Category Archives: Finances

How the Military Prepared You for Entrepreneurship

Sunday, 21 January 2018 03:30
Written by Kevin S. Bemel
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6 Essential Qualities for Military & Business Success

2-½ minutes to read

Over the last decade, the number of veterans in business has declined. Despite many programs supporting veteran entrepreneurship, not much has changed. While not every military person will start a business, I bet you have the six essential qualities of entrepreneurial success…

How the Military Prepared You for Entrepreneurship

The Qualities You Can’t Hire

Out of the 16 skills a business needs to prosper, you’ll have to have six. You can hire people with the other ten. With how many of these do you excel?

Self-Motivated. I’ve never met a successful business owner whose drive came from someone else. Counting on a desire for wealth or fame for motivation sets you up for failure. You need to want business success for its own sake.

Inner Moral Compass. You’ll have lots of temptations when you have your own business. People will give you rationalizations for doing shady or outright unethical things. If you succumb, you’ve put your company on a shaky foundation. A strong sense of right and wrong will protect you.

Curious. No matter how sound your idea and plan, things will go wrong. And you won't have all the knowledge and ideas necessary to succeed. Learning from others allows you to avoid common mistakes and unseen pitfalls.

Tenacious. Giving up can't be an option for a business owner. Failure has to be the stimulus to try again. Tie tenacity to curiosity. Then you’ll have a new option to try when the previous one didn't work.

Team Player. Most small businesses start with the owner as the only employee. But you’ll still need to create a team. Unpaid advisors will fill in gaps in your knowledge. And you’ll have to have an accountant and lawyer. From that perspective, you're a team captain. Evaluate their advice and adapt your plan.

Competitive Spirit. You have to like to win. Many prospective entrepreneurs look for an area without competitors. They think having the market to themselves means an easier road to success. But lack of rivals may also mean your idea isn't viable. Where successful businesses already operate, opportunity is present. Continual, incremental innovation gives you the competitive advantage.

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You have these qualities. But before embracing entrepreneurship, assess how strong they are in your character.

Entrepreneurship: The Essence of a Military Life

Despite a few high-profile successes, wealth is not the primary reward of business ownership. Having your own business is a lifestyle decision. You’ll need to balance advantages like control over your schedule with your potential income.

The typical business owner works 40-49 per week. Eighty-one percent work nights and 89% work weekends. That may be because they can make more money working after hours. Many owners work a regular job while they start their business. Also, they may take kids to school and attend their sporting events during the weekday.

Sixty percent of business owners pay themselves $50,000 or less per year. Thirty percent make nothing. Ten percent make $75,000 or more. Another way of looking at your salary as an entrepreneur is:

Entry level (0-5 years) - $50,000 - $60,000 per year

Mid-career (5-20 years) – $70,000 per year

Experienced (20+ years) - $100,000 per year

Most people think business success hinges on having a great idea. Nothing could be farther from the truth. Your success will come because you have the necessary traits. And it matches your desired lifestyle. Taking the plunge into entrepreneurship requires serious thought. Now you know what to consider…

Have you thought about starting a business?

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These Erroneous Beliefs Will Sabotage Your Job-Hunt

Sunday, 14 January 2018 03:30
Written by Kevin S. Bemel
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Are You Wasting Your Time Getting Certifications?

2-½ minutes to read

Certifications top most veterans’ list of important job qualifications. But recall you didn't have any when entered the military. Success came from your attitude. Recruits who absorbed the military ethos and gained expertise succeeded. Those who didn't washed out…

These Erroneous Beliefs Will Sabotage Your Job-Hunt

The Pivotal Factor for Reintegration

Two types of sailors come through WTP Sembach. You might think the divide follows one of these lines:

  • Active vs. reserve component
  • Enlisted vs. officer
  • Single vs. married

These divisions define the challenges they’ll face reintegrating. But none of them indicates whether a sailor makes a successful transition.

The Officer-in-Charge and I considered young vs. old as being the relevant distinction. But many redeployers in their mid-40s to early 50s soak up all we have to teach them. They report overcoming significant hurdles in the few days they spend with us.

The crusty old senior chief sitting in the back of the room didn’t seem to be paying attention. But when I asked him about his experience with sailors in grief his posture changed. For the rest of the workshop he sat up, his body tilted forward, engaged.

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That’s when the answer struck me. The actual division is open vs. closed. Sailors’ age, rate/rank, and marital status don't matter. Their openness to learning and growing is all that counts.

To Get Certifications or Not

Another conversation exposed a different barrier. The person indicated only certain licenses and degrees confer expertise. Otherwise, no matter how much experience someone has in a field, a smart person’s thoughts are as valuable.

In America, many people consider claiming expertise to be egotistical or undemocratic. Tom Nichols wrote about this issue in The Death of Expertise: The Campaign Against Established Knowledge and Why it Matters. But if you have greater knowledge and experience in a field, saying so is a matter of fact. Having such expertise doesn't make you better than other people. It makes you more qualified to engage or lead in a field.

There aren’t certifications for most of what you learned and did in the military. If you don't recognize expertise without certifications backing it up, you have nothing to sell but your labor. As a commodity, labor is worth no more than about $45,000 a year. These days, for positions with the most income and growth potential, companies want demonstrated leadership ability and problem-solving expertise. Degrees don’t matter.

Companies don't fire older workers because they’re old. They get rid of them because younger workers can do the same job for less money. Older workers who throughout their careers increased their expertise and leadership ability have become more valuable to the company. Younger people can’t replace them because they haven't had enough time to achieve a similar level. Such older workers not only get retained, they continue to advance.

The military works the same way. At the E5/E6 level, technical knowledge growth has peaked. Going forward, the ability to train, mentor, and lead is what counts. Service members who don't move beyond technical mastery face high-year tenure.

Do you believe you can succeed in civilian life even as you resist change? Do you think only certifications prove expertise? These two beliefs will prevent you're getting a high-paying job you’ll love.

Change them, and your ideal job awaits you…

In what area does your knowledge exceed most people’s?

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How to Be Wealthy and Virtuous

Wednesday, 27 December 2017 03:30
Written by Kevin S. Bemel
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Do You Know the Source of Money’s Value?

2-½ minutes to read

Parsha [Passage of Scripture] Nugget [Precious Idea] Vayechi – Genesis 47:28-50:26

These days, few people question the virtue of military service. Most veterans want to continue to serve after they leave active duty. Many think the only way to do this is to work for a nonprofit or the government. When I say working for a FOR-PROFIT company is noble they look at me like I’m crazy…

How to Be Wealthy and Virtuous

Is Money Evil?

A friend once asked me whether the Torah supports capitalism or socialism. I told him, in general, you can find support for both sides of such questions. Like or not, our economic system combines aspects of both.

The Torah concerns itself with how to live a proper life. When you examine the morality behind a political issue, it has a lot to say. Parshas Vayechi clarifies a major aspect of political debate in our country:

“He [Zebulun] will be at the ship’s harbor, and his last border will reach Zidon.” (Bereshis/Genesis 49:13)

As Jacob neared death, he blessed Joseph’s sons Manasseh and Ephraim, thereby making them in effect of his sons. Then he blessed his own sons, though some of the blessings sound more like reprimands.

Jacob gives his blessings in the order his sons were born. But there’s one exception. Even though Issachar is older, Zebulun’s blessing precedes his. The reason shows G-d’s attitude toward money.

Issachar and his sons devoted themselves to studying the Torah. But they had wives and children to support. Either they had to take time away from learning or someone had to support them. In steps Zebulun. He and his sons engaged in commerce. Then they gave part of their wealth to Issachar.

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If making money were just an okay thing to do, Jacob would have blessed Zebulun in order. By having him precede Issachar, he showed the nobility that comes from earning more than you need so you can help others.

Money’s Value Comes from How It's Used

Nonprofits do good work. And government provides important functions. But for-profit businesses generate the money that supports them.

Money is neither good nor bad. The same is true of profits. It all comes down to how they're used. G-d finds no merit in is a Scrooge-like accumulation of wealth. But even mega-wealthy people such as Andrew Carnegie appeared worthy before teh Almighty. While they lived opulent lives they also used their money to build libraries, museums, and hospitals.

Money has value in accordance with how it's used…

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The Torah acknowledges that for various reasons some people will be poor. But it finds no particular merit in poverty. Nor does the materialism of people like the Sodomites entitle them to praise. G-d commends those who, like Zebulun, pursue wealth in service of taking care of His children.

Question – Can someone be wealthy and a good person?

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Every year beginning on Simchas Torah, the cycle of reading the Torah, the first five books of the Bible, ends and begins again. Each Sabbath a portion known as a sedra or parsha is read. It is named after the first significant word or two with which this weekly reading begins.

What verse in the Old Testament would you like to know more about? Ask a question and I will answer it in a future Parsha Nugget!

Has Searching for Employment Made You Angry?

Wednesday, 29 November 2017 03:30
Written by Kevin S. Bemel
0 Comments

How to Stay Calm Throughout Your Job-Hunt

2-½ minutes to read

Parsha [Passage of Scripture] Nugget [Precious Idea] Vayishlach - Genesis 32:4-36:43

No one I’ve met has had a hassle-free transition. Plans fall apart. People who said they’d help don't come through. Sometimes even the simplest task seems impossible to complete. You start to feel abused. Irritation soars. Some veterans redline. Unable to tough it out any longer, they explode…

How to Stay Calm Throughout Your Job-Hunt

When Frustration Boils Over

People can appreciate the frustration that comes from transitioning to civilian life. Whereas, they may not know the specific issues you face. They’ve been vexed by their own. But Parshas Vayishlach shows they’re less likely to forgive an angry outburst:

“And they [Simeon and Levi] said, ‘Should he treat our sister like a harlot?’” (Bereshis/Genesis 34:31)

Shechem abducted and raped Jacob’s daughter Dinah. Then he begged Jacob to marry her. Jacob agreed on the condition that all the men of the city get circumcised. Debilitated by the operation, Simeon and Levi took revenge by killing them.

On learning of the massacre, Jacob pointed out the danger they put the family in. The brothers responded that they had to defend their sister’s honor.

Jacob withheld further comment on the matter until close to death. When he finally took them to task, he criticized their anger. He may not have liked their actions. But he recognized their justice. As a legacy, Jacob wanted his sons to learn that situations charged with emotion must be handled calmly.

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Blowing up can delegitimize even the most righteous act.

5 Steps to Keeping Your Cool

Have you ever lost your temper and missed an opportunity as a result? If so, you know that raises your frustration level. But keeping your cool isn't easy. Preparing for setbacks and practicing mindfulness can help. Still, you need to have a plan for when an explosion is imminent:

1. Triggers. Identify issues or events that shoot your anger through the roof. The more specific you get the better.

2. Record. Summarize these triggers on a 3 x 5 card or in a memo on your smartphone. Order them from the most difficult to the easiest to control.

3. Frame. At the top of the card or memo write “I will be calm when…”

4. Practice. Each morning read your card or memo. Stand. Put conviction in your voice. Make a commitment. Repeat this during the day before any event where your patience may be challenged.

5. Assess. At the end of the day, read your card or memo again. This time, begin with, “I was calm when…” and list the triggers you controlled. For the ones that got away from you, say, “Tomorrow I will improve by remaining calm when…”

This process may seem a little silly at first. But you have to indoctrinate yourself to change your behavior. By following the same kind of training regimen your service branch used to make you a Soldier, Marine, Sailor, or Airman, you’re using a process that works.

We want nothing to do with people who are angry at the military. Like I wrote a couple of weeks ago, we should pity them. In truth, we can't expect the same from civilians. They shut down when we get angry with them. Keep communication open by ensuring you keep your cool.

Has getting angry caused you to lose out on a job?

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Every year beginning on Simchas Torah, the cycle of reading the Torah, the first five books of the Bible, ends and begins again. Each Sabbath a portion known as a sedra or parsha is read. Its name comes from the first significant word or two with which this weekly reading begins.

Do you have a question about the Old Testament? Ask it here and I will answer it in a future Parsha Nugget!

How to Get Trapped Doing Work You Hate

Wednesday, 22 November 2017 12:30
Written by Kevin S. Bemel
0 Comments

Do You Think You Deserve a Great Job?

2-½ minutes to read

Parsha [Passage of Scripture] Nugget [Precious Idea] Vayeitzei – Genesis 28:10-32:3

You never have to negotiate your military salary. For that matter, all the terms of employment are set. In the private sector, almost everything is open for discussion. Many veterans get fooled into thinking if they get a great compensation package, civilian life will be outstanding. Others take the first job offered them out of desperation. Then reality hits…

 How to Get Trapped by Work You Hate

Employers Will Entice You

The “if they pay me enough I can put up with anything” attitude is seductive. Even the wisest people have taken the first job offered them. In Parshas Vayeitzei, Jacob falls into this trap:

“And he [Laban] said, specify your wage to me and I will give it.” (Beresheis/Genesis 30:28)

After working seven years so he could marry Rachel, Jacob found Laban had tricked him. The morning after his wedding he woke up with Leah. Still hopelessly in love with Rachel, he agreed to work another seven years to earn her. You would think that would have been all the proof he needed to leave his father-in-law’s employ.

But when Laban told Jacob to name his price, he took the bait. The next six years required constant vigilance so he didn't get cheated. Finally, he couldn’t take any more. He gathered up his wives and children and fled.

Continuing to work for Laban may have seemed like the smart or easy play. Why take the risk of having to find another employer or going out on his own? Maybe his wives pressured him. After all, what could be more secure than having their husband work for daddy?

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But after 20 years, Jacob had had it. And when Laban confronted him, he exploded with indignation.

Rationalizing Taking a Crummy Job

Let’s be honest, money can buy happiness. Or at least you can get enough stuff so you overlook being miserable. But money can't buy a sense of purpose, mission, or fulfillment. If your job pays well but offers nothing else, you’re in a test of wills with your employer. How much will you put up with before you can’t stand another minute and quit?

Taking the first post-military job offered may seem like the right move. But half of veterans quit their job during the first year. They feel no sense of mission, especially compared to the military. Is it any wonder they hate what they’re doing?

Do you still have lots of time before you leave active duty? Are you struggling after leaving your first civilian job? Or are you somewhere between? The stage of your transition doesn't matter.

Vaccinate yourself against the desire to take any job or one for the money

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Consider…

  1. How important is finding meaningful employment?
  2. What kind of work fits with your revised purpose and mission as you enter the private sector?
  3. How do your answers to the first two questions impact your thinking about compensation?

If decide to maximize your income at the expense of meaning:

  1. How much will you need to earn to put up with the drudgery and maltreatment?

Jacob thought he had good reasons for working for Laban. It’s true he got to marry the woman he adored. But he never had a good relationship with Leah. Numerous stories attest to the contentiousness of his later life. Jacob had to learn how to outwit Laban instead of engaging in more satisfying pursuits.

You don't need to work for an unscrupulous employer doing mind-numbing work. Take the time to think through your responses to these four questions. Have the patience to figure out your Unique Value Proposition that will lead you to a job you love.

Are you doing work you hate for a supervisor who’s a jerk?

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Every year beginning on Simchas Torah, the cycle of reading the Torah, the first five books of the Bible, ends and begins again. Each Sabbath a portion known as a sedra or parsha is read. Its name comes from the first significant word or two with which this weekly reading begins.

Do you have a question about the Old Testament? Ask it here and I will answer it in a future Parsha Nugget!

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