Why do military veterans make great business owners? Let us count the reasons why.
A lot of military veterans succeed in business. According to the data of the U.S. Small Business Administration (SBA), of the four million veterans who own and operate their own small business, about 68% are still expected to own their businesses ten years later. Needless to say, the scenario is a lot brighter as compared to other civilian-owned startups which generate an average 80% failure rate.
The success of veteran entrepreneurs can very well be attributed to the discipline and leadership experience they acquired in the service. They are more likely to succeed in business for the following reasons:
They are trained to take action. Service members are what you may call “movers and shakers“. If something needs to be done, they don’t just sit around and wait for others to do it.
They know the value of dedication and perseverance. Running a business is never an easy job but you can make it work with hard work, dedication and determination – values that are often ingrained in the military work ethic.
They have extensive leadership experience. Military people are responsible for themselves and their jobs. They essentially become the go-to guy (or gal) in their area of expertise and are therefore required to assume a leadership position with everything related to his or her job. In addition, they know how to operate in an extremely structured environment. They know how to give orders and delegate tasks.
They communicate directly and to the point. Service members are taught to communicate in a clear and concise manner. They say what they mean and mean what they say.
They are accountable. Military personnel have the makings of a successful entrepreneur since they are trained to take accountability for everything they do.
They have gained valuable technical skills. People with military training have gained a number of unique skills that most civilians do not have.
They have the unique ability to disengage. Military personnel do not take things personally. They can easily find another way to do things when the way they are using does not produce the results they need. They adapt, improvise and overcome. Not many civilian business owners can do this.
Given these qualities, it is no wonder why veterans are very well suited to take and succeed in the entrepreneurial path.