Empowering Veterans in Business: A Path to Independence and Success
A minority of transitioning service members and veterans think about working for themselves rather than working for someone else. This is natural, since the majority of Americans work for someone else, because working for themselves feels pretty risky; an ironic feeling for those who raised their right hand to risk their lives for the United States. However, just because something is natural doesn’t mean that you should follow your first feeling. Rather, you should think about starting your own business.
Recent statistics shed light on the growing trend of veterans embracing entrepreneurship as a viable career path post-service. According to the U.S. Small Business Administration (SBA), veterans own approximately 2.52 million businesses, constituting 9.1% of all American businesses. These veteran-owned businesses generate over $1 trillion in sales and employ nearly 5 million people.
The rise in veteran entrepreneurship can be attributed to various factors, including targeted support programs, increased awareness, and the alignment of military skills with business needs. For example, the SBA's Office of Veterans Business Development reported a significant increase in veterans accessing their entrepreneurial training and financial assistance programs in recent years.
Furthermore, studies have shown that veterans are 45% more likely to be self-employed than non-veterans. This inclination towards entrepreneurship is often driven by the desire for independence, the ability to apply military skills in a new context, and the opportunity to create value in the community.
In specific industries such as defense, security, and technology, veteran-owned businesses have seen remarkable growth, capitalizing on specialized knowledge and networks developed during military service. State-level initiatives, such as the New York State Service-Disabled Veteran-Owned Business Act, California’s Disabled Veteran Business Enterprise (DVBE), and Texas’s Historically Underutilized Business programs empower veteran-owned businesses to excel.
These statistics not only highlight the significant contribution of veteran entrepreneurs to the U.S. economy but also underscore the potential for further growth and success in this sector. The increasing recognition of veterans' unique capabilities, coupled with targeted support and incentives, is fostering a dynamic and thriving community of veteran entrepreneurs. Whether transitioning from active duty or seeking new challenges in civilian life, veterans are finding entrepreneurship to be a fulfilling and impactful career choice.
Our team’s driving force is to help service members and veterans be successful in business. Therefore, if you don’t know how to start or you are trying to figure out which veteran programs are right for you, schedule a time to chat with one of our certified Veterans Business Coaches.
