Veteran Owned Businesses Succeed More Frequently
Veterans have a big impact on the American economy. Did you know that 2.4 million small businesses in the United States are veteran-owned and employ over 5.8 million people? Entrepreneurship is a major career path that many veterans consider because of the many skills they acquire during their active military service. Therefore, what are some of those skills that make veterans good entrepreneurs?
Discipline amongst veterans supports their ability to cope with any planned and unplanned operation or situation. This skill trains veterans to face challenges as an opportunity to grow, learn and find new ways to solve problems. As we know, owning and operating a business comes with many challenges and being a disciplined owner helps you make the right decisions.
Successful entrepreneurs are those who can motivate and bring the best out of their employees. Those who set the time to mentor and coach their staff. Veterans naturally transition to leadership roles in business and the community because of their experience. They are willing start at the bottom and work their way up. They understand the idea that you must be a follower before becoming a leader. They were part of a team that depends on one another in life and death situations that experience allows them the ability to select, manage, and grow their team and business.
Being in the military is not just a job; it is a lifestyle and a big commitment. People join the military to be a part of something bigger than themselves. Entrepreneurship has the same concept. People become entrepreneurs to create something bigger than they do and to solve a problem that is effecting many people in their day-to-day lives. This effort takes time, patience, discipline, and most importantly, dedication because you must believe in what you are doing just as they believe the military is to protect our freedoms and make our lives better.
The Bottom Line
Discipline, leadership, and dedication are just a few of the strength and skills that many Veterans bring to the business world. Being equipped with these supports the adventure of starting and growing a business. Veterans do so much for this country, we owe everything to them and so we want to encourage more to start a business once their time in the service is complete.
Additional Stats to Support Veteran-Owned Businesses
- Veteran owned businesses are almost 20% of all small businesses in America but Veterans are less than 5% of the workforce in America.
- Veteran owned businesses are 80% more likely to succeed than non-veteran owned
- Veteran owned businesses pay their employees an average salary of $36,000 while non veteran owned businesses pay an average of $30,000.
- Almost 40% of all veteran owned businesses have yearly revenue over $500,000.
These stats are provided by the National Veterans Foundation