Posted on Jul 13, 2018
Maj Haynie, IVMF Founder & Executive Director, here for a live Q&A on 7/17 @ 3PM ET. What questions do you have about entrepreneurship?
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Shortly after arriving at Syracuse University in 2006, Air Force Veteran Dr. Mike Haynie created the Entrepreneurship Bootcamp for Veterans with Disabilities (EBV) program at SU’s Whitman School of Management, an initiative designed to empower military veterans through entrepreneurship. Haynie later went on to launch the Institute for Veterans and Military Families (IVMF) at Syracuse University (2011), the nation’s first, interdisciplinary academic institute focused purposefully on informing and impacting the policy, economic, wellness, and social concerns the nation’s veterans and their families
The IVMF team knows transition is not just something that happens when you take off the uniform, but instead for many it’s a process that continues for years after service. To that end IVMF leverages what higher-education does extremely well – teach, train, and inform. IVMF delivers research and insights related to life after the military, career preparation, employment, entrepreneurship training and community impact programs to assist our nation’s service members, veterans, and their families as they navigate the transition from military to civilian life.
The IVMF team knows transition is not just something that happens when you take off the uniform, but instead for many it’s a process that continues for years after service. To that end IVMF leverages what higher-education does extremely well – teach, train, and inform. IVMF delivers research and insights related to life after the military, career preparation, employment, entrepreneurship training and community impact programs to assist our nation’s service members, veterans, and their families as they navigate the transition from military to civilian life.
Networking
Military Family
Transition
Military Career
Entrepreneurship
Posted >1 y ago
Responses: 8
Welcome.
I myself am not overly entrepreneurial, but I know a few who are, and are out to carve for themselves a niche for their ideas and services. In some ways I wish it were me; in other ways I'm glad it's not.
One common problem entrepreneurs face is difficulty in raising capital. If savings and loans from friends and relatives don't cover start-up costs or overhead, they are stuck as all too often they are shut out of traditional sources of funding.
Specific to any unique factors that veteran entrepreneurs may face, how do you advise these individuals when it comes to acquiring funds needed for their ventures?
I myself am not overly entrepreneurial, but I know a few who are, and are out to carve for themselves a niche for their ideas and services. In some ways I wish it were me; in other ways I'm glad it's not.
One common problem entrepreneurs face is difficulty in raising capital. If savings and loans from friends and relatives don't cover start-up costs or overhead, they are stuck as all too often they are shut out of traditional sources of funding.
Specific to any unique factors that veteran entrepreneurs may face, how do you advise these individuals when it comes to acquiring funds needed for their ventures?
Maj Michael Haynie
Typically, I don't recommend seeking loans and outside capital at the earliest stages of launching a business. Instead, the extent to which you can "bootstrap the venture" (grow incrementally using your own capital and also creative partnership and resourcing strategies) is a better bet. We have seen that veterans tend to be very good at bootstrapping given their experience achieving in the face of resource constraints as experienced in the military. We have a guide related to access to capital for veteran entrepreneurs that we will share with you offline.
SGT Dave Tracy
Maj Michael Haynie - Thank you for the response!
Maj Michael Haynie: WELCOME AND THANK YOU FOR GRACING US WITH YOUR HONORABLE PRESENCE, DOCTOR!
I happen to be a Disabled American Veteran; and, I am a SINGER and a PHOTOGRAPHER.
What ideas do you have, Dr. Haynie, for me: in both/either capacities? How do I sell myself; as a photographer and as a singer. I have sold my photographs; and, I have sung on the radio three times. As far a my being a photographer goes: I have sold my photographs: downstairs in my church (I made $980.00 over two Sundays; when I sold my photographs at my church.), at a place called Ghirardelli Square (in San Francisco), at a book store, etc.
I have called radio stations; that never returned my calls.
I VERY, VERY MUCH APPRECIATE ANY AND ALL ASSISTANCE THAT YOU MAY HAVE TO PROFFER ME, DOCTOR HAYNIE!
With My Warmest Regards, Margaret C. Higgins U.S. Army Retired
I happen to be a Disabled American Veteran; and, I am a SINGER and a PHOTOGRAPHER.
What ideas do you have, Dr. Haynie, for me: in both/either capacities? How do I sell myself; as a photographer and as a singer. I have sold my photographs; and, I have sung on the radio three times. As far a my being a photographer goes: I have sold my photographs: downstairs in my church (I made $980.00 over two Sundays; when I sold my photographs at my church.), at a place called Ghirardelli Square (in San Francisco), at a book store, etc.
I have called radio stations; that never returned my calls.
I VERY, VERY MUCH APPRECIATE ANY AND ALL ASSISTANCE THAT YOU MAY HAVE TO PROFFER ME, DOCTOR HAYNIE!
With My Warmest Regards, Margaret C. Higgins U.S. Army Retired
Maj Michael Haynie
Margaret, a tremendous resource for you would be to consider participating in our Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE) program (vwise.org) The V-WISE program will help you build your brand and teach you how to build networks and relationships that will open doors to future opportunity. Additionally, there has never been a better time for artists to bring their talents direct to the customer. You should be heavily leveraging social platforms as well as YouTube to share your talents and build your brand.
SPC Margaret Higgins
Maj Michael Haynie - MAJOR HAYNIE: THANK YOU BEYOND KINDLY FOR YOUR VERY RELEVANT RESPONSE. I WANT TO SHARE MY TALENTS ON YOUTUBE!
Thanks for joining. For your reference here are links to our entrepreneurship programs and some of our most recent research related to business ownership:
https://ivmf.syracuse.edu/our-programs/
https://ivmf.syracuse.edu/research/topics/entrepreneurship/
https://ivmf.syracuse.edu/our-programs/
https://ivmf.syracuse.edu/research/topics/entrepreneurship/
Our Programs & Services - Institute for Veterans and Military Families
The IVMF and its staff of more than 70 professionals deliver class-leading programs in career, vocational and entrepreneurship education and training, providing service members, veterans and their families with the skills needed to be successful in education, work and life. The IVMF also coordinates comprehensive collective impact strategies; and works with communities and nonprofits to enhance service delivery for veterans and their families....
Good day sir
What are your thoughts on the advisability or perhaps even your opinion requirement to create an LLC
If you think it’s important to do so would you advise doing it as an initial start up requirement or considerate somewhere down the road when the venture seems to be more available and sustainable
My considerations for creating an LLC or both to limit liability to my personal assets as well as simplify IRS concerns
What are your thoughts on the advisability or perhaps even your opinion requirement to create an LLC
If you think it’s important to do so would you advise doing it as an initial start up requirement or considerate somewhere down the road when the venture seems to be more available and sustainable
My considerations for creating an LLC or both to limit liability to my personal assets as well as simplify IRS concerns
Maj Michael Haynie
Let me start by saying I am not a lawyer- that said, in my experience the key factor that will inform the legal structure of your venture should be alignment with the business type. For example, personal services businesses (i.e. consulting, etc.) often take the form of an LLC. There are both legal and tax implications of each structure and you should consult with a lawyer and tax professional prior to making a decision about the structure of your venture.
Thank you to all who participated. Please feel free to reach out with any follow-up questions at: https://ivmf.syracuse.edu/contact-us/
Contact Us - Institute for Veterans and Military Families
Topic---Career Training ProgramsEntrepreneurship ProgramsCommunity ServicesPartnership/Donor QuestionsInstitute LeadershipMedia QueriesResearch & PolicyOther
Thanks for joining us, Maj Michael Haynie. It must be exciting to run an Entrepreneurship boot camp like EBV. What specific topics do you teach in EBV and have you kept in touch with any veterans who have gone on to run their own businesses?
Maj Michael Haynie
Entrepreneurship is my passion, so I love the opportunity to empower veterans through business ownership. Our programs focus on new venture creation, opportunity recognition, and how to create a sustainable and economically-viable business. We stay in touch with our graduates, and their successes have been nothing short of remarkable!
Good afternoon, and thank you for joining us here on RP, as well as for all you do for the veteran community through the IVMF. I earned my MBA there at Whitman through the Army Comptroller Program, but it was before your institute launched. Glad to see great things happening back there at Syracuse.
What positive outcomes or success stories resulting from your efforts there with the IVMF and/or the EBV can you share with the RP community?
What positive outcomes or success stories resulting from your efforts there with the IVMF and/or the EBV can you share with the RP community?
Maj Michael Haynie
To date, more than more than 10,000 veterans have graduated from the IVMF's business ownership programs. By all measures, they are starting and growing businesses at rates that far exceed their non-veteran counterparts. For example, 70% of women veterans graduating from our V-WISE program launch a business within 6 months, and 92% of those businesses survive past five years. That is a remarkable outcome and we see similar success outcomes across our other business ownership programs. Additionally we have seen several graduates land on the Inc. 5000 list and multiple graduates have appeared on Shark Tank.
Great to see you on Rallypoint. Do you have any stats showing IVMF courses commonly chosen by aspiring musicians, bloggers, and/or fitness trainers?
Also, are there any preferred methods to share the word of IVMF - i.e. specific courses, points of contact, brochures?
Also, are there any preferred methods to share the word of IVMF - i.e. specific courses, points of contact, brochures?
Maj Michael Haynie
Starting with your last question, our best marketing starts with our graduates. That said, there is plenty of collateral we would be willing to share if you are willing to share the word. In terms of resources, one of our most common courses is project management. Whether you're an artist, a business owner, or a trainer, the ability to manage workflow and competing priorities is a critical skill set. That's why we find the project management certifications to be in such high demand.
SGT (Join to see)
Thanks, Maj Michael Haynie. I didn't expect to hear PM mentioned. Please let me know if you have website banners or similar I could share. During my time at SU, I'd wear and share RallyPoint merch from Nick Petros and marketing crew at military events and with Veteran supporters in the area.
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