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Can't Hurt Me: Unleashing the Warrior Mindset: A Must-Read for the Veteran-Owned Business Community

🎖 Jaidan Maries

"Can't Hurt Me" by David Goggins is an extraordinary memoir that traverses the realms of personal growth, mental fortitude, and exceptional determination. While this book has garnered widespread acclaim for its motivational impact on individuals from all walks of life, it holds particular relevance for veteran-owned businesses. Targeting the unique experiences and challenges faced by those who have served their country, Goggins' story serves as an invaluable guide to unlock the warrior mindset required for success in the world of entrepreneurship.

Unrelenting Courage and Resilience:

As veterans turned entrepreneurs, "Can't Hurt Me" resonates with readers on a deep level. Goggins, a retired Navy SEAL, describes his journey from an abusive childhood to becoming one of the toughest men on the planet. Through his experiences, he outlines the principles of perseverance, discipline, and self-belief that are instrumental for veterans in the entrepreneurial realm. Goggins' relentless pursuit of improvement in the face of incredible adversity serves as an inspiration to veteran-owned businesses striving to establish themselves in a demanding and competitive market.

Embracing the "Accountability Mirror":

One of the most influential concepts presented in the book is the "Accountability Mirror." Goggins emphasizes the importance of self-reflection and taking full responsibility for one's actions and choices. In relation to veteran-owned businesses, this aspect is crucial, as it encourages entrepreneurs to identify their strengths and weaknesses, hone in on their mission, and align their businesses with their core values. This introspection enables veterans to be accountable for the success and growth of their ventures, just as they were accountable for their actions while serving.

The Power of the Mind and Overcoming Limitations:

The mindset of a veteran can be seen as a unique asset in the business world. Goggins explores this notion through captivating stories of his military training and how it shaped his mental resilience. He demonstrates how the mind can overcome physical, emotional, and mental barriers by pushing one's limits and embracing discomfort. Applying this principle to entrepreneurship, veterans can effectively navigate challenges like financial constraints, competition, and uncertainty. Goggins' book provides concrete strategies and techniques to build a warrior mental resilience that is particularly advantageous for veteran-owned businesses.

Embracing Suffering for Growth:

Goggins firmly believes that to truly succeed, one must embrace suffering willingly. This resonates with the veteran-owned business community who have willingly put themselves in harm's way for the greater good. Whether it's the physical challenges of military service or the struggles faced by entrepreneurs, suffering can be reframed as an opportunity for growth and self-improvement. Goggins' insight encourages veteran-owned businesses to approach their adversities head-on, using them as stepping stones to personal and professional growth.

Unconventional Perspectives on Failure and Success:

The book challenges traditional notions of failure and success. Goggins encourages veterans to redefine their definitions of these concepts, urging them to not merely settle for mediocrity, but to strive for greatness in everything they do. By sharing his personal story of resilience, Goggins gives veteran entrepreneurs the courage to break free from self-imposed limitations, take calculated risks, and pursue audacious goals.

In "Can't Hurt Me," David Goggins illustrates that the warrior mindset acquired in military service translates seamlessly into the entrepreneurial world. This book is an essential read for veteran-owned business audiences seeking powerful inspiration, guidance, and practical strategies to unleash their full potential.

By embracing the lessons within these pages, veteran entrepreneurs will discover an indomitable spirit that enables them to triumph over adversity, achieve extraordinary success, and make a lasting impact in their chosen field.

GET THIS NOW @ VETBIZBOOKs.us

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How to Get the Most Out of Your Crowdfunding Campaign

By Jaidan Maries

Crowdfunding is a popular way for entrepreneurs and small businesses to raise money for their projects and ideas. However, running a successful crowdfunding campaign can be challenging. Here are some tips to help you get the most out of your crowdfunding campaign:

Develop a clear and compelling pitch: Your pitch should clearly explain what your project is about, why it's important, and how the money will be used. Make sure to include visuals and videos to help convey your message.

Build a following before launching your campaign: The more people you have following your project before you launch, the more likely you are to reach your funding goal. Use social media and other online platforms to build a following and create buzz about your project.

Offer rewards: People are more likely to support your campaign if they receive something in return, such as a product or service. Offer a range of rewards to appeal to different levels of support.

Communicate with your backers: Keep your backers informed about the progress of your campaign and what you're doing with the money they've pledged. This will help build trust and ensure that they feel like they're a part of the project.

Leverage your network: Ask friends, family, and business contacts to support your campaign and share it with their networks.

Use social media: Use social media platforms like Facebook, Instagram, and Twitter to promote your campaign and reach a wider audience.

Consider hiring a PR company: A PR company can help you to promote your campaign and reach a wider audience.

Be creative: Think outside the box and come up with creative ways to promote your campaign and reach your funding goal.

Remember, a successful crowdfunding campaign takes planning, dedication, and hard work. By following these tips, you can increase your chances of reaching your funding goal and making your project a reality.

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Jaidan Maries is a Veterans Support Syndicate volunteer staff writer, marketer and consultant.

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Veteran's Transition to Corporate

"Battlefield to Business"

This book is a valuable read for veterans transitioning to the civilian workforce. The author, a retired Marine, provides firsthand insight into the challenges and opportunities that veterans may face when transitioning to a corporate environment.

He also shares practical advice and strategies for success, drawing on his own experiences as well as those of other veterans who have successfully made the transition. The book covers a wide range of topics, including networking, interviewing, and adapting to a new corporate culture.

Overall, the book is well-written and provides valuable advice for veterans looking to make the transition to the civilian workforce. It is a must-read for any veteran who is thinking about making the transition.

Jaidan Maries is a Veterans Support Syndicate volunteer staff writer, marketer and consultant.

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The Definitive Guide to Business Crowdfunding

By Jaidan Maries

Starting a new business requires a lot of different components. It requires a healthy dose of willpower, perseverance, and ingenuity. Despite all of that, the majority of business owners are aware that funding is still something you absolutely must have.

Depending on the type of business you're creating, startup fees can vary substantially. However, regardless of whether you require a few thousand or a few million, you still need access to finance in order to start your business.

Where do you get that cash from? Should you check the pockets of your worn-out jacket and pants? Flip the cushions on your couch upside down? You know that jar you've been keeping all of your spare change in? opt for more conventional funding sources like grants or company loans?

To all of the aforementioned, I would say yes. Crowdfunding is an additional strategy you should consider.

Crowdfunding is the practice of soliciting contributions from a sizable group of individuals, or "crowd," usually online. This is how it operates:

* Some crowdfunding platforms have a fixed financing approach, meaning you must reach your funding target in order to keep the contributions. Others allow you to pay out any funds you raise, even if they fall short of your objective, and offer flexible funding.

* Crowdfunding's main purpose is to raise money from a lot of people for a cause or project. However, that category includes a number of other crowdsourcing platforms:

* Donation-based crowdfunding entails requesting financial support from a number of people without providing any kind of compensation.

* Crowdfunding with incentives: You call for contributions from a group of individuals and provide them rewards in proportion to how much money they give to your campaign.

* Equity crowdfunding: You solicit donations and grant backers a stake in your company in exchange for their money.

* Debt crowdfunding: You ask for donations with a guarantee that you’ll pay that money back in the future.

* There isn’t one form of crowdfunding that’s inherently better than the other. Which approach you opt for depends on your goals and what you’re willing to offer in return for the money your small business needs.

Yes, in a heartbeat, is the quick response. Websites for crowdsourcing money are frequently utilized for funding nonprofit organizations, charities, and even medical costs. But many business owners have used crowdsourcing to fund their innovative endeavors, new ideas, new goods, or even new companies.

PopSockets, the useful devices you can attach to the back of your phone, were first funded by a Kickstarter campaign.

* These ventures eventually grew into multimillion dollar businesses, demonstrating the value of using crowdfunding to launch your company.

With crowdfunding, you may start your firm with a group of passionate backers who are eager to see it flourish. However, you must first learn how to put up a fruitful crowdfunding campaign for your small business before you can begin.

Begin with the ABCs. Before launching your campaign, you should familiarize yourself with the fundamentals, such as:

The amount of money you need to raise doesn't have a specific formula. See where you want to take your business in your business plan, and then calculate how much money you'll need to get there.

Do you require any particular tools? Permits or licenses? the employees? a building or a storefront? Recognize the purpose of the funds and perform your research to determine what those purposes will cost.

You want to be as precise as you can. You run a significant danger of never achieving your objective if you set it too high. If you're using fixed fundraising, where you can't keep any of the contributions unless you reach your target, this could be discouraging. On the other side, establishing a target too low may result in financial loss. Supporters may not feel obligated to contribute if they discover that you have already surpassed your goal.

Another area where there isn't a tried-and-true formula is your fundraising deadline. Days are recommended by Kickstarter as the best length for a crowdfunding campaign. It's brief enough to keep readers interested but lengthy enough to give you some breathing room to accomplish your objective.

There are several crowdfunding websites to select from, but you should only use one to create your campaign. The procedure is simple to manage thanks to some of the most well-known crowdfunding platforms, such GoFundMe, Indiegogo, or Kickstarter.

It's significant to remember that various crowdfunding platforms have various policies, target markets, and strategies. Do your homework so you can select the website that best suits your demands for crowdsourcing.

Whichever crowdfunding platform you decide on, it should guide you through the process of entering your information and publishing your campaign. Since the foundation has already been set, completing the individual fields should be very simple.

You want to appeal to as many supporters and raise as much money as you can. Beyond the fundamentals of your campaign, tell the background of your company and the reasons you need to raise money.

After creating your campaign page, you inhaled deeply before pressing "publish." Although that is an important milestone, only you and your campaign are paying close attention to it. The majority of users don't frequently surf through those platforms in search of reasons to fling open their wallets.

Only half the battle is won once your campaign is launched. The next step is to actively advertise it in an effort to raise as much money as you can, particularly if you're employing a set fundraising strategy.

There are many ways to direct people to your crowdsourcing effort, including:

* Requesting that your backers, friends, and relatives spread the word about your cause among their own networks.

* Self-promotion can be uncomfortable, especially when you're requesting money from others. However, if you want to give your campaign the best chance of success, you must spread the word.

Crowdfunding is a labor-intensive economic activity that requires a lot of work to create, launch, and promote your campaign.

Keep an eye on your campaign closely during the donation time to track your development as you work toward your fundraising target. If you believe that you are falling short, you can increase your promotional activities in an effort to attract additional revenue.

Be truthful about how far you are from your objective as you continue to promote your campaign. People who have considered giving but have not yet done so may feel a feeling of urgency and obligation after reading this.

You'll also want to keep track of the precise amount you'll have to give in exchange for donations if you employ a crowdfunding model that grants equity or rewards. So you may plan accordingly.

Making your crowdfunding campaign is quite easy; the difficult part is figuring out how to motivate people to donate.

Most Kickstarter efforts fail to raise even a single contribution, according to estimates. Yikes! Don't let yourself become one of those statistics. Fortunately, there are a few tactics you can employ to completely crush your fundraising target.

People want to be confident about contributing to your campaign, thus they want to know exactly how their money will be used. Generalizations are not permitted. Instead, you should be able to directly respond to queries like:

Simply stating, "I need money to launch my business," is insufficient. Be as detailed as you can. It would be much more direct and detailed to say something like, "I need money to buy a kiln and a pottery wheel to open my bespoke pottery studio in Durham, North Carolina." This kind of information can increase your fans' and backers' trust.

Transparency and honesty need not be monotonous. Give potential donors the details they require to make an informed decision about supporting your cause. Additionally, you have the option to share your company's history and make an emotional appeal.

Find a creative way to showcase something special about your company. That will elicit a stronger emotional response from viewers than simple facts and answers. Using our flower shop as an example (or maybe something completely different), perhaps you want to:

Maybe you'll talk about your own experience and how, while working a stressful corporate job, you discovered a love for flowers and plants.

Your company has a story that is worth telling, but you must identify it and communicate it in a compelling and interesting manner.

When considering how to communicate a story, words seem to be the obvious choice. It's important integrating some multimedia components, especially images and videos, to make your campaign page even more enticing.

You may, for instance, add images of the refrigerators and green-house you plan to purchase. Share some photos of your boutique creations or of you talking to your plants.

Pitch videos have proven to be successful for many crowdfunders. These succinct, shareable snippets give more information and context about your company and campaign in a way that is very engaging and maybe even motivating.

It's not necessary to have a high production value for your own video. Even a little video of you discussing your company might help you build a stronger rapport with potential customers.

If you choose reward-based crowdfunding, you must provide your backers with something in exchange, whether it's a coupon code, swag, exclusive access to a product, or something else.

Even if you decide against the reward-based approach, giving your backers something special can still be a successful method to express gratitude and foster loyalty.

It's not necessary to spend a lot of time or money on this. To show your supporters you are appreciative of their generosity, even something as straightforward as a branded pin or a shoutout on social media can go a long way.

If your campaign is fully funded, the majority of platforms will provide you with the email addresses of every supporter. Don't let the contact details become dusty. Add those backers to an email list so you can inform them on:

By staying in touch, you'll create a group of people that care about your company's success. These individuals can also serve as prospective repeat backers if you ever need to raise money through crowdfunding.

Money is necessary to launch a business. Crowdfunding can assist you in obtaining the necessary funds while also creating a relationship with a group of devoted supporters.

With that stated, getting cash through crowdfunding is by no means a quick and simple process. It requires strategy, dedication, and a lot of hard work to reach or surpass your fundraising target while maintaining the trust of your backers.

But nothing worthwhile comes without effort. Both your new company as a whole and the funding required to make it happen are examples of this.

The main lesson here, is to convey your story and fundraising target with your audience if you plan to use a crowdfunding website for your business. To find potential backers, use email, your network, and social media. Offer rewards based on the size of donations. Regularly update your supporters on your progress to make them feel like they are a part of your fundraising campaign.

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Jaidan Maries is a Veterans Support Syndicate volunteer staff writer, marketer and consultant.

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Your Startup Efficiency Checklist

By Liam Nolan, Head of Growth at Founders Factory

1. Perfect your customer targeting

Truly knowing your customer has never been more important. The less well you understand your target audience, the broader your product will be—and no matter how good your creative is, you’re wasting money.

Getting to know your customer really fits into two buckets:

Quantitative—desk research, test ad campaigns, SEO and keyword research

Qualitative—getting out into the wild, speaking to people, understanding their pain points

2. Increasing value is as important as cutting costs

With efficiency, founders too quickly focus on cutting costs. But there’s a reason why people talk about Lifetime Value (LTV) alongside Customer Acquisition Costs (CAC)—the value side of the equation is just as important.

Improving customer value comes down to product market fit. Is your product/service solving a real problem and is it 10x better than the alternative? If it is, you can be confident in charging a higher price, more often, and for a longer period of time.

3. Pin down the metrics that are most important to you

If you really want to understand how efficient you are, tracking and analysis is pivotal. But unless you know what you want to track, you’re wasting time and effort.

LTV:CAC ratio is the metric all other KPIs should feed into. If your average customer yields more than you paid for them, you’ve got a viable business.

Understanding how each metric impacts LTV or CAC is important—including average order value (AOV), conversion and churn rates, and cost of traffic.

You may have heard people talk about avoiding vanity metrics. These are essentially metrics that you can’t confidently attribute to impacting either CAC or LTV.

4. Consider how you are attributing success

Now, nailing down your metrics is the first step—understanding how to track them and attribute success is the next, more complex step. The iOS14 update and the ‘cookie apocalypse’ has made this much harder—but even before this, startups struggled to see the full picture.

There are third party attribution tools, like Triple Whale, that can really help here; as can uplift tests (to predict how each customer is likely to respond to a marketing action and post-conversion surveys).

5. Prioritise processes objectively

There’s a simple framework for assessing the best levers and processes to prioritise—the ICE framework:

I for Impact—how big is the potential impact of this on KPIs?

C for Confidence—how certain are you that it’s going to work?

E for Effort—how much effort is required to get this to work?

For each, rate out of 10 and give it an accumulated score of 30. That will help you to know the most efficient ways to move forward.

6. Automate, automate, automate

It would be foolish not to mention the hundreds of tools at your fingertips to help you automate and accelerate processes across all stages of the growth funnel. New products in AI are being launched on a daily basis, so keep an eye open for tools that can really help you step up your output.

Here’s a glance at some of the tools we use at various stages in the funnel.

Read Liam’s full guide to Efficient Growth: https://substack.com/redirect/e8d2238c-ccd3-4b09-95c0-d5e4ee5162ba?j=eyJ1IjoiMXI1YXM4In0.4aWFz_0R9briOWdVdxDTj3Z5SPpuaI4CecwLoWdxCE0

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Benefits of Veteran-Owned Businesses

Veteran-owned businesses play a significant role in the current market landscape. They bring unique skills, experiences, and perspectives, which can lead to both opportunities and challenges. Here's an analysis of the current market trends in veteran-owned businesses, along with some recommendations and resources:

1. Opportunities:

- Government Support: Federal and state governments offer various programs, grants, and contracts specifically for veteran-owned businesses. These can provide access to funding, training, and procurement opportunities.

- Branding and Trust: Many consumers actively seek out veteran-owned businesses to support. This can create a loyal customer base and unique marketing opportunities.

- Veteran Skillsets: Veterans often possess valuable skills such as leadership, discipline, and problem-solving abilities. These skills can be leveraged to provide high-quality products or services.

- Collaboration: Collaborating with other veteran-owned businesses or joining veteran-focused business networks can create new opportunities for partnerships, shared resources, and increased visibility.

2. Threats:

- Limited Funding: Securing adequate funding can be a challenge for veteran-owned businesses, especially for those transitioning from military to civilian life. Accessing capital through loans, grants, or investors may require additional effort.

- Market Competition: Depending on the industry, veteran-owned businesses may face intense competition from both large corporations and other small businesses. Standing out in a crowded market can be a hurdle.

- Lack of Business Experience: While veterans possess valuable skills, they may have limited experience in running a business. This can lead to challenges in areas such as marketing, financial management, and operations.

3. Strategies to Leverage and Mitigate:

- Research and Utilize Available Resources: Familiarize yourself with resources specifically designed for veteran-owned businesses. The Small Business Administration's Office of Veterans Business Development (OVBD) offers programs, training, and resources tailored to veterans.

- Develop a Strong Business Plan: A well-thought-out business plan is crucial for success. It helps define your target market, competitive advantage, and financial projections. Consider seeking mentorship or consulting services from organizations like SCORE or the Veterans Business Outreach Center (VBOC).

- Build a Strong Network: Connect with other veteran-owned businesses, industry associations, and local business communities. Collaboration and shared knowledge can open doors to new opportunities.

- Focus on Marketing and Branding: Highlight your veteran-owned status in your marketing efforts to build trust and differentiate yourself from competitors. Utilize social media, local events, and PR opportunities to showcase your unique story and values.

Resources:

- Small Business Administration's Office of Veterans Business Development (OVBD): www.sba.gov/ovbd

- SCORE: www.score.org

- Veterans Business Outreach Center (VBOC): www.sba.gov/offices/headquarters/ovbd/resources/1548576

Remember, these recommendations and resources are just a starting point for your market analysis. It's important to conduct thorough research and tailor strategies to your specific industry, location, and business goals. Best of luck with your veteran-owned business venture!

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Current Market Trends in Veteran-Owned Businesses in the United States

Here's an analysis of the current market trends in veteran-owned businesses in the United States, along with opportunities, threats, and strategies to leverage or mitigate them:

1. Opportunities:

- Government Contracts: The U.S. government has set goals to award a certain percentage of contracts to veteran-owned businesses, creating significant procurement opportunities. Registering with the Department of Veterans Affairs (VA) as a verified veteran-owned business can enhance your chances of securing government contracts.

- Certification Programs: Various organizations offer certification programs specifically for veteran-owned businesses, such as the National Veteran-Owned Business Association (NaVOBA) or the Veterans Business Enterprise National Council (VBE). Certification can provide access to exclusive networking events, supplier diversity programs, and potential partnerships.

- Supply Chain Diversity: Many corporations and large businesses have supplier diversity initiatives that seek to include veteran-owned businesses in their supply chains. Partnering with these organizations can open doors to long-term contracts and collaborations.

- Veteran Support Organizations: Numerous organizations, like Bunker Labs, StreetShares Foundation, or Veteran Business Project, provide resources, mentorship, funding, and networking opportunities for veteran entrepreneurs. Engaging with these organizations can provide valuable support and connections.

2. Threats:

- Limited Awareness: Many consumers and businesses are not aware of the benefits of supporting veteran-owned businesses. Overcoming the lack of awareness can be a challenge in gaining market share.

- Access to Capital: Securing adequate funding remains a common challenge for veteran-owned businesses. However, there are organizations like the StreetShares Foundation, PenFed Foundation, and the Veterans Business Fund that provide loans, grants, and funding options tailored for veterans.

- Industry Competition: Depending on your industry, competition can be fierce. Conduct thorough market research to identify your unique value proposition and differentiate yourself from competitors.

3. Strategies to Leverage and Mitigate:

- Marketing and Branding: Emphasize your veteran-owned status in your marketing efforts to evoke trust and loyalty. Highlight the skills, experiences, and values that set your business apart from competitors.

- Networking and Collaboration: Join veteran-focused business organizations, attend industry events, and build relationships with fellow veteran entrepreneurs. Collaborating with other veteran-owned businesses can lead to strategic partnerships and shared resources.

- Diversify Revenue Streams: Relying solely on government contracts can be risky. Explore opportunities to diversify your customer base by targeting commercial clients, selling products or services online, or expanding into new markets.

- Continuous Education and Training: Stay updated on industry trends and business strategies through workshops, webinars, and professional development programs. Organizations like the Veteran Entrepreneur Program by Syracuse University provide educational resources specifically for veteran entrepreneurs.

Resources:

- Department of Veterans Affairs (VA) for Government Contracting: www.va.gov/osdbu

- National Veteran-Owned Business Association (NaVOBA): www.navoba.org

- Veterans Business Enterprise National Council (VBE): www.vbecouncil.org

- Bunker Labs: www.bunkerlabs.org

- StreetShares Foundation: www.streetsharesfoundation.org

- PenFed Foundation: www.penfedfoundation.org

- Veterans Business Fund: www.veteransbusinessfund.us

- Veteran Entrepreneur Program (Syracuse University): www.vets.syr.edu/vep

Remember, this analysis and the provided resources are a starting point. Conducting thorough market research, understanding your industry, and tailoring strategies to your specific business goals are essential. Best of luck in leveraging the opportunities and mitigating the challenges in your veteran-owned business!

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HOW SOCIAL CLASS AFFECTS ENTREPRENEURSHIP

A well-known anecdote in the world of business tells the story of soldiers lost while on maneuvers in the Alps. One of the soldiers remarked that they had managed to make a successful return to base upon finding a map. Unfortunately, on more detailed inspection, the map turned out to be of the Pyrenees rather than the Alps.

It’s a story that underpins the importance we often attribute to optimism, especially in uncertain environments. Nowhere is this more so than among entrepreneurs, who, legend has it, need to bend society to their thinking.

Believing in success

It’s the kind of narrative supported by a recent study led by researchers from Washington University in St Louis, which found that optimism is the most desirable trait entrepreneurs can have. Indeed, the researchers suggest that overconfidence combined with an overreaction to the information gathered tends to provide the best results.

“My view is that most people do tend to overreact to the latest news,” they explain. “That’s what I’ve seen in my own laboratory work. It makes me actually think, if that’s the case, to be a little overconfident at the start might be a pretty good thing—at a population level. The idea that every bias is a defect may well be wrong.”

This confidence may have a class element to it, as research from the UVA Darden School of Business found that people of higher social class tend to have an exaggerated belief in their abilities, especially compared to their lower-class peers. What’s more, this over-confidence often allows them to bluff their way into positions of power.

“Advantages beget advantages. Those who are born in upper-class echelons are likely to remain in the upper class, and high-earning entrepreneurs disproportionately originate from highly educated, well-to-do families,” the researchers explain. “Our research suggests that social class shapes the attitudes that people hold about their abilities and that, in turn, has important implications for how class hierarchies perpetuate from one generation to the next.”

Entrepreneurial agency

This perhaps partly explains recent findings from the University of Hohenheim, which show that social class has a big impact on whether one starts a business or not.

“While recent research indicates that the effect of social class origins on career mobility within organizations is comparable to the gender-based glass ceiling, we know little about how being born into higher or lower social classes affects individuals in the entrepreneurial process,” the researchers explain. “In our study, we shed light on how and why social class origins relate to individuals’ beliefs in their entrepreneurial agency.”

As society becomes more aware of the impact that social class background can have on people’s lives, researchers are taking a closer look at how it affects our ability to control and change our environment.

However, we still don’t fully understand how being born into a certain social class environment affects one’s belief in their ability to be an entrepreneur.

Through studying social cognition, social class, and entrepreneurial agency, the researchers found that a person’s social class background in childhood is connected to their belief in their ability to be an entrepreneur in adulthood.

Early exposure

The study found that exposure to entrepreneurship during education can help improve the situation. The researchers highlight how experiences in entrepreneurship education and practice can either reinforce or break down class barriers when it comes to entrepreneurial self-efficacy.

Successful entrepreneurs from lower social class backgrounds can inspire and motivate others from similar backgrounds to believe in their own entrepreneurial potential.

The researchers suggest that educators should reflect on their assumptions and create a more inclusive environment for students from lower social class backgrounds by highlighting the values of interdependence.

Additionally, making sense of the differences in backgrounds can empower students from lower social class origins. The article also suggests that networking and mentorship programs can be beneficial for students from working-class backgrounds, and policymakers should acknowledge the potential for mastery experiences for individuals from lower social class backgrounds through interventions and programs.

READ MORE 👁️👉🏾 https://adigaskell.org/2023/09/07/how-social-class-affects-entrepreneurship/

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AI and CRM: Combining Two Powerful Technologies to Grow Your Small Business

Learn how AI integrations for CRM platforms can help sales, marketing, and customer service teams grow your business.

Many small businesses use a customer relationship management (CRM) platform to document every interaction with every customer in one central location. This data helps sales, marketing, and customer service teams improve the customer experience.

By seeing the entire relationship history in one record, your business can identify sales opportunities, record service issues, manage marketing campaigns, and more.

However, tracking all this information is often repetitive and time-consuming — making it the perfect activity for artificial intelligence to handle. As AI becomes more mainstream, businesses of all sizes are able to use this technology to automate and improve CRM tasks.

Here’s how some small businesses are integrating AI and their CRM systems to save time, access data faster, and improve their customer relationship management practice.

How does AI in CRM work?

The combination of artificial intelligence and CRM software is still relatively new, but the integrations have proven to be extremely valuable to growing businesses. Platforms that integrate AI and traditional CRM tools are able to optimize every customer interaction without the need for additional resources and hiring.

“It leverages advanced algorithms, machine learning, and natural language processing to analyze vast amounts of customer data, extract valuable insights, and automate various tasks, thereby streamlining customer relationship management processes,” explained ActiveCampaign.

“At its core, AI CRM software is designed to help businesses build stronger, more personalized relationships with their customers.”

A recent survey by HubSpot found that 81% of participants believe that AI could help them spend less time on manual tasks. In the case of CRM, that could mean data entry, reporting, customer segmentation, and routine outreach could all be handled by AI.

READ MORE 👁️👉🏾 https://www.uschamber.com/co/grow/sales/combining-ai-and-crm-to-grow-your-small-business

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How do you create a great product hook?

Below, venture capitalist David Sacks explains that a good hook is one of the key things he looks for when evaluating a product:

“What you’re looking for here is a simple behavior that users will repeatedly engage in… The problem with designing a site that doesn’t have a hook is that it’s very difficult to get users to engage in more complicated behaviors if you can’t get them to engage in a simple behavior.”

He continues:

“Given a choice between a founder who has discovered a market need versus one that has a great product hook, I’d rather take the product hook—even if it means they still have to figure out what market they’re actually disrupting.

But designing a great product hook is easier said than done.

One model for designing them comes from Nir Eyal’s book “Hooked: How to Build Habit-Forming Products”. In it, he proposes four stages:

1. Trigger: What makes users engage with the product? They can be internal (e.g. desire to belong) or external (e.g. push notification).

2. Action: What is the simplest behavior in anticipation of reward?

3. Variable reward: Is the reward fulfilling, yet leaves the user wanting more?

4. Investment: What is the “bit of work” done to increase the likelihood of returning?

It’s a powerful methodology that any team can use, but will of course will still be tricky to get right. For more details and examples, Nir’s book seems like a good place to start.

The StartUp Archive 👁️ https://startups.joinperch.com/q/how-do-you-create-a-great-product-hook-ad0a1e3c

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10 Common Mistakes Small Businesses Must Avoid

1. Inadequate market research: Failing to thoroughly understand your target market's needs, preferences, and competition can lead to offering products or services that don't resonate with customers. Reference: Forbes - "7 Common Mistakes Small Businesses Make and How to Avoid Them" (https://www.forbes.com/sites/allbusiness/2018/12/17/avoid-common-mistakes-small-businesses/#1268f5a97aa5)

2. Poor financial management: Neglecting to monitor cash flow, failing to create a budget, or not keeping proper financial records can lead to financial instability. Reference: Entrepreneur - "The 5 Biggest Financial Mistakes Small Business Owners Make" (https://www.entrepreneur.com/article/251276)

3. Lack of a solid business plan: Failing to create a comprehensive business plan can result in directionless operations and difficulties securing funding. Reference: Small Business Administration - "How to Write a Business Plan" (https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan)

4. Ignoring online presence: Neglecting to establish and maintain an online presence can hinder small businesses from reaching a wider audience and connecting with potential customers. Reference: Inc. - "7 Mistakes Small Businesses Make With Their Websites" (https://www.inc.com/guides/2010/06/7-mistakes-small-businesses-make-with-their-websites.html)

5. Ineffective marketing strategies: Failing to develop a targeted marketing plan and utilizing ineffective marketing channels can result in wasted resources and missed opportunities. Reference: Business News Daily - "10 Common Marketing Mistakes Small Businesses Make" (https://www.businessnewsdaily.com/7865-marketing-mistakes-small-business.html)

6. Overextending too soon: Expanding the business too rapidly or taking on excessive debt before achieving stability can strain resources and affect long-term growth. Reference: U.S. Chamber of Commerce - "6 Mistakes Entrepreneurs Make When Growing Their Companies" (https://www.uschamber.com/co/grow/strategy/6-mistakes-entrepreneurs-make-when-growing-their-companies)

7. Poor customer service: Neglecting to prioritize customer satisfaction and failing to address customer complaints promptly can damage the reputation and hinder growth. Reference: Small Business Trends - "The Top 20 Reasons Startups Fail and How to Avoid Them" (https://smallbiztrends.com/2018/05/startup-failure-statistics.html)

8. Ineffective hiring and team management: Hiring based solely on cost or not having a clear process for team management can lead to a lack of skilled staff and hinder productivity. Reference: Entrepreneur - "6 Common Small Business Mistakes You Can Avoid" (https://www.entrepreneur.com/article/297899)

9. Lack of adaptability: Failing to embrace change, not being open to new ideas, or being resistant to innovation can hinder a small business's ability to stay competitive. Reference: Harvard Business Review - "The 6 Most Common Innovation Mistakes Companies Make" (https://hbr.org/2015/06/the-6-most-common-innovation-mistakes-companies-make)

10. Neglecting personal well-being: Overworking without prioritizing personal health and work-life balance can lead to burnout and negatively impact decision-making abilities. Reference: Inc. - "The 7 Deadly Sins That Can Kill Your Entrepreneurial Business" (https://www.inc.com/guides/201105/7-deadly-sins-that-can-kill-your-entrepreneurial

SAVE 👁️👇🏾

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The Impact of Veteran-Owned Businesses on the Economy

🫡 Jaidan Maries

Did you know that veteran-owned businesses play a significant role in shaping the economy? These individuals, who have selflessly served their country, are leveraging their skills and experiences to make a significant impact in the business world. From creating jobs to fostering innovation, the presence of veteran entrepreneurs contributes to the growth and stability of the economy. In this article, we will delve into the various ways in which veteran-owned businesses make their mark and explore the positive effects they have on the overall economic landscape.

Veterans possess a unique set of qualities that make them well-suited for entrepreneurship. The discipline, resilience, and problem-solving skills developed during their military service serve as valuable assets in the business world. When they transition out of active duty, many veterans seek to channel their determination and leadership into starting their own businesses. As a result, we see a wave of creativity and passion unleashed, leading to a flourishing ecosystem of veteran entrepreneurs.

The impact of veteran-owned businesses can be felt in various sectors of the economy. For starters, these ventures create jobs, contributing to the overall employment rate. Veterans are not only hiring fellow veterans, but they are also providing opportunities for the wider community. This job creation aspect is crucial, particularly in times of economic uncertainty and high unemployment rates. Additionally, veteran-owned businesses often prioritize hiring other veterans, recognizing the unique skill set they bring to the table.

Furthermore, veteran entrepreneurs are drivers of economic growth and innovation. Their experiences in the military often require them to think critically, adapt to dynamic situations, and find creative solutions to complex problems. These problem-solving skills transfer seamlessly into the world of business, allowing veterans to approach challenges with a fresh perspective. As a result, they contribute to technological advancements, process improvements, and overall industry innovation. Whether it is in the fields of technology, manufacturing, or healthcare, veteran-owned businesses are pushing the boundaries of what is possible.

Beyond job creation and innovation, veteran-owned businesses have a positive influence on local communities. By establishing their ventures, veterans bring new goods and services to the market, stimulating local economies. Imagining your town with new restaurants, shops, and service providers owned by veterans who understand the importance of community engagement. These businesses not only contribute to the economic prosperity of the area but also give back by supporting local events, charities, and organizations. This commitment to community-building fosters a sense of pride and unity among residents, creating a positive ripple effect.

Moreover, the impact of veteran-owned businesses extends beyond the local economy. These ventures often have a ripple effect on regional and national levels. Successful veteran entrepreneurs become role models and sources of inspiration for others, encouraging them to pursue their entrepreneurial dreams. This entrepreneurial spirit can spread across various sectors and industries, leading to a wave of innovation and economic growth nationwide. Additionally, the success of veteran-owned businesses helps in changing the narrative around veterans, showcasing their abilities and contributions in a different light.

The impact of veteran-owned businesses on the economy cannot be overstated. From job creation to fostering innovation and community development, these ventures have a far-reaching influence. They embody the resilience, determination, and leadership that veterans are known for, and their successes inspire others to follow suit. As we continue to explore the various aspects of veteran entrepreneurship, we gain a deeper understanding of their impact and the value they bring to the business landscape.

Veteran-owned businesses play a significant role in the economy, contributing to job creation, innovation, and overall economic growth. This article explores the impact of veteran-owned businesses on the economy and highlights the unique advantages that veterans bring to entrepreneurship.

A Diverse and Dynamic Entrepreneurial Landscape

Veterans bring a unique set of skills, experiences, and qualities to the business world. They have a strong work ethic, discipline, and resilience gained through their military service. These qualities make them well-suited to handle the challenges and uncertainties of entrepreneurship. As a result, veteran-owned businesses have thrived in various sectors, including technology, manufacturing, services, and retail.

Job Creation and Economic Growth

Veteran-owned businesses make a significant contribution to job creation and the overall economy. According to the U.S. Small Business Administration, there are approximately 2.5 million veteran-owned businesses in the United States, employing over 5 million people. These businesses contribute billions of dollars to the economy each year, driving economic growth and providing valuable employment opportunities.

Support for Local Communities

Veteran-owned businesses often have a strong sense of community and are dedicated to giving back. They not only contribute to the local economy but also support local charities, organizations, and initiatives. By investing in their communities, veterans create a positive impact on the social and economic well-being of the regions they operate in.

Access to Government Contracts

Veteran-owned businesses enjoy certain benefits when it comes to government contracts. Government agencies often set aside a percentage of contracts specifically for small businesses owned by veterans, creating opportunities for them to secure lucrative contracts. This preferential treatment helps veteran-owned businesses gain a foothold in the government contracting sector, providing them with stable revenue streams and facilitating further growth.

Innovation and Adaptability

Veterans are known for their ability to think on their feet and adapt to changing circumstances. This inherent trait makes veteran entrepreneurs well-equipped to innovate and respond to market demands effectively. Many veteran-owned businesses have developed cutting-edge technologies, products, and services that have revolutionized industries, contributing to economic progress and competitiveness.

Mentoring and Support Programs

Recognizing the significance of veteran-owned businesses, there are several programs and initiatives dedicated to helping veterans succeed as entrepreneurs. Through mentorship programs, networking events, and training opportunities, veterans receive support in starting and growing their businesses. These programs play a crucial role in empowering veterans to leverage their skills and experiences, ultimately contributing to a stronger economy.

Veteran-owned businesses have a substantial impact on the economy, fostering job creation, innovation, and community development. By leveraging their unique qualities and benefiting from support programs, veterans continue to make important contributions to the entrepreneurial landscape. In the following sections, we will delve deeper into the specific areas where their impact is particularly evident.

Benefits of Veteran-Owned Businesses

There are numerous benefits associated with veteran-owned businesses, both for the veterans themselves and for the overall economy. By understanding and harnessing these advantages, we can support and empower veteran entrepreneurs while also reaping the rewards of their contributions. Here are some key benefits of veteran-owned businesses:

Leadership and Management Skills: Veterans are often equipped with strong leadership and management skills honed through their military experience. They possess qualities such as discipline, problem-solving abilities, and a strong work ethic. These characteristics enable them to effectively lead and manage their businesses, ensuring optimal performance and success.

Job Creation: Veteran-owned businesses play a significant role in job creation, providing employment opportunities not only to fellow veterans but also to civilians. As these businesses grow and expand, they contribute to reducing unemployment rates and stimulating economic growth in their respective communities. Supporting veteran entrepreneurs, therefore, inherently supports job creation.

Innovation and Adaptability: Military service instills a sense of adaptability and the ability to think critically under pressure. This translates into a capacity for innovation and problem-solving in the business world. Veteran-owned businesses often bring a fresh perspective to their industries, introducing new ideas, products, and services. This innovative mindset helps drive competition and economic progress.

Commitment to Excellence and Quality: Veterans are known for their commitment to excellence and their attention to detail. This commitment naturally extends to their businesses, as they strive to deliver high-quality products and services to their customers. The focus on excellence not only enhances customer satisfaction but also cultivates a positive reputation for veteran-owned businesses as reliable and trustworthy entities.

Community Impact: Veteran-owned businesses tend to be deeply involved in their local communities. From sponsoring community events and supporting local causes to volunteering their time and expertise, these businesses make a positive impact on the social fabric and economic vitality of their communities. Their involvement further strengthens community ties and fosters a sense of shared responsibility.

Government Contracts: One significant advantage enjoyed by veteran-owned businesses is access to government contracts specifically set aside for veterans. These contracts provide a stable source of income and business growth opportunities, enabling veteran entrepreneurs to thrive in the federal marketplace. This access to government contracts helps foster economic stability and veteran empowerment.

Supplier Diversity: Supporting veteran-owned businesses promotes supplier diversity within various industries. Companies and organizations that prioritize diversity and inclusion recognize the value and unique perspectives that veteran-owned businesses bring to the table. By actively seeking out opportunities to work with veteran entrepreneurs, these companies can enhance their supplier network while supporting a worthy cause.

The benefits of veteran-owned businesses are diverse and impactful. By supporting and championing these ventures, we can help veterans successfully transition into civilian life, contribute to economic growth, and foster a society that values and recognizes their unique skills and experiences.

Challenges Faced by Veteran-Owned Businesses

While veteran-owned businesses play a vital role in the economy, they also face unique challenges that can hinder their success. Understanding and addressing these challenges is crucial in supporting the growth and development of these businesses. Here are some of the key challenges faced by veteran-owned businesses:

Access to Capital: Obtaining sufficient funding can be a significant challenge for veteran entrepreneurs. Despite their skills and experience, many veterans struggle to secure loans or investments due to various factors such as lack of credit history, limited collateral, or the risky nature of startups. This restricted access to capital can impede their ability to start or expand their businesses.

Transition to Civilian Workforce: Transitioning from military service to civilian entrepreneurship can be difficult for veterans. The military culture and skill set may not always align with the demands and practices of the business world. Veterans may face challenges in adapting their leadership style, communication, and decision-making processes to the civilian context.

Limited Business Support: Many veteran-owned businesses lack the necessary knowledge and resources to navigate the complexities of running a successful enterprise. Business planning, marketing, financial management, and legal compliance can pose significant hurdles. Access to mentoring programs, business development resources, and networking opportunities tailored to veterans can greatly assist in overcoming these challenges.

Marketing and Branding: Differentiating a veteran-owned business in a competitive market can be challenging. While being veteran-owned can be a valuable selling point, effectively communicating this message to target customers requires strategic marketing and branding efforts. Developing a strong brand identity that resonates with the target market is essential for long-term success.

Work-Life Balance: Balancing the demands of running a business with personal and family commitments can be a significant challenge for veteran entrepreneurs. Long working hours, high levels of stress, and the need to constantly adapt to changing business environments can take a toll on personal relationships and overall well-being. Developing strategies for time management, delegation, and self-care is crucial for maintaining a healthy work-life balance.

Access to Government Contracts: While there are government programs to support veteran-owned businesses, navigating the complex procurement process for federal contracts can be daunting. Understanding the intricacies of government contracting regulations and requirements can be challenging, limiting the ability of veteran entrepreneurs to secure lucrative government contracts.

Competition and Market Saturation: In certain industries and markets, veteran-owned businesses may face intense competition and market saturation. This can make it difficult for these businesses to establish a strong foothold and attract customers. Developing a unique value proposition, targeting niche markets, and offering exceptional products or services can help overcome these challenges.

In conclusion, although veteran-owned businesses make a valuable contribution to the economy, they face a range of challenges that can hinder their success. By addressing these challenges through tailored support programs, access to capital, mentorship, and business development resources, we can empower veteran entrepreneurs and help them thrive in the competitive business landscape.

Government Support for Veteran-Owned Businesses

The government recognizes the importance of supporting veteran-owned businesses and has implemented various programs and initiatives to assist them. These initiatives aim to provide opportunities for veterans to thrive in the business world and make a positive impact on the economy. Here are some ways in which the government supports veteran entrepreneurs:

Veteran-Owned Small Business (VOSB) Certification: The government has created a certification program for veteran-owned small businesses that allows them to compete for government contracts set aside specifically for veteran entrepreneurs. This certification provides a competitive advantage and increases the chances of securing government contracts.

Service-Disabled Veteran-Owned Small Business (SDVOSB) Program: This program is specifically designed to assist service-disabled veterans in starting and growing their businesses. It provides additional benefits such as access to set-aside contracts and preferential treatment in government procurement processes.

Access to Capital: The government offers various financing options, grants, and loans tailored specifically for veteran-owned businesses. The Small Business Administration (SBA) provides loan programs like the Patriot Express Loan Initiative and the Veterans Advantage Loan Program, which offer favorable terms and rates for veterans looking to start or expand their businesses.

Business Development Assistance: The SBA and other government agencies offer training, counseling, and mentoring programs to help veterans in developing their entrepreneurial skills. These resources provide guidance in areas such as business planning, marketing, financial management, and accessing government contracts.

Procurement Opportunities: The government strives to increase the participation of veteran-owned businesses in federal procurement opportunities. The Veterans Entrepreneurship and Small Business Development Act of 1999 established goals to ensure that a certain percentage of government contracts are awarded to veteran-owned businesses.

Veterans Business Outreach Centers (VBOCs): VBOCs are community-based centers that provide support and assistance to veteran entrepreneurs. They offer training workshops, counseling, and access to resources to help veterans start and grow their businesses.

Tax Incentives: The government offers various tax incentives to encourage veteran entrepreneurship. These include tax credits for hiring veterans, deductions for startup expenses, and special tax treatment for veterans who sell their small businesses.

Procurement Technical Assistance Centers (PTACs): PTACs assist veteran-owned businesses in navigating the government procurement process. They provide guidance on solicitation documents, contract negotiations, and compliance with government regulations.

By providing these forms of support and assistance, the government aims to level the playing field and empower veteran entrepreneurs to succeed in the business world. These initiatives not only benefit individual veterans but also contribute to the overall economic growth and development of the country.

In conclusion, veteran-owned businesses have a significant impact on the economy. These businesses not only provide employment opportunities but also contribute to economic growth, innovation, and community development. The unique qualities possessed by veterans, such as discipline, leadership skills, and a strong work ethic, make them well-suited for entrepreneurial ventures.

One of the major contributions of veteran-owned businesses is job creation. By starting their own businesses, veterans not only create jobs for themselves but also employ other individuals within their communities. This helps to reduce unemployment rates and stimulate economic activity. Additionally, veteran-owned businesses often prioritize hiring fellow veterans, providing them with valuable employment opportunities and a sense of camaraderie.

Veterans also bring a culture of innovation to the business world. Their experience in the military, where adaptability and problem-solving are critical, translates well into entrepreneurship. Many veterans develop new products or services that meet specific needs in the market. These innovations can lead to increased competition, improved productivity, and overall economic growth.

Furthermore, veteran-owned businesses play a vital role in community development. These businesses tend to be highly involved in local initiatives, contributing to the social fabric of their communities. Many veteran entrepreneurs engage in philanthropic activities and support causes that are important to them. By doing so, they help create stronger, more resilient communities.

While there are numerous economic benefits associated with veteran-owned businesses, it is important to recognize that these entrepreneurs also face unique challenges. Transitioning from military service to running a business can be a daunting task, and veterans may require support, resources, and training to succeed. Government programs, nonprofit organizations, and business associations have recognized these challenges and are providing assistance to veteran entrepreneurs in various ways.

Veteran-owned businesses have a positive and lasting impact on the economy. They create jobs, drive innovation, and contribute to the overall well-being of their communities. By supporting and providing opportunities for veteran entrepreneurs, society benefits from their unique skill set and experiences gained through military service. It is crucial to continue fostering an environment that enables the success and growth of veteran-owned businesses, as they are an integral part of a thriving economy.

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Unlocking LinkedIn: Creative Tactics for Lead Generation

LinkedIn is more than just a digital resume; it’s a bustling marketplace brimming with opportunities for those daring enough to think outside the box. While the basics are essential, a sprinkle of creativity can sometimes differentiate you from the crowd. Dive into these ingenious tactics to boost your lead generation on the platform:

Cold Messaging with a Twist: The cold approach isn’t new, but the secret lies in the delivery. Instead of launching into a sales pitch, why not start with value? Share a relevant article, a compliment about their recent work, or even a free tool. Your prospects will appreciate the non-pushy approach.

Profile Funneling: Your LinkedIn profile shouldn’t just be about past jobs; it should guide visitors toward a desired action. This could be visiting your website, subscribing to a newsletter, or dropping you a message. Craft your profile strategically to funnel visitors seamlessly.

Engage with Comments on Popular Posts: Visibility is the game. You can get your profile in front of a vast audience by commenting on popular industry posts. But remember, your comments should be insightful and add value to the conversation.

Run Thought-Provoking Polls: LinkedIn’s polling feature isn’t just for fun questions. Use it to generate insights, understand market needs, or spark a debate. Engaging in polls can set the stage for deeper conversations with participants.

Harness Advanced Search: This feature is a gold mine. Find prospects based on specific criteria such as job titles, locations, etc. Creating a targeted list can make your outreach more personalized and effective.

Dive into Video with Cover Story: With LinkedIn’s “Cover Story”, make a lasting first impression. Create a personalized video pitch that gives visitors a snapshot of who you are and how you can help.

Host LinkedIn Live Sessions: If you can access LinkedIn Live, you’re sitting on a treasure. Hosting live sessions, be it Q&As, webinars, or discussions, can attract a large, engaged audience.

Engage with Your New Followers: A simple “thank you” can go a long way. Reach out to new followers with a warm message. This can open the door for more profound interactions down the line.

Showcase Recommendations and Endorsements: Social proof is powerful. Encourage satisfied clients or colleagues to endorse your skills and pen down recommendations. This not only builds credibility but also showcases your expertise.

Launch a LinkedIn Newsletter: Regular updates, insights, and valuable content sent straight to your network can solidify your position as an industry thought leader.

Reconnect with Alumni: Old classmates or colleagues could be potential leads or offer referrals. Use LinkedIn’s Alumni feature to rekindle those connections.

Humanize with Employee Testimonials: Let your team share their stories. Employee testimonials humanize your brand and portray a positive company culture.

Collaborative Ventures: Partner with non-competing businesses on LinkedIn. Whether it’s sharing each other’s content, co-hosting webinars, or running promotions, collaboration can amplify your reach.

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