21 Jul 5 Non-Profits Working Towards Providing Entrepreneurial Opportunities For Veterans
Aiding and providing avenues to encourage Veteran owned businesses is not only a motivating factor for our veterans but also an important part of overall economic growth. Studies have proven that veteran owned businesses sustain longer with higher employee satisfaction and respectability in the long run. With nearly 30 per cent of veterans wanting to begin their own business, a number of free programs, established by non-profit institutions have evolved to provide help to such individuals. Some of the best programs for this purpose have been enumerated below:
- Boots to Business
Boots to Business (B2B)is a training program which also impart education in the field of entrepreneurship to our veterans. It is one of the foremost programs established to aid veterans in beginning their journey towards becoming a business owner and was established by the Small Business Administration (SBA) which is a unit within the Department of Defence Transition Assistance Program (TAP) in the country. This program provides a two day “Introduction to Entrepreneurship” course which teaches the veterans about the basics of entrepreneurship and further, it also provides a revenue readiness online course which is provided through a partnership with the Mississippi State University. An important aspect of this program is the qualification and only active duty service members which includes the National Guard and Reserve, veterans of every era along with their spouses, can qualify.
Another major non-profit program which is instrumental in driving entrepreneurial growth amongst veterans is the “Reboot” program. This is an in person, two day course which gives all interested persons an overall look at business fundamentals. It also provides techniques within its program, for evaluation of the feasibility of any business concept one may want to embark upon. Overall, this course covers a range of business concepts and provides necessary resources required for gaining start-up capital and various contract opportunities which helps businesses bolster the process of establishment a lot. Qualification includes veterans of all eras which again includes the National Guard and Reserve members along with their spouses.
- Patriot Boot Camp (PBC)
Established in 2012, the Patriot Boot Camp (PBC) is a national not-for-profit organization whose primary goal is the creation of a supportive community which encourages and advances all veterans, military members and their spouses towards becoming entrepreneurs and innovators. The program includes a highly intensive three day course on technology entrepreneurship which includes pitch practice and gives an understanding over competition in the arena. The program is highly successful and has also appeared on television on ABC’s hit show “Shark Tank”. Moreover, all military members, veterans and their spouses qualify under this scheme
Another important non-profit program which aids the entrepreneurial dream amongst veterans is VETRN. This program primarily provides training to small business owners as well as their family members, free of charge. The training includes educating the individuals on how to successfully grow their own small businesses and aid the economy. Moreover, this is an executive MBA program which is based on the award-winning “StreetWise MBA,” that has been present over 70 cities across the nation. Furthermore, this program also provides an exclusive contract for educating all veteran cohorts with management training programs.Once accepted, the veterans receive a mentor on Day One and have access to an abundant network of professionals in the area. However, in order to qualify for this program, the veteran must have been in business for one or more years and have at least one employee under him with an annual revenue generation of $75000 or more
A study has proven that about one out of every seven franchise businesses is owned by the veterans of the U.S. military. In keeping with this data, VetFran was established with the main goal of providing strategic incentives to veterans interested in either franchise ownerships or a career path in franchise businesses. This program is an initiative under the International Franchise Association (IFA) which comprises of over 600 IFA member companies offering financial incentives, education, and support to such veterans. A noteworthy partner of this initiative is the Navy Federal Credit Union which provides the necessarystart-up capital for veterans purchasing any franchises. Further, they also aid in providing additional capital for franchise expansion and more. In order to qualify under this program, one must be a veteran or their family member.
There exist a vast number of programs offered by many such non-profit organizations. Veterans looking to embark upon an entrepreneurial journey have a plethora of options available and can acquire the necessary knowledge and training for the same as well.