Military In Business issue 8

MILITARY IN

BUSINESS INSPIRE. CONNECT. DEVELOP.

MAGAZINE

ISSUE 08

LEARNING FROM

LEADERS Business lessons can we learn from ‘super entrepreneurs’ and global brand leaders

AWARDS UPDATE JUDGES DELIBERATE Former defence chief to lead judging panel

BUSINESS FINANCE BRITISH BUSINESS BANK Examining how markets have changed in the last decade

EMPOWERING ENTREPRENEURS FROM THE ARMED FORCES COMMUNITY

CONTENTS

05

10

08

12

14

18

CONTENTS // WELCOME

04

COMMUNITY

12-13

NEWS

05-06

Gallery from the Military In Business® Village showcase of entrepreneurship.

INSPIRATION

08-09

AWARDS

Learn From Leaders: what can we learn from those at the helm of global business successes? This issue, Mark Zuckerberg.

05

CASE STUDY

10-11

Real life insight: the story how an Army veteran and his wife turned a therapeutic hobby into a business with literary and screen potential.

02

Former Chief of Defence welcomed to chair the judging New Academy initiative to enrich Cadets’ experience

FINANCE British Business Bank offers insight into the economic landscape

16-17

14

New quick-search growth 18-19 funding platform offers choices to business owners

15

JUST FOR FUN

20

WIN with our Trivia Teaser, plus suggestions for downtime reading/ listening in our Pages & Pods picks.

WELCOME

INSPIRE, CONNECT, DEVELOP Ren Kapur MBE, Founder of X-Forces Enterprise, welcomes you to the new and improved Military In Business Magazine.

Dear readers, Welcome to the brand-new Military In Business magazine. As you will see, we have really kicked it up a notch, and I'm delighted to share the new format with you as well as the ethos of ‘inspire, connect, develop’. The pace of life is fast and time resource is short, so our content and format are delivered to you through a concise and incisive publication.

As you read each issue of the magazine, you'll note that we have really homed-in on the business journey: Pre-Start, Start, Grow, Scale, Sustain.

Additionally, in every edition there will be lessons from global business leaders - this month Mark Zuckerberg - where we will distil down words of wisdom shared by leading entrepreneurs.

The magazine is packed with knowledge, lived experiences, as well as access to critical pathways to help you achieve a sustainable business – cornerstones of the X-Forces Enterprise offering and essential to the ongoing success and prosperity of our community.

The magazine would not be complete without the Soldiering On Awards, and each issue will provide a window on all the latest news from this extraordinary, annual event. As you read this, our esteemed judging panel is tackling the unenviable

05

job of selecting finalists from this year’s nominees.

With the increased number and outstanding quality of nominations for the 2024 edition of the Awards, they truly have their work cut out for them.

I hope you love what we’ve done with the magazine and truly want you to be a part of its evolution. We want to grow this community and – to paraphrase a well-known sentiment about the UK being the best place to be a veteran – we want to make this the best place to be a military-run business.

So, grab a brew, have a read, get informed, and be inspired.

NEWS

THE OFFICE FOR VETERANS’ AFFAIRS:

NEW DIRECTOR As the new Director of the OVA, Anisha Worbs will support the Minister for Veterans’ Affairs in coordinating government efforts to make the UK the best country in the world to be a veteran. Anisha was previously the Chief Operating Officer for the UK Covid-19 Inquiry, and held roles in BEIS and Home Office leading on strategy, policy and legislation.

Anisha Worbs

"It’s an exciting time to be joining the OVA, with the Women Veterans’ Strategy, public consultation findings and progress on the Veteran Card rollout to look forward to. I joined the public sector to help make a difference to people’s lives and I can’t think of a more deserving cohort to champion."

PRIME MINISTER AND VETERANS’ MINISTER ANNOUNCE

OP PROSPER X-Forces Enterprise Co-CEOs Ren Kapur MBE and Martin Wing were delighted to join the Prime Minister, Rishi Sunak, and Minister for Veterans’ Affairs, Johnny Mercer, at the launch of OP PROSPER - a wraparound employment service to support veterans into work after they leave the Armed Forces.

OP PROSPER will be backed by £2.1 million in new funding to support veterans in securing high paid jobs, where they can hone the skills that they developed in the military in key sectors that are helping to boost the economy. This includes areas like cyber and digital, manufacturing, energy and financial and professional services.

“The courageous men and women who have served in our Armed Forces represent the very best of our country and we must serve them as well as they have served us. They deserve our full support to thrive in civilian life and to continue contributing their incredible skills to the prosperity of our country. That is why I am proud to announce OP PROSPER, which will support veterans in securing high-skilled roles in key sectors that are helping to grow the economy.”

Prime Minister Rishi Sunak 06

NEWS

IN-PERSON TRAINING

IS BACK!

While virtual gatherings have undoubtedly been a lifeline over the past few years, and continue to offer benefits of accessibility and flexibility for business owners, there's no denying that there’s a special energy and connection in seeing people face-to-face.

The comprehensive 3-day training course explores the pros and cons of self-employment, including its implications for family and finances. Through interactive sessions, participants gain essential skills and insights into entrepreneurship.

Initiated by the Enterprise For Life® workshops at London Stock Exchange in February and April, we are thrilled to announce that our spouses workshop, which connects like-minded partners of serving personnel that are considering self-employment, will have an in-person delivery option in July.

The next courses are scheduled for 12, 19 and 26 July, in-person in Tidworth, and an online version via Zoom on 6, 13 and 20 November. Generously supported by the Royal British Legion, these courses are accessible free of charge. Visit www.x-forces.com to find out more and register to join the next cohort.

XFE BUSINESS ADVISOR HONOURED WITH

NATIONAL AWARD Akshat Garg

British Business Bank recently honoured Akshat Garg, Senior Business Advisor at XFE, for his work with engineering firm Nivalis Tech to facilitate access to Start Up Loans funding. Awarded the title of the ‘2024 Start-Up Business of the Year’ - for the most creative, innovative, and ambitious new business to receive funding in 2023/24 - Nivalis Tech is led by Armed Forces veterans that have harnessed the power of ice in cleaning pipes, with revolutionary benefits to the manufacturing industry.

“This award is a testament to the passion and commitment we bring to the finance industry every day. It fuels my determination to continue making meaningful contributions and driving positive change,” said Akshat.

Martin Win,g C0-CEO of XFE, added: “We are delighted to see Akshat receive this prestigious award. It is also a recognition of the excellence demonstrated by our entire team, each and every day.”

05

FEATURE

LEARNING FROM

LEADERS BUSINESS OWNERSHIP CAN BE CHALLENGING BUT, IF YOU LOOK AROUND, YOU WILL FIND INSPIRATION IN ALL SORTS OF PLACES. SO, IF YOU WANT TO LEARN, WHY NOT LEARN FROM THE BEST? Here, we have curated some words of wisdom from one of the world's most recognisable business people: Mark Zuckerberg.

Mark Zuckerberg is an American entrepreneur and the co-founder of Facebook, one of the world’s largest and most influential social media platforms.

He launched Facebook from his college dorm at Harvard University in 2004, and achieved a net worth of $34.8 billion by the age of 31.

As Facebook’s CEO, Zuckerberg has played a significant role in shaping the landscape of social networking and has become the most prominent figure in the tech industry. As far as 'quotable notables' in business go, he's right up there.

We said at the top that running a business can be challenging, but if you don't challenge yourself, if you don't take a risk, how can you succeed? Or, in the words of Zuckerberg, “in a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

We're going to call this Zuckerberg's Lesson #1.

Put another way, you need to try things. If something doesn't work, at least you can learn from 08

"I'm here to build something for the long-term. Anything else is a distraction." from the experience and adopt a different approach.

This isn't new thinking but, when you are consumed by the day-to-day of running a business and working all the hours you can, it's important to take time to think and reflect.

Zuckerberg's Lesson #2: “Move fast and break things. Unless you are breaking stuff, you are not moving fast enough.”

As your business grows, you will look to take on staff. When the small business that began with just you, reaches a point where more hands are needed on deck, it's important to make good choices.

FEATURE Obviously, employing people costs money, but it is not just a matter of finance - it's also about culture. You need to hire people who believe in your mission, your vision, and your values. Time for Zuckerberg's Lesson #3: “People can be really smart or have skills that are directly applicable, but if they don’t really believe in it, then they are not going to really work hard. We look for people who are passionate.”

Of course, managing staff takes time out of your day and you need to ensure that, as the leader, you are focusing on priorities, and using your time as effectively as you can.

Remember, there are a finite number of hours in a day and week. Zuckerberg's Lesson #4: “The question I ask myself almost every day is, ‘Am I doing the most important thing I could be doing?’ Unless I feel like I’m working on the most important problem that I can help with, then I’m not going to feel good about how I’m spending my time.”

Law #4 slips quite seamlessly into #5. If you build a business that people can believe in, whether they be customers or employees, if you have a clear direction on what you are trying to do and bring in great people who can execute on your directions, you will be on the right track. AKA Zuckerberg's Lesson #5:

FURTHER INSIGHT FROM

BUSINESS LEADERS “You don’t have to get to 100 percent certainty on your big decisions, get to 51 percent, and when you get there, make the decision quickly and be at peace with the fact that you made it based on the information you had. Perfect decisions only exist in hindsight.”

Steven Bartlett

"Not everyone you meet in life will share your values and vision but as a founder, what makes the brand is you. If you take the easy route, you can often find yourself just doing a job, and that’s definitely not for me."

“Building a mission and building a business go hand-in-hand.”

Resilience is an incredibly important trait for businessowners, and one that is developed by those who live in the Armed Forces community. How you react to challenges, your belief in your own abilities and goals, can make or break you in business. We've all heard the saying that there are two kinds of people in the world: optimists and pessimists.

Zuckerberg's Lesson #6 develops on this: "If you think something is going to be terrible and it is going to fail, then you are going to look for the data points that prove you right and you will find them. That is what pessimists do. But if you think that something is possible, then you are going to try to find a way to make it work. And even when you make mistakes along the way and even when people doubt you, you are going to keep pushing until you find a way to make it happen.”

We hope you’ve enjoyed this first instalment of Learn From the Best and that you recognise the potential power of the qualities and philosophies outlined above. Look out for further famous faces in future issues of the magazine!

Jo Malone

"If you really look closely, most overnight successes took a long time."

Steve Jobs

"Running a business is a very tricky balancing act. Nobody gets it right all the time, even successful business leaders make terrible mistakes, they just recognise them, learn from them and move on."

Deborah Meaden

09

CASE STUDY

ACCEPT AND RESPECT DIFFERENCE WITH

THE BERTS

Childhood sweethearts Andy and Lotty Laverton have been together since they were 15, marrying in 1982. Lotty was an Army spouse throughout the whole of Andy's military career and the pair are now partners in their very own business, We Are Bert Ltd...

10

CASE STUDY

"The number of robots was growing and a few people suggested we should try to sell them. And so, We Are Bert Ltd was born."

Andy served in the REME for 27 years, joining as a boy soldier aged 16, working his way up to Staff Sergeant as an Aircraft Technician on rotary wing aircraft. He was the first British Army Crew Chief to bring the Westland AH64 Apache into service.

The pressure associated with years in military service - and subsequent stressful jobs in civil aviation - resulted in Andy experiencing a period of poor mental health at the beginning of 2023. He was looking for a hobby that would help him to destress and started to use his engineering skills to create robot sculptures from scrap materials.

"At the same time, we were trying to find a way Andy could retire but we needed another income source," Lotty explains. "The number of robots was growing and a few people suggested we should try to sell them. And so, We Are Bert Ltd was born."

The company creates and sells scrap art robot sculptures (The Berts, named after Lotty's great grandfather Herbert – who could never throw away a useful item!) and associated merchandise including art prints, t-shirts, and greetings cards.

Additionally, Lotty has published her first children’s story based on The Berts – Weebert has an Adventure.

Lotty says: "I had always wanted to write, and the stories promote our ethos of ‘accept and respect difference’, kindness, and recycling. Being able to explore our creative side is wonderful - Andy loves building the robots and I love writing the stories and sharing them with children."

It hasn't all been plain sailing however. Andy and Lotty freely admit that a lack of knowledge in setting up the website, the online store, social media, and the financial elements, were a challenge. That said, their 'every day is a school day' philosophy is extremely healthy, as is their willingness to ask for support.

"Even though we have only linked up with X-Forces Enterprise (XFE) in the last few months, the supportive network has been life-changing for us," Lotty explains. "Before joining XFE, we felt alone on our journey and that we were stumbling along in the dark. Since participating in the XFE network - and chatting with other ex-Forces people who have started or are thinking of starting their own businesses - it has broadened our perspective and given us ideas and guidance - we feel truly supported."

Describing themselves as 'olderpreneurs', having started their first business at 60 years of age, Andy and Lotty urge others not to let age deter them.

Instead, they advocate self-belief as well as belief in the business idea itself. They also have ambitious plans for the future, including a children’s television programme based on Weebert and The Berts, so.... stay tuned!

Lotty and Andy Laverton

11

COMMUNITY

MILITARY ENTREPRENEURSHIP

SHOWCASE On Monday, 4th March 2024, the Military In Business® Village returned to the National Transition Event hosted at Silverstone.

12

COMMUNITY

< WATCH This walk about video was kindly filmed and produced by GD Media, one of the ex-military businesses that exhibited, and sums up the energy and positivity among the group.

Showcasing stallholders, all of whom had been supported to start their businesses by X-Forces Enterprise, the Military In Business Village shone a spotlight on military entrepreneurship and the flourishing businesses therein.

With 1000 visitors in attendance, including representatives from the Ministry of Defence and Members of Parliament, the Military In Business Village provided a space for meaningful connections between officials and veterans who have found success through self-employment.

The event also served as a valuable resource for service personnel navigating resettlement, offering insights and inspiration for those contemplating entrepreneurship as a post-military career.

The 2024 National Transition Event was the fourth of its kind, growing year-on-year.

XFE expresses its thanks to Mission Motorsport for organising the National Transition Event, enabling the MIB Village and affirming selfemployment as a sustainable and fulfilling pathway for those transitioning from military service to civilian life.

13

AWARDS

FORMER DEFENCE CHIEF TO LEAD

JUDGING PANEL

"I am delighted to have been asked to co-chair the Soldiering On Awards Judging Panel. The breadth and quality of the submissions will make this both a very hard and yet a hugely rewarding experience that I am looking forward to."

Lt Gen Richard Nugee It is with great pleasure that Soldiering On Awards welcomes Lieutenant General Richard Nugee CB CVO CBE as Co-Chair of Judges.

With an illustrious military career which saw him serve as Chief of Defence People, General Nugee brings unparalleled expertise and a wealth of experience to the judging panel.

His distinguished professional journey in the Army and Ministry of Defence, as well as strategic roles since leaving service, position him uniquely to assume the mantle from Lord Dannatt, who led the judging panel for eight years until 2023.

"Few are as deeply immersed in the Armed Forces community as General Nugee, with a professional pedigree that included principle roles within the Army and MOD, and more recently, leadership positions with progressive societies, small dynamic 14

companies and impactful trusts,” commented Martin Wing, Co-CEO of XForces Enterprise. “Soldiering On Awards is therefore honoured to benefit from his knowledge, experience and passion to cochair our team of respected independent judges."

Judging for the Soldiering On Awards 2024 commenced in earnest immediately after nominations closed on 02 April. General Nugee and his fellow judges face an extremely tricky task - the quality of this year’s nominations is quite incredible.

You can keep up-to-date on Soldiering On Awards via www.soldieringon.org

AWARDS

OPPORTUNITIES AND SKILLS FOR

CADETS

The Soldiering On Academy, an exciting new initiative from the Soldiering On Awards, is poised to revolutionise support for our Tri-Service Cadet Forces, allowing them to ask - and find answers to - the big questions about life both in and out of uniform.

This pioneering initiative is dedicated to serving Cadets and Adult Volunteers, equipping them with essential Enterprise Skills, crucial for their growth and development as future leaders. Building on the success of the Cadets in Enterprise programme, which has been making significant strides since its inception in 2017, the Soldiering On Academy aims to extend its impact by working closely with partners to create diverse opportunities for our young people.

Discussing the Academy’s launch, Ren Kapur MBE commented: “Since its creation, the Cadets in Enterprise programme has been instrumental in successfully influencing government policies and advocating for the inclusion of Cadets in the Government manifesto. The program's landmark event at the London Stock Exchange in 2019, where the first cohorts of Cadets graduated, underscored its commitment to excellence and innovation.

“Now, with the launch of the Soldiering On Academy, there is a shared sense of pride and determination to expand this provision across all three Services, ensuring that many more Cadets benefit from its transformative opportunities and are well equipped to make significant contributions to our nation's future.”

15

FINANCE

SMALL BUSINESS FINANCE MARKETS:

LOOKING AHEAD As a Business Support Partner to the British Business Bank (BBB), X-Forces Enterprise eagerly anticipate their annual Small Business Finance Markets report, which continues to provide a comprehensive and independent assessment of the funding landscape for smaller businesses.

RECOMMENDED READING

“Valuable insight from our partners on the current economic landscape.”

Martin Wing, XFE Co-CEO

In this landmark tenth report, BBB examines how small business finance markets have evolved over the last decade (2014-2023), since the Bank published its first report in 2014.

The last ten years have seen several unprecedented supply side shocks hit the UK economy and smaller businesses. Small business debt and equity finance markets have developed over the decade, with a greater number and diversity of providers and products, to better support businesses at all stages of their development. External finance remains an important resource for businesses responding to challenges and taking advantage of new market opportunities.

16

FINANCE

Of particular interest to the X-Forces Enterprise community are the four key issues the Bank has identified for smaller business finance markets over the next decade:

1

2

Smaller businesses contribute a sizeable share of the UK’s Green House Gas (GHG) emissions, but face difficulties transitioning to net zero. Over the next decade, finance markets will have a critical role in funding new innovations and smaller businesses adoption of cleaner technologies, supporting smaller businesses transition to net zero. The British Business Bank will work alongside finance providers and the Government to create a modern green economy.

Artificial intelligence (AI) has the potential to shape small business finance markets over the next decade.

Finance providers are already using predictive AI but generative AI is creating new opportunities, with fintech and new entrants leading the way in its adoption.

Going forward AI could help increase the availability and lower the cost of finance to smaller businesses helping to address some of the finance market challenges outlined earlier. The British Business Bank is helping to support the development of fintech and finance providers using new technologies and delivery models.

3

4

Interest rates are unlikely to return to the ultra-low levels seen in much of the last decade. Finance markets have already begun to accommodate the new higher interest rate environment, but smaller businesses will need to adapt.

This will put pressure on small business investment and survival in the short-tomedium term. The British Business Bank aims to continue to drive sustainable growth by ensuring businesses can access the right type of finance they need to start, grow and thrive. It will do this by ensuring there are a range of finance solutions available in the market to meet different business needs.

Recent economic conditions have resulted in rising small business closures. Whilst this creates disruption in the short run, this could result in a more dynamic economy if resources are freed up to be redeployed into new productive uses. The creation and growth of new and innovative businesses will help the UK economy to become more resilient to future shocks and disruption and take advantage of new opportunities. The Bank’s Start Up Loans and early-stage equity programmes remain targeted at supporting the new start-up businesses that are vital to the UK economy.

Louis Taylor, CEO, British Business Bank, said: “This year’s report sees a continuing increase in businesses seeking alternative finance options, evidenced by further growth from challenger and specialist banks, and asset finance providers. This is indicative of a persisting trend of finance markets offering a wider range of finance to smaller businesses with diverse finance needs.

"Although equity investment fell last year to levels last seen immediately prior to the pandemic, it is still healthy by historic standards. While there was a decline in activity in the second half of 2022, it is positive to note that investment appears to have stabilised in 2023, and at a relatively high level when looked at over the longer term.”

You can read British Business Bank’s Small Business Finance Markets report in full here.

17

GROWTH

FUNDING FOR GROWTH: IT’S ALL ABOUT CHOICES THE NEW XFE BUSINESS FINANCE PLATFORM WIDENS ACCESS TO FUNDING FOR ARMED FORCES BUSINESS OWNERS X-Forces Enterprise (XFE) has launched a new quick search platform in partnership with global fintech Swoop that quickly matches business owners in the Armed Forces community with growth funding options.

XFE recognises that finance is the critical enabler in growth for businesses, however, to seek out all the options can take a lot of time - a resource that is limited for many small businesses.

The new XFE Business Finance Platform offers an easy-to-use solution and tailors results to the business profile. As well as sifting through borrowing offers from mainstream banks and alternative lenders, the platform can connect the user with business angels, venture capital investors and crowdfunding investors, and find equity investors via government initiatives.

Furthermore, the XFE Business Finance Platform displays the most relevant grant funding and can also source some of the best deals to make savings on business bank accounts, credit cards, and energy bills.

18

“We recognise the importance of exploring diverse finance options for sustainable growth; our aim is to break down barriers and provide support to businesses of all sizes, regardless of their location or demographic. Swoop's pioneering technology powering our new platform will be pivotal in this endeavour and a valuable asset for the community."

Ren Kapur MBE, XFE CEO and Founder

GROWTH

“By joining together on this platform, we aim to unlock new opportunities for this community of entrepreneurs, enabling them to navigate the financial landscape effectively and realise their business growth ambitions."

Tom Butterworth, Senior Equity and Strategic Partnerships Manager at Swoop

XFE carefully selected Swoop as a trusted channel partner for the Military In Business® community.

Swoop is a chosen associate to all major banks in the UK and Ireland, is approved by the Competition and Markets Authority and is fully authorised and regulated by the Financial Conduct Authority.

Swoop has bank-grade security that encrypts and protects members’ important personal and business information and uses measures like double-factor authentication to guard access.

XFE BUSINESS FINANCE PLATFORM

POWERED BY

Join at:

x-forces.swoopfunding.com 19

JUST FOR FUN

PAGES S D O P & TRAN SF YOUR LIF ORM E TINY CH WITH ANGES IN BEHA VIOUR

TEST YOUR KNOWLEDGE IN OUR

TRIVIA TEASER

AND BACK THE COMMUNITY!

An international bestseller with 1 million copies sold, "Atomic Habits" by James Clear is a transformative guide that unlocks the secrets to harnessing the power of small habits for massive, long-term change.

In each issue, we'll present a forces-related trivia question, and the champion will snag a prize from a valued member of the Military In Business community.

This time, we've chosen The Chocolate Soldier, a veteran owned business that celebrates the rich traditions of service life to bring you an exceptional, hand-crafted chocolate experience.

QUESTION: Which British politician said in a radio broadcast in October 1939, "I cannot forecast to you the action of Russia. It is a riddle, wrapped in a mystery, inside an enigma."

Send your answer in an email with ‘Trivia Teaser’ as the subject to editor@x-forces.com. The winner will be drawn at random from all correct entries on 17 May 2024. Good luck!

20

S OF STORIE HAVE E TH AT RE PEOPL U D CULT DEFINE HIEVED AND AC ESS N GREAT

Entrepreneur and ‘Dragon’ Steven Bartlett sits down with some of the world's most influential people, experts and thinkers. Apple's number one podcast in the UK in 2023.

BROUGHT TO YOU BY

X-FORCES ENTERPRISE

www.x-forces.com editor@x-forces.com @xforces XForces X-Forces-ltd officialxforces

MILITARY IN

BUSINESS MAGAZINE EMPOWERING ENTREPRENEURS FROM THE ARMED FORCES COMMUNITY