Veteran Owned Businesses in America . . . An Honor or a Challenge

After World War II, 49.7% of returning veterans owned and operated a business. After the Korean War, that number fell to 40%. It’s been falling ever since – in 1996, just 12.3% of young veterans were small business owners. And today, only 5.6% of post-9/11 veterans have taken the entrepreneurial plunge. That is according to a new study of veteran small business owners, conducted by the Institute for Veterans and Military Families at Syracuse University (IVMFSo why are we losing a potential class of business owners who come out of the military well equipped with important entrepreneurial skills such as leadership, teamwork, focus, organization and diligence? Indeed, a study by Experian found that veterans tend to own businesses with larger employee bases and have more longevity than non veteran-owned business. What’s more, about 25% of transitioning service members want to start a business, yet few veterans have the network, resources, or support they need to start and grow their ideas. Veteran business owners cite difficulty accessing capital as one of three core impediments to starting or expanding their businesses. Limited or no opportunities to network and difficulty developing mentorships were the other top blockers. More veteran business owners — 59.4 percent — use personal and family savings for their businesses versus their non-veteran counterparts. They are less likely to use bank loans than non-veteran entrepreneurs. Veteran-owned businesses employ over 5 million U.S. workers and cover a payroll nearing $200 billion, the report said. If the trends continue among younger veterans, this number could continue to go down as would the incomes for households of veteran entrepreneurs who have higher incomes and greater wealth. “We cannot continue to watch as veterans become a smaller and smaller part of the U.S. entrepreneurial populations. We must continue to encourage them to pursue this path, and support them every step of the way.” Today, joining me is a Veteran, while he has had massive struggles, he is making his own pathway and included in that is bettering the lives of his fellow soldiers. Did I say he is British? Tune in and find out more about how Baz Porter is making a difference and changing lives that have been in harms way!