Career | Entrepreneurship and the Military
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Rather than jumping head-long into the rat race, many post military personnel choose to take on a different kind of command: entrepreneurship.
Starting up your own business and being your own boss is risky business, but it's nothing compared to the risk military veterans experience during their various tours of duty. A study conducted in Missouri between former military and non-military members found that those who served in the military are more likely to be entrepreneurs or potential entrepreneurs than non-military.
Entrepreneurs are defined as those who receive at least 50 percent of their total income from self-employment. Common secondary industries involving potential military entrepreneurs are real estate, construction and truck transport.
The federal government is also pushing small business development among military veterans with the Veterans Entrepreneurship and Benefits Improvement Act. The act provides federal support for veterans undergoing military separation and disabled veterans to create, manage and grow their own small businesses. One of the many benefits provided for veterans under the bill is all expenses are covered for non-degree, non-credit entrepreneurship courses for eligible veterans.
Services and options are currently under development to encourage and support entrepreneurship among veterans. The Veterans Business Outreach Program provides entrepreneurial development services like business training, counseling and mentoring to eligible veterans who own or are considering starting a small business. In order to promote entrepreneurship among veterans, they are provided with the tools and resources they need to achieve success in the small business arena.
These include:
- Access to Capital
- Access to Business Services
- Entrepreneurial Education
- Surety Bonding
- Insurance and Prescription Coverage
- Veterans Business Directory
The success rate of military veteran business startups is high when compared to other startups. This is, in part, due to the experience gained in the armed forces.
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