• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
Big Ideas for Small Business logo

Barbara Weltman

Big Ideas for Small Business

Subscribe and download our eBook, "Innovative Ideas for Surviving a Recession and Avoiding Problems in Your Small Business."

Hidden
Get the:

  • Home
  • About Us
  • Big Ideas For Your Business
    • Idea Of The Day ®
    • SMB Legal
    • SMB Taxes
    • SMB Financial
    • Small Business
    • Newsletter Archive
  • Services
  • Books
  • Blog
  • Multimedia
    • Videos
    • Radio Shows/Podcasts
  • Contact Us
    • Be a Guest Blogger

Entrepreneurial-Minded Veterans

November 9, 2023 / By Barbara Weltman

Entrepreneurship and VeteransNovember 11 is Veterans Day (although it’s celebrated on November 10th because the 11th is a Saturday). According to the U.S. Census Bureau, veterans own 5.6% of businesses in the U.S. and employ 3.6 million workers. This is slightly less than the percentage of the U.S. population that is veterans—6.4%. The following is some material from a prior blog and some new information for veterans who want to start a business.

Big companies founded by veterans

The numbers above demonstrate that many veterans start small businesses. And some of the best-known major corporations were also started by veterans, including:

  • Walmart—Sam Walton served in the Army intelligence during World War II
  • Amway—Jay Van Andel served in the Army
  • RE/MAX—Dave Liniger served in the Air Force during the Vietnam War
  • Battle Grounds Coffee—Salvatore Defranco served as a Navy Seal
  • Enterprise Rent-A-Car—Jack Taylor served in the Navy as an aviator, winning two Distinguished Services Crosse and an Air Medal
  • Esurance—Chuck Wallace graduated from the Air Force Academy
  • Famous Brands—Derek Sisson served in the Marine Corps
  • FedEx—Frederick Smith served in the Marine Corps, winning a Silver Star, Bronze Star, and two Purple Hearts
  • GoDaddy—Bob Parsons served in the Marine Corps, winning a Purple Heart
  • Nike—Phil Knight served in the Army and Army Reserve
  • Sperry Shoes—Paul A. Sperry served in the Navy
  • me—Blake Hall served in the Army in Iraq, winning 2 Bronze Stars

Entrepreneurial success

According to Syracuse University’s D’Aniello Institute for Veterans and Military Families, veteran entrepreneurs are more likely to own a business than nonveterans, tend to out-earn nonveteran entrepreneurs, and are diverse in age, race/ethnicity, disability, and experiences. What accounts for this success? Perhaps it’s because of qualities developed during their period of service, such as:

  1. Discipline
  2. Resourcefulness
  3. Boldness
  4. Leadership
  5. Accomplishment

I’d add to the list resiliency. Because of the difficulty in starting a business and the ups and downs likely to be experienced, resiliency is vital. General George S. Patton said: “I don’t measure a man’s success by how high he climbs but by how high he bounces when he hits bottom.”

Resources to help veterans start and run a business

If you are a veteran or a spouse of one and want to start a business, take advantage of free programs to help you, including:

  • Boots to Business, which is the SBA’s education and training program for service members and their spouses transitioning into business ownership.
  • Operation Fund My Biz, which is a small business financing workshop designed for veterans interested in starting a business.
  • Service-Disabled Veteran-Owned Small Business Concern program (SDVOSBC), which gives procuring agencies the authority to set acquisitions aside for exclusive competition among service-disabled, veteran-owned small businesses.
  • Veterans Business Outreach Center (VBOC), which is a program providing training and counseling to transitioning service members, veterans, National Guard & Reserve members, and military spouses interested in starting or growing a small business. The program operates through local organizations, which can be found by zip code.

If you are already a veteran-owned business, consider government contracting opportunities. There is a federal goal for contracting that not less than 3% of the total value of all prime contract and subcontract awards be made to small businesses owned and controlled by service-disabled veterans. Find out eligibility requirements and get government contracting assistance through the Association of Procurement Technical Assistance Centers.

You may also qualify to buy personal property from the federal government. The GSA has a Federal Surplus Personal Property Donation Program that allows certified veteran businesses (those in the SBA’s VetCert program database) to buy items in their locations.

Getting SBA certified

The SBA has a veteran-owned small business certification program referred to as VetCert. It allows for self-certification for veteran-owned small businesses (VOSBs) and service-disabled veteran-owned small businesses (SDVOSBs), which previously was handed by the VA’s Center for Verification and Evaluation (CVE). This certification enables those businesses to qualify for set-aside federal contracting and GSA property purchases discussed earlier.

Final thought

Whether or not you’re a veteran, you can hire one and, perhaps qualify for a federal tax credit. The work opportunity credit allows you to claim a credit for hiring a qualified veteran, with a higher credit amount for one with a service-connected disability.

To all veterans… Thank you for your service.

Tags #VetBiz veteran-owned businesses veterans veterans as entrepreneurs Veterans Day veterans in business

Primary Sidebar

Categories

  • General Business (379)
  • Guest Blog (41)
  • Homepage (18)
  • Small Business (766)
  • SMB Financial (285)
  • SMB Legal (40)
  • SMB Taxes (284)

Barbara’s Recent Posts

  • Thanksgiving: Small Business Owners Can Be Grateful November 23, 2023
  • Business Owner’s Compensation: How Much? November 21, 2023
  • The Impact of Customer Reviews on Small Businesses November 20, 2023
  • Key Retirement Plan Changes for 2024 November 16, 2023
  • Recession-Proof Your Business: What to Know About Taxes if Struggling in 2023 November 14, 2023
  • Entrepreneurial-Minded Veterans November 9, 2023
  • Prevailing Wage and Apprenticeship Rules that Boost Certain Tax Write-Offs November 7, 2023
  • Sleep and the Workplace November 2, 2023
  • What’s an IRS Business Tax Account and Should You Get One? October 31, 2023
  • Is There a Difference Between Having a Plan and a Strategy? October 30, 2023
  • Succession Planning for Your Family-Owned Business October 26, 2023
  • Employee Retention Credit Now: Where You Stand and What to Do October 24, 2023
Awarded Top 100 Small Business Blog medal (link will open in a new window or tab)
Marquis Who's Who 2023 Badge
Top Small Business Blogs (Link will open in a new window or tab.)
8 Financial blogs small business Owners Need to Read. Invoice home.  (link will open in a new window or tab)
Best Small Business Blog, Expertido.org
Top 50 Small Business Blogs 2018
Best Small Business Blogs
BizHumm Top 100 Business Blog Award to Barbara Weltman
FitsSmallBusiness.com: Award for Best Small Business Blog 2017 (link will open in a new window or tab)
FitsSmallBusiness.com: Award for Best Small Business Blog 2016 (link will open in a new window or tab)

Footer

Big Ideas for Small Business logo

Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

Contact Us

[email protected]

(772) 492-9594

Latest Tweets

bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
25 Nov

The Top 5 Pitfalls of Screening and Interviewing - HR Daily Advisor https://bit.ly/3MTl8X4 #hiring #smallbusiness #interviewing #employment

Reply on Twitter 1728534855988728151 Retweet on Twitter 1728534855988728151 Like on Twitter 1728534855988728151 Twitter 1728534855988728151
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
25 Nov

The Impact of Customer Reviews on Small Businesses; In today’s interconnected world, customer reviews have become fundamental in business evaluation - https://bit.ly/3uuZwtv #smallbusiness #reviews #customersatisfaction

Reply on Twitter 1728501816084562262 Retweet on Twitter 1728501816084562262 Like on Twitter 1728501816084562262 1 Twitter 1728501816084562262
Load More

Copyright © 2008–2023 Big Ideas for Small Business, Inc  |  Designed by Hudson Fusion

  • Privacy Policy
  • Sitemap