One reason that many young Americans join the military is to get the chance to excel in a broad range of talents. Many young people complete high school and college, and realize that they have not isolated a singular talent that they want to spend the rest of their working lives doing. With their futures laid out before them, these brave patriots opt for military service as a means of finding an occupation that afford them the opportunity to wear many hats.
When these same patriots complete their contractual term of military service, some find that they still don’t have a desire to work in a field that only utilizes a few of their many skills and talents. Many Veterans choose to become entrepreneurs. Entrepreneurship is an exciting path for many Veterans, because it provides them with the freedom to be their own boss, while using all of their natural abilities and trained skills.
Similar to military missions, success or failure of a Veteran entrepreneur’s business relies heavily on the individual effort in preparation and execution of a business plan. In creating a business plan, Veteran entrepreneurs need to be sure to research every option, benefit and program available to them as a Veteran small business owner. Contacting the U.S. Small Business Administration, or researching their website at www.sba.gov is the best way to start gathering all of the intel needed to create a business plan. Veterans interested in starting their own businesses should also research the VA website’s portal for Veteran entrepreneurs.
Once a strong business plan has been created, Veteran Entrepreneurs can look into seeking loans and financing. Some of the particulars that Veterans want to look at include the type of credit scoring model their prospective lender uses, the lender’s loan rates, and loan terms. Lenders reputations can be viewed at the Financial Industry Regulatory Authority (FINRA) by visiting www.finra.org. And again, the VA and SBA websites are great places to start your research for lenders who have a history of loaning to Veterans.
Veteran entrepreneurs who brave business ownership should take care to find a way to remember that like great military careers, great businesses aren’t made overnight. No one wakes up one morning to find stripes on their sleeves or stars on their collar. Instead they spent years learning the ropes and paying their dues as lower-grade enlisted or officers. The same mindset needs to be kept for entrepreneurship. Your business might start out small and experience struggles and hardships before it establishes itself and its reputation.
