Tuesday, 9 July 2019
United States veterans are at least 45 percent more likely to launch a small business than their fellow citizens without military experience, according to the most recent figures from the U.S. Small Business Association.
In fact, a full 2.5 million businesses— which is nine percent of small businesses in the United States—are majority-owned by someone with active duty status on their resume.
Experts explain this trend as a combination of military experience that renders veterans less risk-averse, combined with an abundance of resources for Americans with military backgrounds. This high participation in entrepreneurship is met with rich government and academic resources. Veterans interested in starting or growing a business can get a head start through these resources:
The U.S. Small Business Association is an excellent portal of information for entrepreneurial veterans. Key features include:
Under the SBA, the Office of Veterans Business Development program is devoted to helping veterans become entrepreneurs. Their programs include:
Some branches of the armed forces also have their own small business programs:
Another important resource for veterans is the U.S. Department of Veterans Affairs. This agency helps small businesses earn certifications as "veteran-owned" or "service disabled veteran-owned," which are designations that can make a business eligible for procurement programs.
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