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Located in Silver Spring, MD Join us for a special session of the Economic Opportunity Committee of the Vietnam Veterans of America. Participants will hear from the Associate Administrator, SBA Office of Veterans Small Business Development and learn about the new VET-Tec IT Training Program from the VA Education Office. You’re invited to participate in the discussion. register here: https://conta.cc/2UpXJmT
Intrapreneurs And Are They Good for Veteran Owned Businesses?
By Debbie Gregory.
They think and behave like business owners, but they’re not. They are invaluable to the health of a company. They demonstrate an entrepreneurial spirit within an existing organization. They are the person(s) within an organization who are provided the freedom and resources to initiate projects, business ventures, etc. In a sense they are your employees who are internal entrepreneurs.
They’re called intrapreneurs.
For companies eager to welcome and embrace people who are creative, proactive, and flexible, the rewards of employing intrapreneurs can be tremendous.
How do you identify an intrapreneur?
Intrapreneurs are usually not primarily money motivated but are more success motivated. They understand that if they do their work in a way that shows the organization they are someone it can’t afford to lose, the money and advancement finds them.
Intrapreneurs treat their job as if it were their own business. They are driven to find resourceful ways to approach challenging situations.
Intrapreneurs are resilient and not afraid to change course. They don’t fear failure, but rather view failure as an opportunity for growth.
Intrapreneurs behave authentically and with integrity, while exhibiting the traits of confidence and humility.
Intrapreneurs are masters of building relationships, assisting others where and when they can, and not being shy about asking for help when they need it.
Intrapreneurs are in demand simply because they make companies better. Employees stay in their roles long-term because they’re challenged and fulfilled by the work they’re doing, and companies thrive because they retain the best people and best ideas and allow them the flexibility to run with their balls.
So now that you know how to spot an intrapreneur, how do you hire them?
People tend to associate with those who share the same beliefs or behaviors. So it stands to reason that a company founded with an entrepreneurial/intrapreneurial emphasis will become a magnet for more of the same. Employees recommend the company to others who share their values. A company needs to conduct itself with integrity if it expects to find those traits upheld in its ranks.
Hiring intrapreneurs is to a company’s advantage, especially a veteran owned small business. Having employees who take ownership of their work will be reflected in the company’s products and services.
When intrapreneurs work at solving problems, they foster the growth of other talented intrapreneurs and integrate more new ideas for the good of the entire company. They also inspire others to do more and think outside the box.
Veteran and Military Business Owners Association, VAMBOA,
When we think about people with out-of-control consumer debt, we picture wild shopping sprees and luxurious lifestyles. But the main reason a large number of Americans wind up in financial trouble has nothing to do with self-indulgence. Rather, it’s a matter of medical debt. And having health insurance in no way guarantees that you won’t fall victim to medical debt.
RIP Medical Debt began erasing some $65 million worth of medical debt for veterans, their family members, National Guardsmen and Reservists in 2016.
Just like in Willy Wonka, recipients receive notification, via a letter in a golden envelope, that part or all of their medical debt has been satisfied. And the action is automatic, so anyone who receives one of the “golden tickets” and mistakes the envelope for junk mail and tosses it, still benefits.
Since beginning its mission in 2014, this 501(c)(3) charity has been responsible for wiping out a $435 million mountain of medical debt for civilians with significant bills who are living at less than twice the poverty level, are insolvent or have more than 5 percent of their gross income going to health care debt.
According to RIP Medical Debt’s website:
The non-profit is the brainchild of collections industry executives Craig Antico and Jerry Ashton, have more than 70 years of experience in the credit and collection industry between them.
Antico and Ashton knew that once medical debt was sent to collection agencies from medical providers such as hospitals, doctors and ambulance companies, they could purchase the debt for a cents on the dollar, or even less. This would yield a tremendous result, as a $50,000 tax-deductible donation could potentially wipe out $5 million of medical debt.
Ashton, a Navy veteran, was surprised at the number of active-duty military and veterans who had substantial medical debt.
“Like many Americans, I believed that America takes care of the medical needs of the men and women who have served our country,” he said.
Instead, he found that veterans may face mounting medical bills while waiting to get into the Department of Veterans Affairs system or they aren’t eligible for care at the VA.
“You can imagine that these veterans are getting hounded for financial debt, and they already have anxiety or depression or post-traumatic stress disorder or a traumatic brain injury. This is a big relief,” he said.
Many of RIP’s donations come from individual donors and corporations that raise money specifically for the charity. Because the forgiven debt is considered a gift, there is not any tax liability for the recipient, and the debt is removed from the three major credit reporting agencies.
Please tell me what you think about this incredible service. Let’s start a conversation.
Veteran and Military Business Owners Association, VAMBOA,
The 21 Gun Salute Initiative Benefiting SDVOSBs
By Debbie Gregory.
The Department of Defense (DoD) has made efforts to improve the prime and subcontracting opportunities available to small businesses owned and operated by service-disabled veterans.
As a Service-Disabled Veteran Owned Small Business (SDVOSB), you can access many opportunities in the federal market. The 21 Gun Salute initiative was created with gratitude for the injured soldier turned businessperson. The Salute is an action plan to meet and exceed the 3% contracting goal with the nation’s service-disabled veteran-owned small businesses
The program, which has been in existence for more than a decade, contains seven main topics, or “guns”, complete with major sub-goals.
If you are interested in learning more about the 21 Gun Salute initiative, visit the General Services Administration website at https://bit.ly/2T3zWUe.
Veteran and Military Business Owners Association, VAMBOA,
VAMBOA’s members are servicemembers, veterans and spouses, and our focus is on their businesses. But as we are in the midst of the tax season, we thought it might be helpful to include some personal tax tips for military personnel. Often times, business owners place their businesses first and their personal finances last.
The first step to filing taxes is to determine your gross income. Members of the Armed Forces receive many different types of pay and allowances, some that are taxable and some that are excluded. Excludable items are not subject to taxes, however, they still may still have to be shown on your tax return.
Unless the pay is for service in a combat zone where special rules apply, you must include these items when adding up your annual gross income:
The following areas are excludable from gross income:
Basic Allowance for Housing (BAH), Basic Allowance for Subsistence (BAS), Overseas Housing Allowance (OHA) and cost-of-living allowances abroad, travel allowances, moving allowances, family allowances, health coverage, benefits, education allowances, uniform allowances, death allowances, and as previously mentioned, compensation for active service while in a combat zone or a qualified hazardous duty area.
Similar to civilians, you may not have to pay tax on all of the profit realized from the sale of your main home. A deduction of up to $250,000 of gains (or $500,000 if married, filing jointly) is generally available upon the sale of a primary residence in which you have occupies for more than two years. You may also be able to exclude gain from the sale of a home that was used as a rental or business property as long as it meets certain ownership test criteria outlined by the IRS.
When regulations prohibit you from wearing uniforms off duty, you may deduct the un-reimbursed cost and expense of upkeep of the uniforms, including:
Military dress uniforms, utility uniforms, insignia of rank, epaulets, and swords, and Reservists’ uniforms.
VAMBOA hopes that this information has been of value to you.
Veteran and Military Business Owners Association, VAMBOA,
Coping with Inflation in the Post-Pandemic Economy James Pruitt, Senior Staff Writer Inflation has been upon us since the Pandemic. We planted the seeds through pandemic relief, which supplied large supplies of money with limited services. People saved and accumulated money, and many workers stayed home. As a result, some industries have laid partially dormant, […]
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