VETERAN TRANSITION DILEMMA
it’s a challenge for both consumers who want to support veteran-owned businesses and veterans who want to become entrepreneurs. Here’s a breakdown of the situation. Change in Demand is there section - More people want to show their support for veterans by buying from veteran-owned businesses. Change in Challenges for veterans section - The number of veteran-owned businesses has severely declined: 5.9% of post-9/11 military veterans vs 40% of Korean War veterans.
Vetrepreneurship
Vetrepreneur Pain Points
it’s a challenge for both consumers who want to support veteran-owned businesses and veterans who want to become entrepreneurs. Here’s a breakdown of the situation:
Demand is there:
- More people want to show their support for veterans by buying from their businesses.
- There’s a higher interest in veteran entrepreneurship compared to civilians.
Challenges for veterans:
- The number of veteran-owned businesses is declining.
- Veterans face hurdles like limited connections to other entrepreneurs, knowledge gaps in business management, and trouble securing funding.
Finding veteran-owned businesses:
There are a few ways to find veteran-owned businesses:
- National directories: The U.S. Small Business Administration (SBA) has a directory of certified veteran-owned businesses https://veterans.certify.sba.gov/.
- Local organizations: Veteran chambers of commerce or entrepreneur groups can be good resources.
- Online platforms: Some online marketplaces specialize in veteran-made products or veteran-owned businesses.
Supporting veteran entrepreneurship:
- Spreading awareness: Talking about the decline in veteran-owned businesses and the resources available can help.
- Direct support: Choosing veteran-owned businesses when you can is a great way to show support.
- Mentorship and resources: Organizations like SCORE offer free mentoring to veterans interested in starting businesses https://www.score.org/veteran-entrepreneurs.
By working together, we can help reverse the trend of declining veteran-owned businesses and give veterans the chance to succeed as entrepreneurs.
Many want to support veteran-owned but very difficult to find them • 25% of veterans want to start a business, 45% more likely than civilians • Limited network with other entrepreneurs • Knowledge gaps - bootstrap and business management • Lack of access to capital and financing