Veterans do an excellent job of protecting our nation. What's lesser-known is that their contributions play an immense role in influencing the business world. Based on the US Census Bureau statistics, over one in ten US business owners is a military veteran. Veterans outshine others when forging a company from the ground up.
Let's see how the skillset and experience of a veteran can help them succeed in business entrepreneurship.
What Do Statistics Say About Veterans in the US?
- There are around 3 million veteran-owned businesses in the US.
- These veterans employ around 5.7 million people. This number is equivalent to $1.2 trillion in sales and $210 billion in yearly payroll.
- Veterans own around 30% of the businesses in the US. These veterans constitute just 8% of the entire population in the US.
- According to the Small Business Administration, around 7% of veterans-owned businesses have been running for more than ten years.
What Qualities Help Veteran Entrepreneurs to Succeed?
Working in a team is necessary for entrepreneurs who want their businesses to go beyond sole proprietorships. As teamwork is an integral component in military culture, veterans are ideal for operating a business.
Another essential trait of veterans that helps in business is their leadership qualities. This attribute enables entrepreneurs to build concrete expansion strategies, encourage employees, and deliver several intangibles that impact a company's trajectory.
Discipline, dedication, and focus are the three critical attributes that define the life of military ex-servicemen. These qualities help in rapid growth and greater productivity.
Performance Under Pressure
Constant pressure follows the life of an entrepreneur. Whether they represent investors or try to attract early customers, an entrepreneur has to deal with pressure situations. Military veterans are assigned high levels of responsibility and pressure. They are well equipped to deal with entrepreneurial-related stress.
Willingness to Sacrifice
Entrepreneurs may need to give up their quality time, sleep, and social lives. Sacrifice is an integral aspect of military service. Several veterans have to live far away from their families. Veterans-turned-entrepreneurs are ready to give up their conveniences and comfort for the growth of their businesses.
Top Veteran-Owned Businesses That Are Attracting Investors:
A leading grooming company owned and run by USA-based Marine Corps veterans, Johnny Slicks offers a comprehensive line-up of premium organic grooming products for hair, beard, and body. They are entirely handmade, non-animal tested, and free from toxins.
Their hair products include organic clay and oil-based pomade, shampoo, and conditioners that promote healthy hair growth and prevent future hair fall. Johnny Slicks' products offer a stronghold, natural shine, and a matte finish.
Some products cater to true beard bearers' needs, such as creamy and smooth Organic Shave Soap, Organic Beard Oil, Maple Slicks Beard Oil, Omega Beard Oil, Alpha Beard Oil, and Organic Hand Whipped Beard Wash, Beard Growth Kit, and more. All these products are purely organic and hand-whipped, promoting clean and dense beard growth.
RideScout is an app that offers transportation information for cell phones. Being acquired by a subsidiary of Daimler named "Moovel" this company provides impressive returns for its investors.
Critical Intelligence is a cyber-security company that collaborates with various key power companies that generate impressive revenues. It is among those forty firms assisted by Vet-Tech that assist veteran-driven startups in expanding their ventures.
Troopswap is an e-commerce platform and verification engine designed for veterans and their family members. The platform attracts investment from venture and angel capitalists and thrives in employee-base and sales.
Why Veterans Have Higher Chances Of Running a Successful Business Venture
According to the study conducted in 2009, veterans show more entrepreneurial personality characteristics compared to civilians.
Veterans possess an excellent combination of winning attitude and military experience. Additionally, there are a few other qualities that make them promising entrepreneurs.
Successful veterans are anti-bureaucrats. They are flexible and can work in any challenging or straightforward/demanding conditions. They are trained to handle pressure cooker situations or "do or die-based situations," whether in strategic planning or on the battlefield. Veterans support their teammates that help them when running a business.
Veterans possess strong leadership skills, mission-orientation, ambition, competitive spirit, and teamwork since the initial stages of their career. They are knowledge seekers and like to work in small teams. They are self-driven and highly motivated. They are strong decision-makers and know the best route to execute their plans.
Veterans possess exceptional personality traits coupled with military training, which sets them up to be successful entrepreneurs. Each veteran has a set of perspectives and experiences that help them transform their business ambitions into successful ventures.
Organization: Johnny Slicks
Name: Johnny Slicks
Website URL: https://johnnyslicks.com/
Email: [email protected]
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