The people who serve the US are among the most trusted individuals in the society. According to the Gallup poll, 73% of citizens trust people who serve the country.
US Veterans as Business Owners
Military service members make great leaders and achieve remarkable success in the field of entrepreneurship. Veterans have traditionally been great at establishing businesses. Nearly 50% of veterans established their business after WWII.
US veterans have the world’s best leadership training. With a background focused on integrity and characteristics helping them to successfully fulfill their mission in life, they have the most important traits one needs for reaching a goal. All these traits play a crucial role in running a business with success.
Veterans are among the founders of top American companies such as Chuck Wallace (the US Air Force) cofounded Esurance, Phil Knight (the US Army) cofounded Nike, Bob Parsons (veteran of the Vietnam War), GoDaddy CEO, and Frederick Smith (veteran of the Vietnam War), FedEx CEO. Smith started the delivery service just 2 years after his military service, and is sure his success is based on his experience gained while serving in the army.
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Today, 25% of Iraq and Afghanistan veterans are willing to establish a business. However, the recent statistics show veterans are less often establishing businesses now, and the number of veteran entrepreneurs has decreased: only 5.6% have started a company today.
Currently, veterans are the owners of about 2.45 million companies in the US. The US Small Business Administration (SBA) reports the number of small businesses owned by veterans decreased by some 25% from 2007 to 2013. Though the drop was registered during the economic recession, it still made up 73% of all business decline.
Based on the most recent study by Kauffman Foundation, veteran entrepreneurship has aslo had some decline. Veterans represented 12.6% of new entrepreneurs in 1996, but the number went down to 5.6% in 2014. The decline is partially associated with the fact that the number of working-age veterans in the US has reduced.