Entrepreneurship 101
Charles McCaffre talks small business ownership during Day 1 of the Reboots to Business Entrepreneurship Course. (Photo by Clay Lomneth)

Entrepreneurship 101

The qualities that make someone entrepreneurial probably vary, depending on who you ask. But Charles McCaffrey believes there are no hard and fast rules as to who can start their own business.

McCaffrey, director of the Veterans Benefits Outreach Center at Community Business Partnership in Virginia, shared his insights with the nearly 50 attendees at the Aug. 31 American Legion-Small Business Administration Boots to Business workshop during the Legion’s national convention in Baltimore.

“There’s a lot of misconceptions about it,” McCaffrey said. “I think the idea of being an entrepreneur is needing to be creating the next new thing that nobody’s ever seen before. You need to be the first creator of Facebook. While that’s certainly applicable, I know that being entrepreneurial applies if … you own an auto repair store of if you’re a … contractor. You have to be entrepreneurial in this day and age … because most of the products and services that we’re going to provide are commodities. Your clients can go some place else.”

McCaffrey was one of several business and financial experts who spoke during the workshop. A business owner himself, McCaffrey said there is a need for workshop like the Legion’s because most leaving the military aren’t properly prepared to enter the private sector workplace.

“When I left the service and went through (the Transition Assistance Program) … it was two days, here’s how you write a résumé, here’s how you maybe wear a suit, and good luck,” McCaffrey said. “That was it.”

But once they get their businesses going, McCaffrey said, veterans do end up succeeding at a high rate. He pointed to the fact that while they represent 6 percent of the population, veterans own 13.5 percent of U.S. small businesses, employing 5.8 million workers and generating $1.1 trillion in receipts.

“Would it surprise you that the leading indicator of success (among) small business owners was prior military service?” said McCaffrey, a U.S. Navy veteran. “It shouldn’t be. That’s why we’re all here.

“We learn to adapt and overcome. That’s what we do as an entrepreneur. Use what you have learned in the military. Those traits and skills will make you a successful business owner.”

Joey Pocan, a business counselor for the Hampton Roads (Va.) Veterans Business Outreach Center, urged workshop attendees to do their homework before attempting to start a business. Know how strong the market is for your product, any favorable trends involving your product and entry points into that market, Pocan said.

“Those are questions you’ve got to ask yourself,” Pocan said. “But if you can’t answer them, somebody else is going to ask you.”

Andrew Kreinik, a senior growth advisor and international business consultant for the Corridor Region Maryland Small Business Development Center, urged workshop attendees to have a passion for whatever business they’re starting.

“Make it meaningful,” Kreinik said. “It’s you. It’s who you are. You’ll be with it 24/7.”

Two panel discussions focused on living the entrepreneurial experience and financing a business venture. In the former, Jeremy Allen said pride shouldn’t get in the way of a successful business.

“You’ve got to be able to ask for help,” said Allen, the CEO of Little Eggs Child Care in Maryland. “It’s not that mentorship is the key to success, but it is one of the keys. It’s an element in there.”

Rod Hudon, president and CEO of Quicksilver Analytics Inc. in Maryland, said not to make promises either you or your business can’t keep. “You still have to provide a quality product,” he said. “You still have to say, ‘This is what I’m going to do (and) this is how I’m going to do it.’ And then you follow through. Make your word be your bond.”

In the second panel, participants discussed what financing entities look at when reviewing a small business loan application. They also talked about resources available for developing a business plan before seeking a loan.

“We help … make sure the business plan makes sense, that the (entrepreneur) really understands the business,” said Paul Taylor, executive director of the Baltimore Small Business Resource Center. “A bank wants to know where that store is going to be located, is there a market for the product (and) do you understand the market for your product? And do you have any business right now?”

StreetShares provides a different type of business loan, pairing up investors with aspiring entrepreneurs. “We don’t take a look at a business plan because we’re not in the business of deciding if this oil well in West Virginia is a good idea,” said Mike Bryant, director of Borrower Relations for StreetShares. “We’re going to look at your tax (records), we’re going to look at your personal income, we’re going to look at your (credit rating).”

Day 2 of the Boots to Business Workshops resumes at 8:30 a.m. today.