Veterans Make Successful Small Business Owners
After serving their country, veterans often apply the leadership skills they have learned in the military in running small businesses. In fact, according to the U.S. Census Bureau, veterans own about 2.4 million U.S. businesses – that’s about 9% of all American companies. Additionally, veterans employ nearly 5.8 million people and manage $210 billion in payroll – a sizeable chuck of change!
Most veteran-owned small businesses are run by highly motivated and skilled men and women who have retired from the military with 20 years of service and experience per a 2011 study by the U.S. Small Business Administration. Many of these men and women are retired officers, who are 55% more likely to start their own businesses. But what’s really impressive is veteran-owned small businesses generate $1.2 trillion in annual sales.
So what makes a veteran a successful entrepreneur? According to representatives of VetToCEO, a nonprofit organization that supports veterans and helps them succeed as business owners, military personnel possess three specific skills that they can leverage as an entrepreneur:
- They see opportunities instead of risks. Their military training has taught them how to realistically evaluate potential risks and take the appropriate actions to reduce or alleviate risk.
- They thrive on challenges and can perform under pressure. Small business owners wear many hats and face many challenges, such as not having enough staff or money to operate their businesses. Veterans are used to working in a pressure cooker environment.
- They get things done. Small business owners don’t have the luxury of putting off tasks until tomorrow. Veterans understand how to make informed decisions and execute their plan.
Of course, these are just some of the traits that veterans and small business owners share in common.
If you’re a veteran running a small business, you understand the importance of delegating tasks to individuals who are more qualified for the job. You may have the expertise to successfully manage and lead your company, but lack the skills needed to handle other tasks like your payroll and taxes. At The Payroll Department, we’re the experts in payroll processing. We pay attention to the details and monitor changes in the laws for you. By taking the hassle out of payroll, you can be successful at what you do best! Contact The Payroll Department today for more information.
– Ariane of The Payroll Department Blog Team