How Veterans Can Pursue Entrepreneurship?

Veterans selflessly volunteer their well-being, time, and energy to protect the country, allowing people like us to enjoy our freedom. They face many challenges during their time in the Armed Forces, but their struggles don’t end there. They have to deal with numerous problems once they return from active duty. In this article, I hope I can show how veterans can pursue entrepreneurship as a means with transitioning from the their military service.

Returnees subjected to violent and incredibly stressful situations may still suffer from emotional wounds and injuries, leaving deep scars that may take a lot of time to heal. Besides this, veterans struggle to transition from military to civilian life. One area where they face several challenges is launching and maintaining a career. What should they do after returning home? Most of them struggle to find a job, so they consider starting their own business.

If you too are planning to launch a start-up, there are some important things you must know about. For starters, launching your own business as a veteran isn’t easy. You will face countless problems as you venture into the entrepreneurial landscape. To help you out, we’ll show you how you can pursue entrepreneurship after returning home from military service.

Utilize Your Unique Traits

Veterans possess leadership qualities, ambition, passion, and discipline – traits that can make them great entrepreneurs. Modern education is primarily focused on teaching theory, but lacks in practicality. Veterans learn their skills through practical lessons and on-field training during their military tenure. These skills include keeping their emotions in control, performing well under high pressure and working together as a team – traits that translate to entrepreneurship.

Entrepreneurs must be able to take risks and navigate through tough situations. Not only that, but they must also possess leadership skills and discipline to lead. Veterans develop these traits during service. Starting and running a business isn’t easy and there are a lot of hardships along the way. Veterans don’t give up easily and they are often equipped to take on the challenges they may face in their venture.

Choose a Suitable Industry and Business

Veterans who want to venture into the business world must consider a lot of things. The first is to develop an idea for their business and determine its feasibility. Veterans can leverage the skills they have mastered and the strengths they have discovered during their service to develop ideas and determine their feasibility.

For instance, they can network with other veteran entrepreneurs and discuss their ideas with them to determine whether they are feasible or not.

Register the Company as Veteran-Owned

Once you have determined what type of business you plan to start and how you will launch it, you should register your company as veteran-owned. Registering your business at the Veterans Affairs Office of Small & Disadvantaged Utilization (OSDBU) will add it to the VetBiz directory. After being listed, your business will qualify for certain contract processes as well as funding reserved for veteran-owned companies. Listing your business in the VetBiz will also grant you access to the “Veteran Entrepreneur Portal”. There you can find resources on launching a business, joining a franchise, accessing financing and more. 

Leverage the Available Resources

There are numerous resources created to guide veteran entrepreneurs. You should take advantage of them when starting a business. Below we have listed some of the best ones.

·        Office of Veterans Business Development (OVBD)

The OVBD is devoted to promoting veteran entrepreneurship and facilitate the use of SBA programs by veterans, reservists, service-disabled veterans, transitioning service members, active-duty service members, and their survivors and dependents.

SBA programs provide veterans access to capital for small business opportunities. They can also connect them with commercial supply chains and federal procurement. The Veterans Business Outreach Center Program of the OVBD hosts workshops, training programs, and mentorship for veteran entrepreneurs.

·        Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)  

The V-WISE was created to empower military spouses and women veterans to find their passion and learn the skills necessary to start their own business venture. This program is divided into three phases – 15-day online course (1^st phase), three-day entrepreneurship events (2^nd phase), and ongoing training and mentorship sessions for graduates launching their own business or growing it (3^rd phase) 

·        Vocational Rehabilitation and Employment (V&RE)

The V&RE program, designed to help disabled veterans, is being run by the U.S. Department of Veteran Affairs. Services include employment accommodations, job training, job-seeking skills coaching and resume development. The V&RE program also offers personalized support and counseling to help guide the career paths of disabled veterans. Besides this, it can help them secure funding.

Depending on how severe the disability is, veterans may be given grants for supplies, inventory, equipment, and licensing fees. However, a business plan must first be submitted for funding consideration.

·        SBA Loans

There are certain special SBA loans available to veterans; these are offered at reduced rates, making it easier for first-time veteran entrepreneurs to access capital and fund their start-up. A portion of the loan amount is guaranteed by the SBA so lenders are more likely to approve the loan to a veteran. Loan amounts vary and can be directly accessed via the SBA.

Final Thoughts

We have discussed some important things that will help you as a veteran pursue entrepreneurship. However, it is important to note there are several other things that you must consider before you start your own business. For instance, you will have to create a business plan before you can actually launch your business. So if you need more guidance, reach out to us. We will be more than happy to help you understand the nitty-gritty of the corporate world and teach you everything necessary to start and grow your business.