Course extends military veterans’ training
Q: I have an opportunity to purchase a small business, but I don’t have any experience as a business owner. I think I’d make a good one, though, because of my military background. Should I go for it?
A: Veterans are wellrepresented in the world of entrepreneurship. After World War II, more than 50 percent of veterans launched businesses; there was a similar trend following the Korean War. The U.S. Small Business Administration reports that veterans comprise 6 percent of the U.S. population but account for 13.5 percent of all U.S. small businesses. They employ 5.8 million Americans and pay wages in excess of $210 billion.
That seems to demonstrate that you are correct in thinking that a military background can prepare you well for small business ownership. The traits that are valued in the military, such as risk-taking, selfconfidence, determination, commitment and motivation, also help make for small-business success.
Even though you feel well-suited to business ownership and anticipate becoming one through buying an existing business rather than starting from scratch, you should still plan to write and use a business plan. Putting your ideas on paper will help you evaluate whether you want to keep the status quo, or perhaps take the business in a different direction than the current owner.
Plus, if you intend to go after financing in order to purchase your business, you’ll most likely need a business plan as part of your loan application package. Being a veteran can give you a leg up in that regard though, since many lenders see veterans as being a good bet for financing because of their tradition of discipline and living up to their obligations.
Here is some good news: there is an upcoming twoday training course that can help you learn the ropes if you decide to go forward. It’s called ReBoot, and it’s geared specifically to veterans who want to learn about the opportunities and challenges of entrepreneurship.
If you took advantage of a program called Boots 2 Business through the Department of Defense’s Transition Assistance Program when you left the military, ReBoot is an extension of that.
The course, sponsored by the SBA’s Office of Veterans Business Development and the University of Houston Bauer College SBDC, will be offered at the SBDC’s facility in midtown Houston Nov. 1-2. Veterans and their spouses can register for the $25 course at sbdc.uh.edu. Attendance will also qualify you for an additional eightweek “Foundations of Entrepreneurship” online course, plus you’ll hear about the many other resources available to veteran entrepreneurs.
The Reboot course will cover business plan and financing basics, as well as market research, money management and legal considerations.
Jacqueline Taylor is deputy director of the Texas Gulf Coast Small Business Development Center Network, a partnership of the U.S. Small Business Administration and the University of Houston C.T. Bauer College of Business. Information is intended to provide general guidance only. jtaylor@uh.edu.