Having an entrepreneurial mindset, many Veterans choose to go into business for themselves when they discharge from the military. As reported in Success Factors for Veteran Entrepreneurs, January 2019, the National Association of Veteran Serving Organizations (NAVSO) reported from their research that “Veteran-owned businesses are an important economic engine for the U.S. Currently, veteran-owned businesses account for 9.1% of all U.S. business and contribute nearly $1 trillion to the economy.”
With that said, having an entrepreneurial mindset isn’t enough to have a successful business. A study was done to test veteran business success. The qualitative research and observations of successful organizations proposed that businesses are more likely to succeed when they engage in certain practices. A combination of business characteristics and business practices are vital to its success.
Veterans who desire to own their own business must surround themselves with a team of support, be willing to overcome entrepreneurial challenges, and stay focused on their mission. There are many programs, organizations, and service providers to help in the entrepreneurial journey. Find the ones that best suit you and your needs and be committed to implement the resources, coaching and mentoring they provide.
Do you want to learn more about the value veterans bring to the civilian workplace and how you can get prepared to be a veteran friendly employer? If so, request a free consultation here.