Entrepreneurship opportunity to military veterans attending the Yellow Ribbon Program.

1. Veteran
Entrepreneurs
Cary McEntee

2. BLUF
• Entrepreneurship Overview
• Characteristics of an Entrepreneur
• Military Training and Skills that Transition
• Challenges
• Process
• How to get Started
• Franchise Options
• SBA Patriot Loan

3. Entrepreneurship
Entrepreneurship 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

4. 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

5. 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)

6. 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).

7. Learned Skills
• Military provides the foundation, skills, experience and training.
• Discipline
• Tenacity
• Planning
• Leadership
• Ambiguous situations
• Flexibility and Adaptability
• Entrepreneurship talent comes natural, skills are developed.

8. Programs

9. Challenges
Competition
Outside Variables
Experience Level
Financial
Time Management
Commitment

10. Process
• Dream
• Opportunity
• Getting started
• SWOT (Strengths, Weaknesses, Opportunities,
and Threats)
• Business Plan
• Financing
• Operation

11. George Washington
“If I have six hours to cut down a tree, I’d spend the
first 4 hours sharpening the ax.”

12. Start Up Avenues
• Patriot Loan $500,000
• Private Financing
• Partnerships
• Franchises
• Government contracts
• Veteran Business Outreach Programs
• Workshops
• Training
• Mentorship (SCORE)

13. SBA Hosts Online Events for Women
Entrepreneurs During Women’s History Month

14. Veteran Entrepreneurship Course
Taught at Virginia Tech
• The U.S. Small Business Administration Richmond District Office to host a one-day
Boots to Business entrepreneurial workshop tailored specifically for past and
present service members including their dependents at Virginia Tech’s North End
Center Wednesday, April 8, 2015.
• Boots to Business is an entrepreneurial education and training program offered by
the U.S. Small Business Administration as part of the Department of Defense’s
Transition Assistance Program. The curriculum continuum includes steps for
evaluating business concepts, the foundational knowledge required to develop a
business plan and information on SBA resources available to help access start-up
capital and additional technical assistance.

15. SCORE SLIDE

16. Franchisees
• Benefits of established and successful
business processes.
• Over 600 franchise companies
participate in the program.

17. • Entrepreneurship Overview
• Characteristics of an Entrepreneur
• Military Training and Skills that Transition
• Challenges
• Process
• How to get Started
• Franchise Options
• SBA Patriot Loan
TAKEAWAYS

18. 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

19. Questions

20. Contact Info
Cary McEntee
757-469-0991
CaryMcEntee57@gmail.com
SBA.gov
VA.gov