In the United States, of the more than 27 million small businesses, more than 2.5 million (9%) are veteran owned. The success rate of these startups is high in comparison to other business start-ups. In fact, veteran-owned businesses employ more than 5.8 million people in the U.S., and veteran-owned businesses generate more than $1.2 trillion in sales per year. Veterans bring outstanding advantages to the entrepreneurial game. They are equipped with discipline, perspective, leadership ability, and the learned skill of seeing problems as opportunities.
That’s why the military make such great entrepreneurs, according to Inc.com “The lessons learned and lived in military service like leadership, teamwork, competitive spirit, mission-orientation and ambition are the same attributes needed to succeed in business,” the National Veteran-Owned Business Association (NaVOBA) says on its website. Going from service member to CEO is a more natural transition than many veterans realize, according to Military Times.
And, a study from the Small Business Administration (SBA) Office of Advocacy reported that veterans are about 45% more likely to become entrepreneurs than people with no active-duty military experience. You can find five tips to get you started from Entrepreneur here. Investors appreciate vets The success of veteran entrepreneurs has not gone unnoticed by investors. A growing number of veteran-owned startups are gaining traction with investors, customers and the market. Investors are drawn to the deal flow and potential returns as they hear about more and more good exits from veteran-run companies or about other companies growing at the scale needed for successful equity investment.
Discount for veterans and military personnel
Spring Arbor University coordinates veteran and active military student benefits through the Office of Registration and Records. SAU offers a 30% discount to veterans and active military personnel. Learn more here.