Why Veterans Make Great Entrepreneurs
These are the qualities that transfer from the battlefield to business.
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According to the Bureau of Labor Statistics, there are 2.5 million veteran-owned firms that employ over 5.8 million people. A veteran owns one in ten of every ten business. So what makes veterans good entrepreneurs? In this article, we get insights on qualities that can be transferred from battlefield frontline to business fronts that make veterans good entrepreneurs.
Discipline and hard work
'Military precision' is used to denote the accuracy and meticulous plans that go to an activity or event. The military is associated with getting their work portion done even when under no supervision. Veterans are used to that kind of discipline. Establishing successful business ventures is no different. Businesses often have different facets that require your attention as an entrepreneur. Sales, HR, financing, planning, marketing, to mention a few, require proper coordination to achieve desired results. Veterans can transfer the discipline, and the work ethics learned in the frontline to the business front and boardrooms with excellent results.
Dedication and focus
The military is trained to focus until they win. The commitment to serving goes beyond a pay or reward. It's about service and royalty. Enterprises will require dedicated attention and focus an all elements that count if they are to succeed. Focusing on providing a solution or value to the clients is essential for a business to thrive. Veterans who carry this focused attitude and values to the business environment are likely to succeed.
Successful enterprises require coordination between various business elements and teams. Veterans, on the other hand, are used to teamwork. It's their style of work to work in groups or organizations. Collaboration creates trust and lines of responsibility. To grow or scale businesses beyond sole proprietorship calls for cooperation for which veterans have the upper hand. It is no wonder veterans are 45% more likely to be self-employed than non-veterans.
Ability to work under pressure
Establishing and running business ventures is not smooth sailing. There are challenges to deal with regularly. Having the ability to deal with stressors and stressful situations is suitable for businesses. Problem-solving is a skill that is part of military work. Veterans who venture into the market are likely to handle and solve problems better.
Having a team that is dedicated to serving, disciplined, hardworking, and resilient is good for business growth. While veterans can transition some of their skills in the service to make good entrepreneurs building such a team takes patience.
While in The US Army deployed to Iraq and later to Afghanistan with the depart of state under contract.
I experienced many situations that have made me my decisions more planned and thinking ahead of possible outcomes similar to mission briefings.
The goal with my column writing is to bring readers who haven't served a point of view for business from the military mindset, and those who have served helped to learn from those who have the skill to succeed in business.