Supporting veteran owned businesses

Supporting veteran owned businesses

In the past, the military was a rite of passage that many males participated in. Today, veterans are returning from conflicts worldwide and finding it hard to reintegrate into civilian life. Veterans are to be selfless providers of security and stability for their country. But when they return home, they often need assistance finding meaningful work.

Companies can help with this by ensuring that veteran-owned businesses are a part of their supply chain. Not only will this help provide jobs to recent veterans, but it will also make sure there is a diverse representation of voices in the workplace. The military experience provides skillsets that are valuable to business owners. Veterans can offer leadership skills, discipline, and the ability to work well under pressure. We should support veteran-owned businesses because they provide goods and services for consumers who want to support the military.

As research has shown, veterans are more likely to start a business than the average American.
An article by the Wall Street Journal says, “Only 5% of the country’s 27 million small businesses are veteran-owned–which means many companies may be missing out on important talent.”

From an economic perspective, veteran-owned businesses are more stable because they have much less risk of failure. This idea is especially true for minority veterans, who are less likely to be hired by other businesses. Veterans also have higher rates of employment and entrepreneurship after returning from deployment. Plus, their access to resources like Post-9/11 GI Bill benefits can help them start their own businesses.

Consider the following statistics:

– According to a 2017 report from the U.S. Chamber of Commerce, veterans are more likely to be business owners than non-veterans – in 2015, 29% of small business owners were veterans compared to 10% of non-veterans.
– In 2016, Veteran Owned Businesses in America had an estimated net worth of $1.5 trillion and generated an estimated $180 billion in revenue annually

Veteran-owned businesses are just as capable of providing quality services as any other company, but they can offer some unique needs that other companies cannot. As the U.S. population ages, veterans may represent one of the most significant sources of future entrepreneurial leadership in America’s economy. Supporting veteran-owned businesses has been a great way to give back and show appreciation for these individuals.