Veteran Entrepreneur Presentation by Cary McEntee
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Transcript of Veteran Entrepreneur Presentation by Cary McEntee
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Veteran Entrepreneurs
Cary McEntee
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BLUF• Entrepreneurship Overview
• Characteristics of an Entrepreneur
• Military Training and Skills that Transition
• Challenges
• Process
• How to get Started
• Franchise Options
• SBA Patriot Loan
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EntrepreneurshipEntrepreneurship is the process of starting and running a business. The entrepreneur identifies a need, an opportunity, chooses/develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.
Opportunity
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Background• Military veteran entrepreneurs have used their learned
leadership characteristics to launch well-known entrepreneurial operations such as Fed Ex, Chick Fil A, American Online, Little Caesars Pizza, and Nike.
• Veterans are majority owners of more than two million private businesses in the United States or 9% of total businesses. Those businesses employ 5.8 million people and spend an average of $210 billion a year in payroll (SBA, 2012).
• Military experience is an even stronger predictor of self-employment than graduate level education
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US Veteran & Non-Veteran Population
(300,000,000)Veteran Non-Veteran
Total Population 24,000,000 276,000,000
Total Business Owner
6,000,000 30,360,0000
Ratio of Business Owner
4:1 9:1
Percent of Population
25%% 11%Krumm (2009)
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Key Indicators• Military service appears to have provided business skills to a significant
proportion of both current veteran business owners and those planning to become owners.
• The self-employment rate for veterans was higher than that of non-veterans in each year from 1979 through 2010, the last year covered by the SBA.
• About 22 percent of veterans in the U.S. household population were either purchasing or starting a business.
• About 23 percent of current veteran business owners, and 32 percent of those planning or in the process of starting a new business, indicated that their venture would be 50 percent or more internet-dependent (SBA, 2012).
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Learned Skills• Military provided the foundation, skills, and training.
• Discipline
• Tenacity
• Planning
• Leadership
• Ambiguous situations
• Flexibility and Adaptability
• Entrepreneurship talent comes natural, skills are developed.
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Programs
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ChallengesCompetition
Outside Variables
Experience Level
Financial
Time Management
Commitment
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Process• Dream
• Opportunity
• Getting started
• SWOT
• Business Plan
• Financing
• Operation
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Writing a Business Plan
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George Washington
“If I have six hours to cut down a tree, I’d spend the first 4 hours sharpening the ax.”
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Start Up Avenues • Patriot Loan $500,000
• Private Financing
• Partnerships
• Franchises
• Government contracts
• Veteran Business Outreach Programs• Workshops
• Training
• Mentorship
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Franchisees• Benefits of established and
successful business processes.• Over 600 franchise
companies participate in the program.
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• Entrepreneurship Overview
• Characteristics of an Entrepreneur
• Military Training and Skills that Transition
• Challenges
• Process
• How to get Started
• Franchise Options
• SBA Patriot Loan
TAKEAWAYS
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Websites• SBA Website has directions to all of these services.
• http://www.sba.gov/content/what-sba-offers-help-small-businesses-grow
• http://www.sba.gov/community/blogs/community-blogs/small-business-matters/leaving-military-life-entrepreneurship-%E2%80%93-5-essential-resources-can-help
• http://www.sba.gov/offices/headquarters/ovbd/resources/362341
• International Franchise Association. http://www.franchise.org/Veteran-Franchise.aspx
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Questions