AMGEN
StreetShares
 

startupent

By Debbie Gregory.

There are three definitive words that come into play when understanding why service members and veterans make great entrepreneurs: desire, drive and determination. Of course, investing in veterans and active duty military personnel is a great way to give back to those who have served. But military experience helps prepare would-be-entrepreneurs for business battles as well.

Some of the top “takeaways” from military service include:

Team building: In business, a team is only as strong as its weakest player.

Mission-planning: In business, planning is critical, and so is having contingencies for every possible scenario.

Leadership: From dealing with adversity to problem solving and motivating those around you, leaders are key in the success of both military operations and businesses. ”

Risk Management: Managing risk in the entrepreneurial sense seldom includes life and limb, but running a business carries with it a fair amount of financial and other risks. Far too many entrepreneurs are risk averse, so they are never able to capitalize on the rewards of taking a calculated risk. The military does a pretty good job of teaching its leaders how to evaluate risk and capitalize on opportunities.

Grace Under Pressure: Leading a small business that is often underfunded and understaffed requires business leaders to deal with the stress and pressure of wearing multiple hats.

Working With Limited Resources: Small business owners must deal with this challenge on a regular basis. The ability to prioritize initiatives and tackle those that offer the greatest possibility of success is an invaluable talent that can’t be ignored when money and resources are stretched thin. Almost anyone could successfully run a business if they has unlimited resources.

So, whether you are a former veteran considering entrepreneurship or an investor thinking of investing in a new veteran-owned business, know that those who have served their country have many of the qualities needed for business success.

ohio

By Debbie Gregory.

There are a number of states that have laws or executive orders that aim to assist Veteran owned businesses. Some states, such as California and New York, require a percentage of state contracts be set aside for businesses owned by service-disabled veterans.

Ohio lawmakers are currently considering a bill to provide a bid preference of 5 percent or $5,000 to Veteran-owned businesses competing for state contracts.

State Rep. Niraj Antani, the Republican joint sponsor of the bipartisan bill, rightfully feels that Veterans deserve a preference for having served their country.
“It’s our moral obligation to do what we can to help them,” Antani said.

The bill has had its first hearing before the House Ways and Means Committee. It will require at least one more hearing before a committee vote can be made on sending it to the full House.

According to a 2007 U.S. Census Bureau survey, there are more than 88,000 Veteran-owned businesses in Ohio and 2.4 million nationally.

The Ohio Small Business Development Center at Wright State focuses on the Veteran business community by helping Veterans learn about entrepreneurial opportunities.  They also assist Veterans by providing resources and contact information for employment options and other veteran related services.

It is widely accepted that skills such as leadership and discipline gained through military training make Veterans great entrepreneurs.

“Veterans are a cornerstone of small business ownership,” said Barbara Carson, acting associate administrator of the U.S. Small Business Administration’s Office of Veterans Business Development. She added that Veteran business owners have helped build one of the longest periods of economic growth in U.S. history, following World War II.

Bidding preferences and set-asides for Veterans have sometimes drawn opposition from minority- and women-owned business groups concerned that adding Veterans might dilute their opportunities and slow some efforts. But most Americans will agree that the Veteran set-asides are an earned right for service to our country.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business CoachingContracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: Hats off to Ohio Lawmakers: By Debbie Gregory

military connection: ffvBy Debbie Gregory.

The Future Fighting Vehicle (FFV) program may not be totally down for the count. The Army has awarded two contracts, worth more than $28 million each, to BAE Systems and General Dynamics Land Systems to develop design concepts for the FFV.

The effort is meant to determine whether the Army will produce an entirely new vehicle or a modern armed and armored personnel carrier to replace the Army’s Bradley Fighting Vehicle.

The Bradley, which the Ground Combat Vehicle (GCV) program was to replace, has been in service since 1981, and is expected to remain in the Army inventory perhaps for decades in the future.

In October, Brig. Gen. David Bassett, commander PEO Ground Combat Systems, said the FFV program was largely a science-and-technology development effort, meant to help the Army explore its options while it pursues various engineering-change proposals for its existing armored vehicles.

The Army is asking BAE Systems and General Dynamics to study technologies, costs, and risks against future infantry fighting vehicle requirements for a FFV system.[Native Advertisement]

From their GCV work, BAE Systems engineers will try to recycle integrated hybrid-electric propulsion and mobility subsystems, automotive test rigs, and hybrid-electric integrated propulsion subsystems.

Due to the use of a hybrid-electric propulsion, the company will design and implement calibration maps for all components within their hybrid systems to test component efficiencies within integrated propulsion systems.

The Army’s other vehicle efforts include its pursuit of a Humvee replacement, the joint light tactical vehicle, and M113 infantry carrier replacement, the armored multipurpose vehicle, along with upgrades to the Abrams, Stryker and Paladin.

Currently in the development stage is a light vehicle that’s designed to enable airborne troops to move quickly to an objective after they’ve parachuted in. On May 28, Army Chief of Staff Ray Odierno said the service is exploring the needs for a vehicle that provides mobile protected firepower, an infantry fighting vehicle and a light tank, using 20 collaborative war-fighting challenges to identify capability gaps — with near-, mid- and long-term solutions.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business CoachingContracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: US Army Awards Contracts for FFV Designs: By Debbie Gregory

VAMBOA: startup

By Debbie Gregory.

In what could be groundbreaking legislation, members of Congress are considering a bill that would allow Veterans to use their GI benefits to start businesses, rather than using them for a college education.

Appropriations Subcommittee on Military Construction and Veterans Affairs member Rep. Jeff Fortenberry (R-Neb.) is drafting the legislation, which could potentially lower the $1.4 billion the Pentagon spent in 2013 on unemployment for former military personnel.

Sen. Jerry Moran (R-Kan.), a member of the Veterans’ Affairs Committee, will introduce companion legislation in the Senate.

The idea has the backing of the military service organizations the American Legion, Iraq and Afghanistan Veterans of America, and others.

The education benefit can be as much as $260,000 for four years at a private college or university. For Veterans who aren’t interested in attending college or transferring their benefits to a dependent, this would be a great option. It certainly is better than leaving the benefit on the table.

Congress has worked in the past to help veterans receive small business loans. The Servicemen’s Readjustment Act of 1944 was a similar law that allowed Veterans to buy a farm, home or business property. It expired in 1956.

Fortenberry’s bill would create a three-year pilot program for 100 eligible veterans each fiscal year. Participants would be able to use up to three years of educational benefits to start or purchase a qualified business.

Participating Veterans would have needed to serve three years of full-time active duty. If they left active duty due to a service related disability, the time period is reduced to 24 months. Veterans would be required to apply for the program no more than 15 years after leaving the service.

In order to move forward with the program, Veterans would have to attend a boots-to-business course at an accredited university. Another caveat is that they would have to have their business plans approved.

The business startup modification to the G.I. Bill would have to be drawn up with safeguards to ensure that veterans have a chance for success. Since most startup businesses fail, the G.I. Bill proposal would need guarantees that Veterans applying for the program would receive mentorship and training.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business CoachingContracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: GI Benefits for Business Instead of Education?: By Debbie Gregory

VAMBOA: BlackHat

Black Hat, the world’s largest and most relevant information security conference is offering two free passes to transitioning Veterans who are within 12 months of EAS, or Veterans who are within 12 months of separation, AND who have great interest in information security as a career. The conference will take place August 1-6 in Las Vegas.

If you’ve never attended Black Hat, it is an unreal gathering of hackers, cyber security experts, and everyone between. If you’d like to be considered for the passes, please email Matt Devost at matt@devost.net.  Matt is heading the selection process and mentoring the selectees at the conference. It is an opportunity not to be missed for those interested in information security.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business CoachingContracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!