Everything You Need to Know About Veteran Entrepreneurship

By: Karen Kroll, Contributor

Military veterans choose entrepreneurship for several reasons, including the ability to be one’s own boss and to rely on personal skills and interests, along with the possibility of financial independence or additional income. That’s according to a study released in December 2021 and commissioned by the Veterans Future Lab (VFL) at the New York University Tandon School of Engineering and Barclays, founding VFL supporter.

Veteran-owned businesses currently make up about 5.9% of all businesses, with an estimated $947.7 billion in receipts and approximately 3.9 million employees, according to the U.S. Census Bureau. Top industry sectors include professional, scientific, and technical services; construction; and healthcare and social services, also according to the Census Bureau.

Challenges for veteran entrepreneurs

Many veteran business owners are thriving. In fact, about 85% of veteran entrepreneurs consider themselves successful, according to the 2021 National Survey of Military-Affiliated Entrepreneurs (NSMAE), published by Syracuse University’s Institute for Veterans and Military Families.