Business Owners · GovX · Successful Business Owners · Veteran Owned Businesses · Veterans · Oct 15, 2022

The Link Between Veterans and Entrepreneurship

Veteran Contributions to US Businesses

Did you know that veterans are almost twice as likely to be self-employed than non-veterans? Veteran-owned businesses also account for almost one in 10 US businesses, and a whopping 22% of veterans will start or purchase a business after their service time. The stats don’t lie—there’s a clear link between veterans and entrepreneurship.

There are a few common explanations for why this link exists, but the most likely is that veterans learn skills and values that represent strengths in the business world. Let’s take a closer look at a few areas where veterans excel, and how their business lives are affected.

Veterans can adapt quickly to changing circumstances.

As any entrepreneur will tell you, running a business is a constant exercise in letting go of expectations. Businesses are constantly evolving, and entrepreneurs need to be able to adapt and move on to succeed.

Whether supply chain challenges disrupt production, a new social platform has a steep learning curve, or a sales tactic that worked in the past isn’t working anymore, entrepreneurs have to be comfortable in the face of change.

Veterans are used to changing their plans on a moment-by-moment notice, adapting to whatever new information has come in. Their ability to pivot with a positive attitude is a tremendous business asset.

Veterans stay calm under pressure.

Next, veterans are especially skilled at remaining calm under pressure. Military service is a stressful life chapter for most service members, so our veterans have received useful training to remain level-headed in an emergency.

While most businesses won’t encounter stress that rivals military service, veterans can apply the same demeanor to running a business. Unexpected setbacks, mistakes, and emergencies typically won’t affect a veteran’s temperament to the same degree as a non-veteran.

Veterans are resourceful.

Another strength among veterans is resourcefulness. Veterans have learned to be scrappy and proactive when faced with problems or limitations. They’re likely to get creative with the resources that they have, finding a way to make the impossible possible.

Business owners often face similar limitations, especially in the early days, months, and years of their businesses. Bootstrapped businesses face the most extreme versions of these challenges, stretching their resources as thinly as possible until profits can pick up the slack.

For veterans, these moments are a chance to rethink what’s available and make it work by any means necessary. When you need a solution to a tough problem, ask a veteran!

Veterans are disciplined.

Finally, veterans are no strangers to hard work. They know what needs to be done, and they’ll make it happen no matter what. Veterans are accustomed to working under self-discipline, meaning they don’t need outside accountability to stick to their commitments.

For business owners, this discipline is especially important for early milestones that require self-leadership to get off the ground.

Key Takeaways

Our veterans deserve gratitude and respect for countless reasons, but their contributions to the US business space are often overlooked. Chances are, a business you know and love was started by a veteran. Take a look around and see what you find!