint Member — Mon, 07 Dec 2015 07:59:32 -0500

This is a great article. Thanks for getting the information out. How many times have you thought, "I wish I had known this in the beginning,"? I know I have had that thought.

Response by SPC Lazaro (Laz) Diaz made Dec 7 at 2015 8:33 AM

SPC Lazaro (Laz) Diaz — Mon, 07 Dec 2015 08:33:59 -0500

Awesome article and extremely informative.
Being from South Florida, I had no idea all these programs where available. The individual stories are very inspiring and it shows how these vets have persevered in their quest.

Response by SPC Margaret Higgins made Dec 7 at 2015 8:47 AM

SPC Margaret Higgins — Mon, 07 Dec 2015 08:47:36 -0500

I am a photographer. I got started when my mother gave me a camera for Christmas; one year.
It was a professional camera.
Then I bought a cheap camera with a telephoto lens built in- in a PX.
I loved using the telephoto part of the camera; and used it almost exclusively.
For one thing, I passed by a Fine Arts Gallery. The receptionist there, suggested that I apply to get into the gallery. I thought to myself: "No way am I good enough to even apply."
The rest is history. I became a member of said gallery. I made money by selling my photographs; but the gallery took 35% of my earnings.
I then went to a hardware store and a bookstore and inquired whether I could sell my photos there.
The owners of both places said that I could sell my photographs on commission.
I sold $980.00 worth of my photographs; downstairs in my church.
I want you to please remember that the sky is the limit; when you are thinking about being an entrepreneur.

Response by CPT Jack Durish made Dec 7 at 2015 10:04 AM

CPT Jack Durish — Mon, 07 Dec 2015 10:04:07 -0500

I was an entrepreneur most of my life (except while serving). I formed my first business when just 17. It used to be easy. Just get a business license (very cheap and a half page form), a checking account, and a sales permit (to collect sales tax if appropriate) and you were in business. Need seed capital? That too was easy. There was always someone around with a little risk capital burning a hole in their pockets. (Never ever start a business with your own money. Always use OPM = Other people's money) That's not true today. To be honest, I don't know what I'd do now. Government has erected multiple barriers to starting a business. The paperwork alone takes a team of corporate bureaucrats. Have a good lawyer on speed dial. You're going to be sued every other day. And, good luck finding seed capital. (The government is borrowing money so fast that there's little left for private business, especially small business, who who can compete with them?) In my later years, just before retiring, I pre-billed clients (giving them deep discounts as incentives) to provide seed capital and finance my business. Of course, you have to build trust (through reputation) to employ that strategy.

Response by LTC Stephen F. made Dec 7 at 2015 10:07 AM

LTC Stephen F. — Mon, 07 Dec 2015 10:07:54 -0500

COL Mikel J. Burroughs it takes courage, vision and perseverance to become an entrepreneur. Learning to overcome disappointment and keeping your eye and mind focused on where you are striving to go is critical because each entrepreneur will face difficulties.
It helps if you are a self starter but this is not critical especially if you are in a business partnership.

Response by Cpl Shane Cunningham made Dec 7 at 2015 10:51 AM

Cpl Shane Cunningham — Mon, 07 Dec 2015 10:51:38 -0500

Cool read!

Response by SPC Lazaro (Laz) Diaz made Dec 7 at 2015 11:16 AM

SPC Lazaro (Laz) Diaz — Mon, 07 Dec 2015 11:16:51 -0500

Coming from a family that have always though that working for 30 years for someone else and retiring from that company was the way to achieve the American Dream...my mindset was very much into following their footsteps. It took someone that had that entrepreneurship spirit to show me the way.
Sometimes you need help...and I was lucky enough to find that special person that was not afraid to take a chance on me.
So far it has worked out...and I can't fathom working for someone else anymore.
I probably work harder than when I had to punch a time card, but the benefits are awesome!
I set my goals, I'm in charge of my time and I don't have to account to anyone but myself.
If I fail, then it's on me...but if I succeed...it's also on me!

Response by MAJ Alvin B. made Dec 7 at 2015 4:39 PM

MAJ Alvin B. — Mon, 07 Dec 2015 16:39:04 -0500

I agree. I am still learning, and learning what I ought to have done earlier. I am also learning what I am good at, and what is simply painful for me to address. However, as I have become accustomed to eating I will muddle through.

Response by PO1 John Miller made Dec 7 at 2015 8:32 PM

PO1 John Miller — Mon, 07 Dec 2015 20:32:28 -0500

We have talked about this before, but it bears repeating.

I have a couple of ideas for my own businesses. The thing that stops me from following my dreams is, I'm scared to death that I'll fail, and I've got a family to support. Not to mention that as an entrepreneur, I would have to pay for my own insurance!

Response by PO1 William "Chip" Nagel made Dec 8 at 2015 4:00 AM

PO1 William "Chip" Nagel — Tue, 08 Dec 2015 04:00:22 -0500

Hell of a leap of faith and my hats off to those that do chase their Dreams. My favorite (Although not a Veteran) is the Owner of "Pony Espresso" a rolling coffee shop in Portland OR. Cashed in all his chips bought a Food Wagon an set up shop. If in Portland I highly recommend having a cup of his Java. Tell him Chip sent you!

Response by SGT Larry Prentice made Dec 8 at 2015 3:53 PM

SGT Larry Prentice — Tue, 08 Dec 2015 15:53:04 -0500

I feel that there are barriers if you are looking at a traditional business. There are options that are almost entirely online and cost very little start and can be as lucrative as any brick and mortar business.

Response by SGT Larry Michael Bleckler II made Dec 8 at 2015 4:55 PM

SGT Larry Michael Bleckler II — Tue, 08 Dec 2015 16:55:08 -0500

I started a vehicle detail business from cars, RV, boats and collector cars. It is a profitable business the money is good and the customer is loyal. I would suggest if you start your own journey is to work for someone for a couple of years save for a part of a down payment and supplies needed to start and make sure you have a years worth of money for employees with a mark up in services of 15%. Work on being a social person for advertising until you can set up a web site and a possible billboard and a reliable vehicle with a wrap so all can see as you drive and it is free after the expense of the vehicle wrap. Stay vigilant and avoid talking about a business that has a bad reputation in the same field. Look into reputable franchises that help you get started most will support veterans and discount the purchase of the franchise. Good luck.

Response by MSG Wally Carmichael made Dec 8 at 2015 6:28 PM

MSG Wally Carmichael — Tue, 08 Dec 2015 18:28:10 -0500

Two vital resources to shorten the learning curve and reduce risk:

All entrepreneurs must have a mentor, even if you have to hire one. Your mentor must be someone who has success in your industry.

Most entrepreneurs should outsource as much as possible and soon as possible. In the beginning, most entrepreneurs will have to do most everything themselves or with low to no paid partners. However, the sooner an entrepreneur can start outsourcing tasks like, HR, shipping, Virtual Assistant(s) the faster they will grow and go into the black. This is what holds most businesses back.

Response by Doug Macdonald made Dec 8 at 2015 7:36 PM

Doug Macdonald — Tue, 08 Dec 2015 19:36:33 -0500

Congratulations to all those veterans who took the leap of faith and tackled the exciting world of entrepreneurship. If I can be of any service to veterans considering entrepreneurship as a transition feel free to reach out. "Prior-Service Entrepreneur - The fundamentals of veteran entrepreneurship"

Response by SP5 Mark Kuzinski made Dec 9 at 2015 9:34 AM

SP5 Mark Kuzinski — Wed, 09 Dec 2015 09:34:56 -0500

Thank You for this post Mikel!

Response by Wayne Soares made Jul 1 at 2020 2:27 PM

Wayne Soares — Wed, 01 Jul 2020 14:27:07 -0400

Great info Colonel Burroughs