Daymond John, acclaimed business owner and investor, knows a thing or two about how to succeed in business. John is the founder and CEO of hip-hop clothing company FUBU but is best known as “the People’s Shark” as an investor on the Disney-owned ABC smash hit reality show “Shark Tank”.
John is lending this time and taken to the Heroes to CEOs contest, hosted by Bob Evans Farms. The competition is exclusively open to veteran entrepreneurs, and three finalist will be flown to New York to meet with John to give their pitch. One grand prize winner will receive a $30,000 business grant, as well as an additional mentoring session with John. U. S. Air Force veteran Charlynda Scales was a recipient last year and used the grant money to ramp up manufacturing for “Mutt’s Sauce”, an all-purpose, sweet and peppery tomato-based sauce from a recipe created by her grandfather, Charlie “Mutt” Ferrell Jr.
I spoke with John recently about the challenges veteran entrepreneurs face and what set them apart from their peers. “This is the third time I’ve had the pleasure of working with Bob Evans Farms to celebrate veteran entrepreneurship”, John said. “Each year, it reminds me of my passion and commitment to helping aspiring entrepreneurs by sharing my experience.” John believe that while veterans have much to offer, many are reluctant to share their backgrounds. “Some of them don’t want to tell people that they’re veterans, because for some reason other people think if they get into business with (veterans) or give them this opportunity, they may have some baggage that is not beneficial to the relationship,” John said.
Another difficulty many veterans face is overcoming an “others first” mindset. “Veterans were taught to think about everybody else and stand-in the line of fire for everybody else,” said John, “and sometimes they don’t think about what they need.” An entrepreneur needs to be “a little bit selfish…to place themselves and their business first”. This is one of the “small adjustments” veterans have to make “so they can grow their business better and be able to help more people,” he said.
…But also distinctive strengths -John noted a number of factors that make veterans ideally suited to be business owners and entrepreneurs. “they come with a wide network of like-minded people they can reach out to'” John said. “They also know how to complete tasks in a timely manner.” He went on to say former military members have experience with navigating obstacles and overcoming them, which will come in handy as a business owner.
Tips for anyone trying to grow a business… -Some of John’s guidance for veterans is also sage advice for any budding entrepreneur, or even a seasoned business owner. John said entrepreneurs need to draw on their “slack resources”, of those innate resources that everyone has. If you’re looking to start a business, “tap into the years experience you have and the network you have around you, because the money can come and go.” John went on to say that money can at times be a hindrance, as people tend to “throw more money at something”, rather than addressing the cause of the problem.
Finally, John recommended using the skills of people within your network -what he called OPM- other people’s manufacturing, manpower, mind power, or marketing. “Tap into all the other resources you have, and don’t just depend on the money.
Veteran entrepreneurs can enter the Heroes to CEOs contest through March 20 by submitting a video sharing their business idea and a plan demonstrating a solid business concept through Bob Evans Farms.
Courtesy of USA Today, page 4B, Feb. 28, 2019
NOTE FROM EDITOR: As an instructor for three years in the Veterans Florida Entrepreneurship Program in Tampa, I can attest to the fact vets make good entrepreneurs. Not only are they trained in leadership, the work well in teams (backbone to startup), have mission persistence to overcome obstacles, and often a base retirement or saving to sustain the first year.