Veterans make amazing entrepreneurs, and Chicago has no shortage of companies founded by veterans. Some of the most innovative startups in the area are run by those who have served their country. Veterans are starting new companies everyday and some of that innovation is being nurtured and developed through Bunker Labs, the veteran-focused non-equity incubator out of 1871.
Kirby Atwell of iCandy Homes caught up with a couple of the veteran founders from Bunker Labs and picked their brain about what it’s like to be a veteran entrepreneur in the Chicago startup scene.
MIke Kelly of Ora Interactive
Veterans often feel discouraged from starting a business since they don’t have any formal business training or experience with entrepreneurship. Do you see a trend in the characteristics or backgrounds of more successful entrepreneurs than others?
I think the answer is no. I think there’s a scrappiness needed. There’s a way to just kind of get things done and figure things out because everyday is unknown and you’re going to tackle things that you’ve never seen before. There’s no playbook for it so, no. Also, you are doing a lot of selling. You’re selling people, to work for you. You're selling investors to invest in you. You’re selling your product. You're always constantly selling yourself when it comes to a new idea. So I think it’s pretty important that you get out there and sell but, I think having worked with surgeons and people with a background in insurance or finance or whatever, everybody’s different. And I haven't seen one bad guy really.
What advice would you have for those leaving the military, as far as starting a business or identifying what type of business to get into or just advice in general?
If I had any advice I think it would just be just to start. Just come up with something you’re passionate about and just do it. And just start no matter how daunting or challenging it seems. I don't think it even hails in comparison to what you've done in the military. So just start to do it and you're going to fall and get back up and just keep going. And I think you can use those skills and build a really great companies and do great things.
Anything specific that comes to mind as far as mindset training or practices that you have set up in your life that you think are beneficial for other entrepreneurs?
I read a quote recently and I think it was “raise the bar on yourself before your competition forces you to.” I think that’s pretty valuable, it’s easy to get comfortable. I think you need to stay hungry and kind of always strive to be a better person in the future. So yeah, whether it’s meditation or just recognizing where your are and where you want to be, into taking advice from people who have been there before or surrounding yourself with incredible people. I think it’s always helpful to kind of recognize where you are, who you want to be and kind of ask yourself each day, am I taking a step closer to being the person I want to be.
Sandra Edwards of Wheelz on Time
You have a unique story, how did you decide to enter the military and what was your transition into business like?
I am a native Chicagoan. I was born and raised here. I joined the military when I was 24 and I always loved to travel. I’ve been a truck driver before so, travel was just in me and I knew I needed benefits and I wanted to have a better life for my son. So, military sounded like a great way to serve my country, to do something meaningful as well as serve the needs for my family.
The military is invaluable in teaching people, that there are no limits in life. You can do whatever you set your mind to and the military gives you the discipline to do the things that you have to do and just that “can do” attitude. I learned a lot in the military. When I went to the military, I was really shy, not really a confident person and I came out 180 degrees. I didn’t go into business directly after the military, I actually went into real estate. So I was a leasing consultant, a property manager but, those things kind of prepared me to be an entrepreneur because the company that I own, Wheelz On Time, is a lease purchase, tire financing company.
You have a beautiful website set up, what was the setup process for that like?
It took me about a year to get my website up, my corporate structure together, just getting our business model down. The planning to actually opening in Chicago happened a little over a year later. But from November of 2013 to June of 2014 when we actually launched, that’s about how long it took to get the whole Chicago deal done.
What does your day typically look like as a startup owner?
Right now, it looks like preparation. The weather really dictates my day so, right now this is giving me a chance to prepare for my next round of funding that I’m looking to do. I’m talking to Investors and just people that are collaborating with me. Helping me to prepare for the next step.
Because my business is evolving, nothing is written in stone. So I have to listen to people that have been where I’m trying to go or have information that I don’t have. Because I know a lot about leasing and because I used to be a truck driver I know a lot about automotive and tires. But, business wise, finance wise, I don't know a lot about that, so I have to be open to conversations that I have with people and it’s fun because I get to learn.
What’s something that you would do different if you could start the business over from the beginning?
You have to know your market. You know, you have to know where your customers are so that you can spend your marketing dollars wisely. If I could do something different, that’s the one thing that I would do different. I would be more targeted with my marketing dollars.
What would you, ideally, like to see your company look like a year from now, two years from now, where are you headed?
Regional growth. In a year or two, I want to see Wheelz On Time
in Michigan, Ohio, I’m in Indiana now. Illinois, maybe Iowa, just across the Midwest because there is no service like what I provide in the Midwest.
If you want to see first hand what exactly is going on in the veteran-entrepreneur startup scene in Chicago come to The Muster on May 12th, hosted by Bunker Labs and held at 1871. You’ll get to meet the up and coming startup founders of Bunker Labs, hear their business pitches, and buy their products.
