A recent study from the U.S. Small Business Administration found that military service exhibits one of the largest effects on self-employment, and veterans are 45% more likely to be self-employed than non-veterans.
It should then come as no surprise that so many business owners are actually also military veterans. However, you might be wondering what exactly makes veteran entrepreneurs so successful.
Here, we'll break down the top 5 reasons why veterans make such successful entrepreneurs and give you some tools you can use to start your own path to entrepreneurship.
1. Capacity for Teamwork
While entrepreneurship often involves being your own boss and being independent, no business can run on the work of one person alone.
Veterans know the value of teamwork and can use this skill to utilize more efficient business models that stand the test of time, such as the franchise model.
2. Leadership Experience
Leadership is a huge priority in military systems. Being able to take charge where necessary and leading by example can be absolutely crucial in this environment.
However, leadership experience will also carry you incredibly far in your business as well. Great leadership allows for positive growth in a business and encourages forward momentum to continue.
3. Willingness to Make Sacrifices
It is no secret that military service members make huge sacrifices every day, both big and small. While we'd like to pretend that you never have to make sacrifices as an entrepreneur, that's definitely not the case.
Being willing to make small sacrifices means prioritizing the work that you put into your business.
4. Performance Under Pressure
Military veterans are used to performing under enormous amounts of pressure. Having major responsibilities is not something that veterans shy away from and this makes them more equipped to handle the pressures of running a business.
No matter what stage of business ownership you're in, being able to work under pressure and deal with stress is a huge help.
Perhaps the most important value instilled through military service is discipline. Not everyone has the self-discipline to do what needs to be done all the time, but it is a skill that is crucial for great productivity and growth.
High levels of discipline and consistency are incredibly important for creating a successful business. Especially as an entrepreneur, there isn't always someone checking your work or looking over your shoulder. Having discipline means you are consistent, regardless of who is watching.
Veteran Entrepreneurs Finding Success
As a veteran, it can be tough to figure out exactly what is out there for you once you leave active military service. Hopefully, now you can see how successful veteran entrepreneurs can be, and that could be you too.
If you're still unsure how to get started, learn how to start your own BooXkeeping Franchise for a fantastic veteran franchise opportunity.
Get started with a free introductory call and see what possibilities are out there for you.