Uncle Sam’s businesses need vets too
Photo Credit: Jessica Radanavong via Unsplash
Nicole Rubin* writes:
7 Reasons Veterans Make Great Entrepreneurs*
There are 17.4 million veterans living in the U.S. Though this population is united by their service, they are a diverse group of people with many different interests. One interest that commonly recurs amongst veterans, though, is the desire to start a business. Indeed, there are many traits veterans possess that make them well-suited to entrepreneurship. If you’re a veteran who wants to start your own business, consider the following seven strengths that may set you up for success.
Dedication, Patience, and Intuition
1. You finish the job. Whether you served in the Army, the Marines, or the Air Force, you know just how important it is to finish what you start. And that’s also what will make you a great entrepreneur. Veterans are dedicated to any endeavor they pursue, and dedication is often the difference between a successful and an unsuccessful businessperson.
2. You endure when times are tough. Every business will fall on lean times sooner or later. Even a lucrative enterprise will have slow seasons. As a veteran, you know just how important it is to endure when times are tough. This mentality will help you accomplish your goals.
3. You possess intuition. As a service member, you were trained to always be on the lookout for potential threats — and potential opportunities, too. As a result, you’ve developed a savvy sense of intuition that will help you outsmart the competition in the business world. You’ll be able to sense your customers’ needs and serve them effectively as a result of your military experience.
Organization, Insight, and Planning
4. You are organized. Another important aspect of military service is the mastery of organizational skills. You must learn how to organize information and data on a daily basis. This will come in handy when you’re writing a business plan that details your company’s structure, funding sources, marketing plan, and revenue expectations.
5. You know your strengths. When you’re in the military, you are assigned a unique role based on the skills you bring to your unit. As an aspiring entrepreneur, you’ll need to tap into these strengths once again as you decide what kind of business you want to start. Good businesses for a beginning entrepreneur include franchises, online services, and eCommerce websites.
6. You pay attention to the details. There’s no room for error when you’re on active duty. You have to pay attention to detail and ensure that your mission is going as planned. This instinct will serve you well as a business owner, too. But if you’re worried about managing your business’s finances, you can choose an accounting software to do it for you. The right software can track expenditures, time spent on projects, tax compliance, and financial performance metrics.
7. You take advantage of your resources. When you’re serving, you know exactly what resources are available to you and both when and how to utilize them. Continue doing the same on your entrepreneurial journey. Veteran business owners have multiple resources available to them, including grants and access to government contracts. Grants are especially helpful because they provide funding that does not need to be repaid, unlike a loan. Be strategic about what you have earned, and take advantage of those options.
Veterans Can Translate Their Skills Into Business Savvy
Many veterans report that it’s difficult to find a job once they have been discharged or retired from the military. If you’ve found yourself in this position, why not start your own business? There are many reasons why you likely have the skills and abilities necessary to thrive as an entrepreneur. With a detailed business plan, a winning idea, and comprehensive accounting software, you have all the tools you need to jumpstart your entrepreneurial career.
Just because you had to fight for our country doesn’t mean you don’t also love peace finding missions. Peacefare is a place to learn more about how to cultivate peace through our global encounters. Visit us online to see how you can contribute to world peace efforts.
*Nicole Rubin worked in the health insurance industry for years, spending a majority of her time fielding questions from people concerning their coverage and medical bills. She created Insureabilities to provide up-to-date information on the state of health insurance in the U.S.
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