Military Veteran Entrepreneurs

This is the first in a series of four short papers centering around military veterans who own and/or founded businesses in Colorado. The papers are based on discussions with military veterans who founded and/or currently own companies in Colorado.

The purpose of these papers is to examine three areas unique to military veteran business owners/founders. 1) How mentoring and networking played a role (or not) in their success; 2) hiring and retaining fellow veterans as employees; and 3) leveraging their veteran-owned status in their business. The final paper presents perspectives on the pros and cons of the veterans’ businesses being in Colorado and advice they would share with other military veteran business owners.

Topic 1: Supporting Veteran Business Owners: Strategies for Mentoring and Networking in Veteran/Military Spouse Owned Businesses

Introduction

Transitioning from military service to entrepreneurship presents a unique set of challenges for veterans. However, with the right support networks and mentorship programs in place, these individuals can leverage their skills and experiences to build successful businesses.

In this first paper, we explore the experiences of veteran business owners regarding networking and mentorship, highlighting their perspectives on the benefits and challenges encountered in their entrepreneurial journeys.

Diverse Support Networks

The veterans interviewed accessed various support networks including government initiatives and non-profit organizations. These networks exist to provide valuable resources, connections, and guidance tailored to the needs of veteran entrepreneurs. Government initiatives such as the Small Business Administration’s (SBA) “Boots to Business” program aim to equip veterans with the skills and knowledge needed to start and grow their businesses – but with limited success from the perspective of the individuals interviewed. Non-profit organizations such as Bunker Labs and Patriot Boot Camp also offer networking events, educational workshops, and mentorship opportunities for veteran entrepreneurs. The Bunker Labs “Veterans in Residence” (ViR) program was cited as an excellent opportunity for early stage entrepreneurs because, during the time when WeWork was a partner, the program provided veterans with access to mentorship, workspace, and resources to support their endeavors. The partnership with WeWork has dissolved due to WeWork’s financial situation but the program still continues without the dedicated coworking space benefit.

Mixed Results with Business Planning Support

Feedback suggests that while some programs may offer assistance with business planning, there is room for improvement in this area. For instance, the SBA’s “Boots to Business” program has not historically provided sufficient support for developing comprehensive business plans, leaving veterans feeling underserved in this crucial aspect of entrepreneurship. Clear and effective business planning is essential for the success of any entrepreneurial venture, and programs aimed at supporting veteran entrepreneurs should prioritize providing robust support in this area.

Shift in Focus

Some of the programs discussed have experienced a shift away from providing education and experienced mentors towards more peer group interaction. While peer support can be valuable for sharing experiences and building a sense of community among veteran entrepreneurs, effective programs also provide tangible support and resources to help veterans navigate the challenges of starting and growing a business. Resources such as access to Subject Matter Experts, financial advice, help in deciding which business structure to establish, etc., are key to making real progress in the entrepreneurial journey.

Importance of Mentoring

Mentoring emerged as a crucial aspect of support networks, with veterans finding value in programs that emphasize mentorship. Early-stage mentorship was specifically highlighted for its positive impact on entrepreneurial ventures. Mentorship programs tailored to the needs of veteran entrepreneurs can be particularly effective in providing targeted support and advice that addresses the unique challenges and opportunities faced by this demographic. 50 percent of military veterans leave the service in a location other than where they joined so they rarely have a built-in support system to find mentors. And, even if they do return to the same location, they have been absent from the local ecosystem and can be behind their peers who have continued to build networks and find business mentoring locally.

Networking Opportunities

Networking opportunities provided by support organizations like Bunker Labs are crucial. These connections can lead to valuable insights, advice, and business opportunities. This is a vital aspect of entrepreneurship, providing veterans with access to potential customers, partners, investors, and mentors who can help them grow their businesses. Events and workshops organized by support organizations allow veterans to expand their professional networks, learn from experienced entrepreneurs, and discover new opportunities for collaboration and growth. Personal Growth and Development The veterans interviewed reflected on their personal journeys from military service to entrepreneurship, emphasizing the need “to bet on oneself and take risks” to succeed. Transitioning from military service to entrepreneurship requires “courage, resilience, and a willingness to embrace uncertainty. ” For many veterans, entrepreneurship represents an opportunity to pursue their passions, take control of their destinies, and create meaningful impact in their communities. The entrepreneurial journey is not just about building businesses; it is also about personal growth, development, and self-discovery.

Call for Improvement

While veterans acknowledge the value of existing support networks, there is a call for improvement in certain areas, such as providing business development and marketing advice to further enhance the effectiveness of mentorship initiatives. Programs aimed at supporting veteran entrepreneurs should continuously evaluate and evolve to meet the changing needs and preferences of this demographic. By soliciting feedback from participants and stakeholders, organizations can identify areas for improvement and implement changes that enhance the overall effectiveness and impact of their programs.

Reciprocal Benefits of Mentorship

Mentorship is a two-way street, benefiting both mentors and mentees. Some veterans have transitioned from mentees to mentors themselves, highlighting the reciprocal nature of mentorship and its potential for both personal and professional growth. As veterans gain experience and expertise in their entrepreneurial journey, they can pay it forward by sharing their knowledge, insights, and advice with others. By serving as mentors, veterans can contribute to the growth and success of the next generation of veteran entrepreneurs, creating a supportive and collaborative ecosystem that fosters innovation and economic opportunity.

Challenges in Establishing Civilian Networks and Finding Mentors

As mentioned at the outset, transitioning from the military to the civilian business world presents significant challenges, including time constraints, cultural differences, and overcoming stereotypes. Additionally, identifying transferable skills and accessing the right events and opportunities can be daunting for veterans. Veterans must be proactive in building civilian networks and seeking out mentors who can provide guidance, support, and opportunities for growth. By assisting veterans to leverage their military experience, skills, and networks, organizations can help veterans overcome these challenges and establish successful businesses in the civilian marketplace.

Conclusion

Networking and mentorship are essential components of the entrepreneurial journey for veterans. By leveraging support networks, accessing mentorship programs, and overcoming challenges, veterans can successfully transition from military service to entrepreneurship, realizing their full potential as business owners. As the landscape of veteran entrepreneurship continues to evolve, it is crucial to continue investing in programs and initiatives that support and empower veteran entrepreneurs, ensuring that they have the resources, support, and opportunities they need to succeed in the civilian marketplace. Through collaboration, innovation, and collective effort, we can create a more inclusive and supportive environment for veteran entrepreneurs, enabling them to thrive and make a positive impact in their communities and beyond.

About the author

Hark Herold is a 28-year Air Force veteran with experience in a variety of specialties. Following his military service, Hark was focused on supporting military veteran and military spouse entrepreneurs and business owners. If you’d like to talk more about Veteran-Owned businesses and their challenges and opportunities, Hark would love to connect! It’s a topic he’s passionate about. Feel to reach out at [email protected] or visit his website at https://eosworldwide.com/hark-herold.