Do military skills lead to veteran entrepreneurship?
An examination of research on veteran business owners has been released by the Institute for Veterans and Military Families (IVMF) at Syracuse University. The assessment, covers a wide-range of areas connected to self-employed veterans, highlights gaps in existing literature and key traits that may contribute to veteran entrepreneurship, and calls for further research in the areas of self-employed women veterans and minority veterans.
Legion small business workshop life-changing for veteran
U.S. Army veteran Rodney Jenkins attended an American Legion Department of New Jersey Boots to Business workshop earlier this summer to learn more about entrepreneurship. He left wanting to serve his fellow veterans.
Jenkins was so moved by the Legion’s efforts to assist New Jersey veterans that he joined the department’s headquarters post and is looking toward finding a local post to settle in down the road.
“When I came back (from the workshop), I just wanted to do so many things for veterans … those who’ve been in the situation I’ve been in before,” Jenkins said. “I guess the business wasn’t the part I needed. The part I needed was … helping people. That’s what I got out of it. Words cannot really describe what I felt. But I’m enthused.”
The 63-year-old Jenkins served in the U.S. Army from 1971 to 1974, serving in Germany. In his 40-plus years since leaving the military, “I just hadn’t been that interested (in joining the Legion),” he said.
But that changed after it was suggested he attend the Boots to Business Workshop in Toms River, N.J. The workshops – a collaborative effort with the U.S. Small Business Administration, and local and state employment agencies – provide entrepreneurship training for veterans who want to start, expand or purchase a small business.
SBA executive: How more veteran-owned small businesses can keep America strong
from Military Times
Veteran-owned small businesses have always been a pillar of America’s economy, but they are in a generational decline.
More than 1.1 million veteran business owners are over the age of 65, and in 2014, only 4.5 percent of Post-9/11 veterans started a business, according to the Bureau of Labor Statistics. When considering that nearly half of World War II veterans and 40 percent of Korean War veterans started businesses, the differences are stark.
How Military Veterans Are Becoming ‘Athletes Of Valor’ As Entrepreneurs
3 Smart Business Ideas for Veterans
That may be one reason veterans own 7.5% of the nation’s 5.4 million businesses with employees, according to the most recent data from the U.S. Census.
“People think of entrepreneurs as crazy risk takers, when in fact they are very calculated risk takers,” says Misty Stutsman, director of the Center of Excellence for Veteran Entrepreneurship at Syracuse University. “It’s the same thing in the military. You often have to make big decisions off of limited information.”
If you’re a veteran who’s thinking about taking an entrepreneurial leap, coming up with an idea for a small business is the first step.
Here are three options to consider:
1. Become a franchise owner
One idea is to buy a franchise. This was the choice of 5,608 veterans who became franchisees from 2011 to 2014, according to the Franchise Business Review’s 2014 Veterans in Franchising report.
With a franchise you don’t have to start from scratch to grow a new brand. Also, the systems and procedures are already in place, and you can get training and support from the franchisor.
These Programs Are Helping Veterans to Get New Businesses Off the Ground
Today’s generation of veterans enter a different business world than their predecessors. Luckily, there’s help.
by Jason Daley
Air Force major Angela Cody-Rouget was once responsible for America’s nuclear arsenal. She was a missile launch officer, stationed inside an underground control center. The job required a mastery of endless systems and protocols, and she felt she’d gotten a lesson in “organized chaos.” So when it was time for her to transition into civilian life about a decade ago, she decided to play to her strengths: She’d build a business around being organized.
The Unique Perspective Veterans Bring to Businesses
Veterans like Stan Roberts have served our country in a myriad of ways. As a United States Marine, Stan served three tours in Iraq. He received many combat-related awards before he lost his leg and was medically retired.
After 11 years with the military, Stan had to reset his plans of entering law enforcement, where he had hoped to continue to serve others. At 30, he decided to go back to school to study cyber security and information systems.
Gen. Petraeus: Smart businesses invest in veterans
Gen. David Petraeus, KKR Global Institute chair, and Paul Rieckhoff, Iraq war veteran and IAVA founder & CEO, discuss the skills and benefits veterans bring to the workplace.