The Veteran Entrepreneur

Entrepreneurship — I’m not sure I had ever heard the term when I was on active duty, yet it changed my life and the lives of countless other veterans. I was fortunate enough to have a grad school professor-cum-entrepreneur who proselytized about the virtues of entrepreneurship. If it hadn’t been for my random assignment to his class, I’d probably now be creating PowerPoint presentations for some corporation.

According to the Small Business Administration (SBA), veterans own 14.8 percent of America’s small businesses — that’s approximately 4 million veteran-owned companies. Surprised? I’m not. I know of no other career field better suited for those who served. Unfortunately, however, most of us never consider starting a business or joining a start-up as a viable career option. We’re often looking for that next set of orders into corporate America, a low-risk job with a well-established, military-friendly company. There is nothing at all wrong with joining a large company, but, for those with a penchant for business and some tolerance for risk, pursuing an entrepreneurial venture is a potentially game-changing move. In fact, countless government and private sector initiatives are designed to help supercharge veteran entrepreneurship.

Entrepreneurship is the practice of starting new organizations, particularly businesses, usually in response to identified opportunities. One definition adds that the entrepreneur’s behavior is that of someone who is willing to take risks for something they believe in. Sound familiar? We’ve spent our careers in uniform taking extraordinary risks for our country. “In our experience, veterans make great entrepreneurs,” said Carl Schramm, president and CEO of the Kauffman Foundation, the largest such institution focused on entrepreneurship. “They bring exceptional focus, leadership, and tenacity — all hallmarks of successful entrepreneurs.” The SBA says that more than 22 percent of veterans are either purchasing or starting a new business or considering purchasing or starting one.

From founding a company yourself, buying a franchise, or joining a startup, there are many ways to take the entrepreneurial plunge. Each option is worthy of serious discussion but, regardless of your preference, a few essential resources should be consulted.

The federal government provides significant assistance to veterans in starting companies. In many cases, it provides start-up resources, loans, counseling and training, and business opportunities to veteran and service-disabled veteran-owned companies. The Department of Veterans Affairs, Department of Labor, and Small Business Administration administer the majority of these programs. A good starting point is SBA’s guide: http://www.sba.gov/starting_business/index.html and its specific resources for veterans, http://www.sba.gov/VETS/help.html. The VA has great resources on contracting opportunities for veterans that can be found at http://www.vetbiz.gov/.

SBA also offers specific services to veterans, including its Community Express Loan program. According to the SBA, veterans business development officers in the SBA district offices can help you prepare and plan for your enterprise. Its Veterans Business Outreach Centers are designed to provide entrepreneurial development services such as business training, counseling, e-based assistance, and mentoring to eligible veterans. SBA’s Small Business Development Centers provide management assistance to current and prospective small business owners, offering one-stop assistance to small businesses by providing a wide variety of information and guidance. SCORE (Service Corps of Retired Executives) provides online resources and counseling services. In addition, eligible veterans can use their Montgomery GI Bill for entrepreneurship training and business classes.

The Veterans Transition Franchise Initiative provides veterans discounts on purchasing franchises. Approximately 200 franchisers currently participate in the program. More information can be found at http://www.vetbiz.gov/start/vetfran.htm.

Joining an existing startup can be one of the best ways to develop your entrepreneurial skills. Unless you know the founders personally, finding these startup companies can be a bit tricky, but one of the best resources for identifying job opportunities at small companies is by using insider job boards such as Craigslist.org or Monster.com. You can also visit Web sites of new companies; http://www.techcrunch.com/ is a good starting point.

It was serendipity that thrust me into entrepreneurship. You can do me one better by actively pursuing an entrepreneur’s life. I wholeheartedly agree with Donald; thinking big is the only way to go. One word of warning. Once you’ve been an entrepreneur, you’ll never be able to go back to 9 to 5.

Mr. Michel is founder of Military.com, a company focused on connecting service members, veterans, and their families to the benefits earned while in the service. He is a former naval flight officer and a member of the Naval Institute board of directors.