The United States military is the one organization that has produced more business owners than any other institution. After World War II, a stunning 49 percent of veterans went on to start their own business. Veterans are a diverse, multi-talented, innovative group of leaders who deserve our respect and gratitude.
The Small Business Administration (SBA) wanted to study the impact of veteran-owned businesses on the U.S. economy, and the results of this study have just been released in a new report titled Veteran-Owned Businesses and Their Owners: Data from the U.S. Census Bureau’s Survey of Business Owners. Per the SBA’s Office of Advocacy, there are 2.52 million businesses majority-owned by veterans. The report, compiled from 2012 Census data also states that veteran-owned firms represent a staggering $1.4 trillion in revenue, employing over 5 million people.
Veterans represent a diverse cross-section of businesses in just about every industry. And it seems the training and skills these veterans learn while enlisted are a key to their success when they enter the private sector.
Take John Lee Dumas, founder and host of the award-winning podcast Entrepreneur on Fire. Dumas credits his rapid success in the world of podcasting to his time in the U.S. Army as an armor platoon leader. After serving 13 months on active duty in Iraq and an additional four years in the reserves, Dumas worked in Real Estate briefly, and passed time while driving listening to podcasts. He noticed most podcasters released shows on a weekly basis, and saw an unfilled need for a daily show geared toward Entrepreneurs. Dumas now hosts one of the most successful business podcasts online. Veterans are also at the heart of our growing business economy.
Recently Forbes profiled the top 25 veteran-founded startups in America, which included companies such as:
- Plated.com, founded by Nick Taranto, US Marine Corps, Infantry. Plated delivers everything needed to cook a chef-designed healthy, affordable, and delicious dinner at home in around 30 minutes.
- RallyPoint.com, founded by Yinon Weiss, U.S. Army, Special Forces; Aaron Kletzing, U.S. Army, Field Artillery Officer; and Dave Gowel, U.S. Army, Armor Officer. RallyPoint is an online network of more than one million current and former members of the U.S. military where they gather to discuss military life, share information, and exchange stories.
Because having strong credit is an essential component of running a successful business, Experian would like to do our part in helping veterans continue to achieve success. In honor of Military Appreciation Month, veterans can receive:
It’s our way of saying thank you to our hometown heroes – not only for your service to this country, but also for your continued hard work towards keeping our economy thriving.