Posted on May 10, 2020
Is entrepreneurship out of reach for most transitioning Veterans because of money?
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Is marketing your biggest issue or a clear blueprint on what to do, when to do it and how to do it.
Entrepreneurship
Small Business
Business
Money
Transition
Posted >1 y ago
Responses: 6
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LTC (Join to see)
A primary problem for failures of small businesses is a lack of capital.
A more important factor in my eyes is a lack of a fully developed business plan that addresses utilization of available capital and secondary resources.
A “DICKIES” franchise I once ate at revealed another cause of failure. The ‘new owners’ observed problems with the staff’s ability to fill orders and did not engage the problem.
My conclusion was that, “they were owners” and too important or more aptly - simply were not competent of engaging with others.
A primary problem for failures of small businesses is a lack of capital.
A more important factor in my eyes is a lack of a fully developed business plan that addresses utilization of available capital and secondary resources.
A “DICKIES” franchise I once ate at revealed another cause of failure. The ‘new owners’ observed problems with the staff’s ability to fill orders and did not engage the problem.
My conclusion was that, “they were owners” and too important or more aptly - simply were not competent of engaging with others.
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SPC Erich Guenther
Yeah so I was on that with my restaurant. You are correct though if you do not control portion sizes in oz per serving of each item served via a scale or other way to measure you will have untrained employees pushing costs way up by serving far more food than the customer paid for over time and that is a big hit financially. Root cause is bad training but I made sure my employees were trained in correct portion sizes. Even still I had abuses every once in a while. One time after switching to a higher grade of thick cut bacon I came into the place and saw an employee making all bacon sandwiches for some clients......tapped him on the shoulder and asked what he was charging for something so expensive it was not on the menu......straightened him out. I was owner and Manager. Easy to engage with kids and teenagers in my opinion if you do not cop an elitist attitude. Example, I emptied the trash, scrubbed the tables and floors just like the rest of them. Earned their respect that way and by earning their respect they confided in me the people they spotted breaking the rules, smoking pot, about to quit, etc, etc. Helps a lot when you have the respect of your employees.
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I started several businesses in my life using OPM (Other People's Money), never my own. I sold a project and used the down payment to establish my business. Thereafter, I always required a down payment on every project equal to my costs. If my client wanted "terms", I sent them to their bank explaining that I wasn't a bank. Thus, the only risk I took was with payment for my time and my profit. I'm not sure how to respond to your survey. There is no question and the three responses do not seem to relate to a question that I can infer. However, I can respond to each as an independent issue. 1. I marketed continuously to get new customers and provided incentives for existing customers to market my business for me. 2. Yes, I had real results, mostly with existing customers providing qualified leads. 3. I tried if both ways, solo and with partners. If I were still actively employed (77 and retired now), I would never again have a partner. Every partnership ended up like a bad marriage. Indeed, my failed partnership stories sound identical to my failed marriage story. I knew very few who succeeded at partnerships. Most people launch partnerships because they lack the confidence to go it alone. If you lack confidence, you should not be an entrepreneur...
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LTC (Join to see)
Yes, the question platform was a bit wonky trying it for the first time. OPM is the best. I may take it down and redo the survey portion. Your responses are highly appreciated. Just curious about what kind of incentives you used with existing customers to find leads. Thanks for your responses.
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Wayne Soares
A good practice brother Jack. I funded a tv pilot with my own $’s about 10 years ago and almost lost my shirt. Wish you were around for advice back in the day!
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Acquiring capital and generating operating capital makes franchises and start ups hard to pull off.
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LTC (Join to see)
I agree about the capital. For smaller entrepreneurs like myself, I never took any loans and have kept my company going with small growth over three years but it has not been easy. It does make it hard for those transitioning to find capital. Agreed.
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LTC Jason Mackay
LTC (Join to see) - most small business take five years to turn a profit. That is a long time to be pumping savings, time, and effort into it. Many entrepreneurs can't pay themselves.
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LTC (Join to see)
Do you think that doing everything by yourself is detrimental? Marketing, ads, lead generation, accounting, events, publications, travel, and above all keeping the mindset in the right place so you do not give up prematurely. Most cannot afford a team so you have to outsource. I love doing what I do and each win grows to the next. Writing books, creating summits, and getting coached on marketing until finally your ready for multiple revenue streams. Entrepreneurship is no easy road.
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SPC Erich Guenther
You can borrow from your own IRA or 401k to invest in your small business. I would recommend against it unless you have a surplus in one or the other though. If your interested see Guidiant Financial online. Completely legal but they also have some restrictions in that you have to invest the funds in the business and they cannot be used to benefit you, you need a seperate savings to support yourself until your business is profitable and you can draw from the profits to pay yourself......that is the big downside for using that source of financing.
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