As troops begin returning home from overseas, an increase in the number of businesses owned by former military personnel may be on the horizon. According to the U.S. Small Business Administration, 25 percent of soldiers and other military personnel coming back from Iraq and Afghanistan show interest in owning their own businesses. Currently, over 3 million businesses are run by veterans in the U.S.
Applying Military Skills to Entrepreneurship
One reason many military personnel find operating their own businesses attractive can be attributed to the skills learned during their service.
Serving in the military teaches courage, discipline, and determination; valuable traits to possess when starting up a business. Additionally, the dangerous and high-risk situations many soldiers encounter while serving can be advantageous to people entering entrepreneurship; since running a business includes coming up against the unknown.
Further, many soldiers simply find a dissatisfaction with the 9-5 norm and wish to make a living on their own terms; a trait that stimulates many entrepreneurs.
Work Ethic, Instincts, Knowledge
Additionally, former military personnel who start their own businesses after returning from service and perform admirably is due to work ethic. Learning discipline and the ability to work hard to accomplish a goal transitions well for veterans entering the business world.
Some say that military veterans also possess instinctive traits learned from the battlefield and apply these same instincts when making decisions that pertain to their business.
Serving in the military also provides an understanding and knowledge of different government agencies, procedures and protocols. This knowledge has helped veterans create quite a niche for themselves in the business world.
Financial Advantages
Yet more attractive reasons exist for military personnel wishing to start up a business. Financial advantages including grants and loans are available for veteran business owners. The Patriot Express Loan Pilot Program offers low interest loans to veterans and the military. In fact, the SBA has approved over 6,500 Patriot Express loans since the program was created in 2007. Additionally, veteran non-profit and mentoring organizations are available to help veterans starting out.
While acclimating to the private sector is not always easy for veterans and is not without its problems, many possess skills beneficial to the business world and have a proven track record of success.
