From Nike to Enrichly and so many in between, veterans are behind some of the most successful businesses in the U.S. We owe more than we can imagine to our vets, who spent years working tirelessly to keep our country safe. Yet life after the military can be challenging. Many turn to entrepreneurship as a way to use their well-honed skills in civilian life.
Being a veteran founder is a unique attribute. Not only is a vet part of a strong community, but they’re also fortified with grit, ingenuity, and resilience—all core entrepreneurial qualities. These assets can make some aspects of entrepreneurship easier, yet owning a business as a veteran can pose challenges, too.
What Entrepreneurial Vets Bring to the Table
There are millions of successful veteran-owned businesses in the U.S. today, providing employment for those who may otherwise be overlooked. Each veteran entrepreneur brings a unique set of abilities to the table.
- They are readily equipped with leadership skills that can be difficult for civilian entrepreneurs to grasp. Their training and experience mean they can make quick decisions on their feet, taking in multiple data points and choosing the best course of action for any situation.
- Vets tend to be unafraid of challenges. Hard work isn’t hard for veterans; they’ve navigated situations with limited supplies and high stakes, preparing them to stay steadfast in the face of any problem.
- Veterans are connected to highly skilled individuals from their work in the military. These connections make it easier to hire reliable, hard-working individuals. Many fellow vets have technical skills that make them desirable in the job market. Plus, veterans who struggle to transition from military to civilian life often jump at the chance to work with someone who understands how to make that change.
Challenges Facing Veteran Business Owners and Their Solutions
Despite the many assets veterans come equipped with, translating military expertise into business success can be challenging. The civilian business world comes with numerous barriers for vets to overcome.
CHALLENGE: Access to capital. Funding is one of the hardest parts of starting a business. For veterans, many of their connections are rooted in the military rather than the private sector, meaning they often lack connections to investors or individuals with the financial resources to fund a startup.
SOLUTION: Identify alternate funding options. The U.S. Small Business Administration, Office of Veterans Business Development, and the Veteran Entrepreneur Program through the VetBiz portal all have funding reserved specifically for veteran entrepreneurs. With a little investigation, vets can find seed funding through organizations that serve their specific needs.
CHALLENGE: Identifying mentors. Being a veteran is an asset, but at times, individuals can get tunnel vision and not think beyond their immediate connections. It can be challenging for them to find successful business-minded mentors to help them navigate complex regulations and get their business off the ground.
SOLUTION: Tap into mentorship groups. Programs like the Entrepreneurship Bootcamp for Veterans with Disabilities and the Institute for Veterans and Military Families are excellent resources. Veterans can and should look beyond their veteran network. SCORE and American Corporate Partners (ACP) both provide free veteran mentoring programs specifically for veterans.
CHALLENGE: Marketing their business. Marketing can be a blind spot for many veterans, as it’s not a common military skill. However, strong marketing strategies are essential for attracting new customers, retaining them, and achieving long-term success.
SOLUTION: Get help. Knowing your limits is key to business success. Veterans can look to outside companies to handle early marketing efforts or provide consultation. Even small suggestions, such as re-marketing products seasonally or creating a gift guide, can make a big difference.
Starting a business comes with no shortage of challenges, especially for veterans who are experiencing a military-to-civilian transition, but successful veteran entrepreneurs across the country have proven that with determination and resilience, any obstacles can be overcome.
Few demonstrate this better than Will Smith, U.S. Navy veteran and founder of Bud Bar Displays. Smith´s path took him from serving as a Boatswain Mate in the South China Sea to becoming an expert plastics fabricator whose craftsmanship caught the attention of Hollywood. He designed and built display cases for iconic memorabilia, including Humphrey Bogart’s trench coat from Casablanca.
Later, a serious accident left his leg paralyzed, and while that could have ended his career, it took him on a wider journey involving cannabis dispensaries, where he discovered a major gap in cannabis retail. While his accident was one of the hardest chapters of his life, instead of giving up, he reinvented his life once again, and Bud Bar Displays was born. Will went on to develop cannabis display cases and pods that elevated hygiene, improved the customer experience, and redefined product presentation with patented technology that allows customers to experience the aroma of terpenes and view trichome crystals through a magnifying lens.
Today, Bud Bar Displays is a thriving display supplier for cannabis and smoke shops throughout the U.S. and abroad. Will has lived by the same motto for the past 40 years: “You are the closest to succeeding when you are ready to quit.” His story reflects the very spirit that drives so many veteran-owned businesses to push past challenges and create meaningful impact.
Other Resources for Veteran-Owned Businesses
There are a number of great resources designed specifically for veterans. Many focus on business and entrepreneurship, too.
- The Veteran Entrepreneur Portal (VEP): This portal is run by the U.S. Department of Veteran Affairs and includes a host of resources. Veterans can use the portal to get tips on how to start and grow a business, access funding, and get guidance on how to pursue government contracts.
- Boots to Business: Run by the U.S. Small Business Administration, Boots to Business is an entrepreneurial education program designed for veterans. It serves those newly transitioning out of military life, veterans looking to start a business, and veteran spouses as well.
- Veteran Institute for Procurement (VIP): VIP is specifically designed to help vets navigate the complex federal procurement process. It provides veterans with the tools and training to win government contracts and grow their business.
Setting an Example for the Leaders of Tomorrow
Veterans are known for being determined, resourceful, and creative, so it’s no surprise that such a large percentage go into business for themselves. Starting a business is challenging, but many veterans find the process deeply fulfilling. With help from organizations designed to support veterans and guidance from those with entrepreneurial experience, veterans can thrive and be successful in their post-military careers. And they can inspire the next generation to do the same.
