MILITARY VETERAN ENTREPRENEURS: PART 4

This is the fourth and final 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 4: Supporting Veteran-Owned Businesses in Colorado: Pros and Cons of Being in Colorado / Advice for other Colorado-based Veteran-owned Businesses

What are the pros and cons of your business being in the State of Colorado?

Based on the responses provided by the veteran business owners, there are numerous pros and cons of having a business in the state of Colorado:

Pros:

1. Central Location: Colorado’s central location in the country makes it easier for travel and logistics, reducing transportation costs and improving accessibility to customers and suppliers. The continual addition of direct international destinations from the Denver International Airport is also a plus.
2. Business-Friendly Environment: Colorado is perceived by the majority of interviewees as relatively business-friendly compared to other states with favorable regulations and a supportive ecosystem for entrepreneurs and startups. This was not a universal opinion, however, and there is potentially some variance by industry.
3. Cost of Living: Compared to coastal states, the cost of living in Colorado is generally lower, making it more affordable for both businesses and employees. Though it is definitely not inexpensive to be along the Front Range, the consensus was that it’s more affordable than many other tech-focused locations.
4. Startup Ecosystem: Colorado boasts a thriving startup ecosystem with access to resources, networks, and programs that support entrepreneurship and innovation. 
5. Quality of Life: The lifestyle in Colorado, including outdoor recreational opportunities and a vibrant social and health-conscious community, can attract talent and contribute to employee satisfaction and retention.
6. Military Presence: The state’s strong military presence, with multiple military bases and federal opportunities, can provide business benefits such as potential customers and access to skilled veterans for recruitment. The decision to permanently base US Space Command in Colorado Springs was a major win for many of the business owners interviewed.
7. Cultural Appeal: Colorado’s rugged outdoor aura and mystique can be leveraged for branding and marketing efforts, appealing to customers who value an adventurous and outdoor-focused lifestyle.
8. Economic Diversification: Colorado’s economy is diversifying beyond traditional industries like oil and gas, with a growing focus on technology and innovation. This makes the state more resilient to fluctuations in any particular industry.
9. Talent Pool: Colorado attracts a diverse range of people, including veterans, entrepreneurs, and professionals, contributing to a dynamic and skilled talent pool for businesses.

Cons:

1. Access to Capital: While Colorado has a burgeoning startup ecosystem, it may not offer the same depth of access to capital and talent as more established tech hubs like Silicon Valley, potentially limiting growth opportunities for some businesses.
2. Real Estate Costs: Real estate prices in Colorado, particularly in areas like Denver, can be hefty, contributing to higher operating costs for businesses, especially those requiring commercial space.

Overall, while Colorado offers many advantages for businesses, including its central location, business-friendly environment, and quality of life, there are some challenges.

Advice for any other Colorado-based veteran-owned businesses?

Here are some of the interviewees’ key pieces of advice for Colorado-based veteran-owned businesses:

1. Aggressively Network: Actively seek out networking opportunities, especially within the veteran community, to build relationships and connections that can lead to valuable opportunities and support. Find a veteran business owner who is where you want to be and find ways to add value to them before asking for anything.
2. Seek Mentorship: Mentorship can be instrumental in navigating challenges and finding resources, but mentorship requires a relationship which cannot just be created out of thin air. Most mentoring relationships actually begin with asking for advice which may develop into a mentoring relationship. The ideal mentor can provide guidance, support, and valuable insights based on their own experiences as an entrepreneur or business owner. 
3. Utilize Resources: Take advantage of resources available through organizations like the VA, PTAC (now APEX), Bunker Labs, Mt. Carmel, and other veteran support networks. These resources can provide valuable assistance with various aspects of business development and growth.
4. Establish Trust and Focus: Focus on solving clear customer problems within a specific market segment and prioritize building trust with customers before pursuing growth. Concentrate on problems with significant market potential and that appeal to a larger customer base.
5. Community Support: Recognize the importance of community support within the veteran business community and actively engage in helping and supporting fellow veteran entrepreneurs.
6. Be Smart and Wary: Approach business decisions with intelligence, caution, and reflection. Be aware of potential risks and pitfalls and take steps to protect yourself and your business from exploitation or deception.
7. Understand Your Networks and Manage Your Time: Familiarize yourself with local business networks, particularly within the veteran and business owner communities. Manage your time effectively and prioritize activities that contribute to business growth and success. Don’t network just to network. Have a goal and a plan for networking events.
8. Plan and Prepare: Before starting a business, write a business plan and conduct thorough research. Assess your risk tolerance, financial reserves, and overall readiness to ensure you are prepared for the challenges of entrepreneurship.
9. Collaborate and Find Resources: Look for opportunities to collaborate with other veteran-owned businesses and leverage each other to support shared business goals and objectives.
10. Maintain Humility and Focus: While being a veteran may open doors, focus on proving yourself through the quality of your work and the value you bring to customers. Stay humble, continuously learn, and adapt to accelerate your business growth.

Conclusion

Overall, these consistent messages reflect a collective understanding among Colorado-based veteran-owned businesses of the key principles and strategies essential for success in entrepreneurship. By following these pieces of advice, Colorado-based veteran-owned businesses can increase their chances of success and effectively navigate the challenges and opportunities of entrepreneurship in their respective industries.

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 free to reach out at [email protected] or visit his website at https://www.eosworldwide.com/hark-herold.