Starting and running a business presents a unique list of challenges that require small business owners to be disciplined and resourceful in order to succeed against larger competitors. Veterans of the U.S. Armed Forces have been an integral part of the small business landscape with almost 50% of World War II veterans owning their own businesses. According to the Small Business Administration (SBA), there are 2.4 million veteran-owned firms throughout the U.S. today.
We’ve seen those with active-military experience exhibit a set of skills that uniquely position them for success in their business endeavors. Here are a few of the key characteristics veterans possess that make them good entrepreneurs, along with a list of available resources and veteran loans to help them translate these characteristics into business success.
Military experience reinforces discipline
Entrepreneurs must be prepared for obstacles in the road because as most know, they are sure to come. Veterans have the ability to stick with difficult tasks until they’re complete, despite any hardships they experience along the way.
Veterans aren’t intimidated by a challenge
Veterans are not likely to quit at the first sign of challenge and can experience small business success by seeing problems as opportunities. Their boldness and persistence are two entrepreneurial benefits that will help them in achieving their goals.
Veterans are strong leaders
Veterans’ experience with leadership during their service uniquely positions them to be leaders in business. Effective leaders should inspire loyalty and conviction in their teams, qualities that can be found throughout the ranks of the military.
Veterans get the job done with the resources available
Entrepreneurs must continuously use what’s at hand to accomplish tasks. Veterans’ ability to be resourceful while finding innovative solutions to problems is an entrepreneurial benefit. Luckily, there are numerous veteran loans and small business resources available specifically for veterans. To help, we’ve compiled a list of resources available to assist veterans in developing a plan to secure veteran loans and hone their marketing and financial management skills.
- The U.S. Department of Veteran’s Affairs Office of Small & Disadvantaged Businesses
- Veteran Entrepreneur Portal (VEP)
- V-Wise: Women’s Veterans Igniting The Spirit of Entrepreneurship Program
- Entrepreneurship Bootcamp for Veterans With Disabilities Program
- SBA’s Office of Veterans Business Development
- Your local SBA office
- The Pursuit team
While many veterans possess the traits necessary to become successful entrepreneurs, it can be daunting to get started on or return to your business. Much like life in the military, you don’t need to go at it alone. Pursuit offers a Veteran Loan Program, providing small business loans for veterans to support their needs. Loans are available for working capital, business acquisition, purchase of real estate, machinery, and equipment, etc., and are accessible at a below-market fixed rate for current or former members of the United States armed forces.
By sharing the resources available to veteran small business owners, we hope to help veterans leverage their skills, talents, and experiences to become successful entrepreneurs. To all veterans, we thank you for your service. Contact us today if you need assistance with your small business.