According to a study by Small Business Administration, veterans are 45% more likely to become self-employed than their counterparts who have no military experience. Veterans are among the best people to create startups as they possess key qualities necessary for entrepreneurship. You can attribute this to the nature of the work they do in protecting citizens’ rights. Their roles while in service allow them to acquire valuable transferrable skills that contribute to business success. Below are some of the reasons veterans excel at creating startups.
1. Leadership Skills
One of the most prized skills for creating and running a successful startup is leadership skills, as they can determine the failure or success of any business. Most veterans get exposed to leadership roles while in the military, which gives them leadership experience.
They can effectively manage teams, provide guidance and direction and make sound decisions. The ability to lead allows veterans to inspire loyalty and confidence when starting a business. It also motivates employees, which is good for productivity.
As excellent leaders, veterans can make smart decisions regarding crucial aspects of the business, such as recruitment and investments. Therefore, veterans can lead the company towards realizing its vision and business objectives by enacting the necessary changes and adjustments for profitability and growth.
2. Dedication and Discipline
Veterans are resilient and dedicate themselves to ensuring they see any course to the end. The commitment and discipline that define the military make veterans excellent candidates for startup creation as businesses require a high level of attention for success. The discipline enables veterans to work under adversity or pressure and ensure they get the job done.
Veterans can utilize the work ethics they learn while in service to fine-tune critical aspects of business such as finance, planning, sales, and production. The discipline and ability to work under pressure mean veterans won’t give up in the face of challenges. Note that startups face a myriad of challenges before they can find their footing. For people without discipline and commitment to succeed, any startup will fail before it can even take off.
While in the military, service members work in groups and teams. The ability to be teamplayers and build relationships while in the military helps veterans create valuable networks. The networks they form can add value to their entrepreneurial journeys and set them up for success. They can easily connect with industry players and gain their support in launching and growing a startup. Also, veterans can take advantage of the relationships they develop while in service to support one another, which increases the chance of success.
Working well with others facilitates good working relationships with employees, regardless of personality or background. The resulting collaboration promotes efficiency, which translates to more productivity and business growth in the long run.
4. Taking Initiative
Besides taking orders, veterans are good at taking initiative and being self-starters, which is essential in establishing and running a successful start-upstart-up. The harsh environment in which most military members work requires them to take initiative, make sense of chaos, and take risks. The difficult situations that veterans get exposed to force them to think outside the box and apply creativity when solving problems.
Veterans are great at identifying business opportunities, taking risks, and creating solutions for existing problems in society. Therefore, they can easily take rewarding risks and identify business opportunities to invest in. They are also resourceful, which helps them get the work done with limited access to the necessary tools. With adequate support, veterans can create successful startups that add value to the target market.
5. Support of the U.S Business Community
Veterans put themselves at risk to protect the rights of citizens. Therefore, most businesses and institutions tend to support veterans when they need to create a startup. They do so as a way of recognizing their efforts and repaying them for the sacrifice. For example, Small Business Administration (SBA) supports veterans starting businesses by helping them create business plans, estimate costs, hire employees and even find clients.
Also, financial institutions are always willing to support veterans seeking financing for their startups. The discipline and integrity that veterans possess make them safe bets for loans, including unsecured loans. As such, financial institutions readily offer veterans financing. With the U.S business community always ready to support and help veterans creating startups, the businesses have better chances of thriving.
While transitioning veterans may not have adequate capital, experience, or skills to compete with established businesses, they have the potential to succeed in entrepreneurship. If you are a veteran looking to create a startup in the tech industry and don’t know where to start, filling the existing skill gap is a good start. You can learn to code for less with GI Bill benefits and begin a journey towards creating a successful tech startup.