Four Truths Every Veteran Entrepreneur Needs to Know
Why your military experience is your unfair advantage in business
“Veteran entrepreneurs bring unique strengths to the business world: a comfort with risk, a strong desire for self-employment, a significant contribution to the economy, and the wisdom of experience gained over time. Combined, this is our superpower.”
Introduction
Veteran entrepreneurs, like me, are individuals who have served in the U.S. military and subsequently started their own businesses, leveraging skills gained during service.
Our journey is marked by a distinctive relationship with entrepreneurship, dating back more than half a century, with veterans historically more likely to own businesses than non-veterans.
Why is that? And what else about this population stands out that would encourage you to start your own business?
If you don't think you have what it takes to start a business, you do. Here are four truths you need to know about veteran entrepreneurs.
1. We're Comfortable in the World of Risk
(Source: Unsplash.com)
Veterans own 13.2% of all finance and insurance businesses in the U.S., despite making up only about 7% of the population, according to the U.S. Census Bureau and Small Business Administration.
READ MORE: 8 Awesome Facts About Veteran Entrepreneurs
This disproportionate representation highlights a strong presence and success in these sectors, due to skills gained through military service, like discipline, risk management, and attention to detail.
This fact shows we excel in industries that require significant financial acumen, which may not be immediately associated with veterans—I'm looking at you, the E-3 who financed a Dodge Charger at $55,000 with a 22% APR over 85 months.
Yet the point remains, if we're overrepresented in the risk-fraught world of finance and insurance, we can certainly excel in other sectors like manufacturing and technology.
2. We Want to Work for Ourselves
Research from the U.S. Small Business Administration indicates that veterans are nearly twice as likely to be self-employed compared to non-veterans. In fact, we are 45 percent more likely to start our own business compared to our civilian counterparts.
READ MORE: The Largest-Ever Study on Veteran Businesses and Their Owners Needs Your Help | Military.com
This means we prefer independence because it aligns our experience and leadership training, inspiring transitioning service members to consider entrepreneurship as a viable path toward creating wealth.
From my own experience, I know this is true. I love being my own boss and contributing to the successful growth and development of our client and team. You can find that same satisfaction by being a business owner.
3. We Fuel America's Economic Engine
Veteran-owned businesses contribute over $1 trillion in annual sales and employ 5.5 million workers in America.
READ MORE: A Profile of the Nation’s Veteran-Owned Businesses | census.gov
This economic powerhouse status, rivaling the GDP of many countries, is surprising given our relatively small proportion of the population, showcasing our potential for significant impact. If nothing else, this should encourage transitioning service members to see the scale of opportunity by pursuing entrepreneurship.
4. We're Late Bloomers
A Bunker Labs Veterans in Residence cohort member pitching her business during a Washington, D.C. pitch competition. (Source: Evocati PR)
An impressive 74% of veteran-owned businesses are owned by individuals over 55, according to a 2020 report.
READ MORE: By the Numbers: U.S. Veteran-Owned Businesses | 2020 - SmallBusiness.com
This directly challenges the notion that entrepreneurship is primarily for the young, showing that many of us leverage our life and military experience later in life.
I didn't start Evocati PR until I was 38 years old, having worked in the federal and nonprofit sectors for nearly 12 years. If you want to spend time working professionally before you start your business, that's okay. Look at it as an opportunity to invest in yourself, gaining confidence to one day go out on your own and prove your mettle. It's never too late in life to start a business.
You Got This
Mark Szymanksi (left). CEO at Evocati PR and Barrett Y. Bogue (right), President & Founder at Evocati PR pose for a photo at the Nonprofit Communications of the Year Award Ceremony presented by Ragan Communications. (Source: Evocati PR)
In summary, veteran entrepreneurs bring unique strengths to the business world: a comfort with risk, a strong desire for self-employment, a significant contribution to the economy, and the wisdom of experience gained over time. Combined, this is our superpower.
READ MORE: 3 Bootstrapping Lessons from the President & Founder of Evocati PR — Evocati PR
If you're a veteran considering entrepreneurship, or if you're already on your journey and seeking guidance, I'm here to help. Feel free to reach out to me for business coaching and support.
I'm passionate about empowering veterans to achieve their entrepreneurial goals, and I'd love to connect and discuss how I can assist you in turning your vision into a reality.
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