Startups are thriving, and veterans are emerging as a significant group among new small business owners. The 2024 New Business Formation Report from Gusto reveals that entrepreneurship among veterans jumped by 60% in 2023.
Veterans are maintaining their reputation as key players in the entrepreneurial scene, with nearly 1 in 10 new businesses in 2023 being founded by them. Many veterans harness their strong sense of community and service, cultivated during their military careers, to not only create jobs but also give back to their communities.
The report outlines several reasons why veterans, like many other entrepreneurs, choose to start businesses. Many are attracted to the independence it offers, with 63% wanting flexibility and being their own boss, 62% seeking control over their time and life direction, and 57% aiming for financial stability to support their families or build long-term assets.
Technology plays a big role too. Veteran entrepreneurs are three times more likely than other entrepreneurs surveyed by Gusto to start a business due to technology making it easier to launch.
Veterans are also driven by a desire to contribute to their communities. Nearly half start businesses to make a positive impact locally, and almost a third aim to create local jobs. This commitment is evident in the types of businesses they launch: 56% in personal services, 18% in professional services, 16% in goods production, and 9% in community services.
Military service provides invaluable skills for entrepreneurship. Gena Pineda, founder of Aspiring Smiles Dentistry, credits her military experience with developing essential abilities like people management and patience, which have been critical in her business journey.
If you’re a veteran reading this, thank you for your service.
