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Returning Veterans Open Successful Businesses

January 23, 2014

Recent data from the United States Census Bureau show that close to one-tenth of all small businesses are owned by veterans. Former military personnel are more than 40 times as likely as non-military peers to work for themselves, with officers the most likely to seek out self-employment opportunities. Veteran-owned businesses produce in excess of $1 trillion and provide jobs for close to 6 million employees.

Veterans have started a variety of successful businesses after their tours of duty. One group of friends who served in the U.S. Navy and Marine Corps came up with an idea for an enhanced nutritional supplement that would meet the needs of people living under rigorous conditions. One of them developed the idea between deployments and earned an advanced degree in financial management after returning home.

Another veteran owns a software consulting firm and business that produces software for health care management. Other recent veteran-owned ventures include innovative restaurants, real estate and financial management companies, and a range of cleaning and concierge services. Many such organizations go out of their way to give back by hiring other veterans.

Some experts theorize that military service enhances self-discipline, organizational aptitude, and comfort with risk. Veterans may also be more flexible about seeking assistance from anyone with desired knowledge and training, regardless of position in a hierarchy. Disabled veterans in particular may gravitate toward being their own bosses, since the independence enables them to manage their ongoing conditions more easily.

Every year, the United States Small Business Administration assists thousands of veterans through its array of entrepreneurial training programs and access to start-up loans and federal contracts.

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From → Lois Pope

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