Veteran Business Owners Report Military Service Equips Them for Entrepreneurship
Veteran entrepreneurs struggle with access to capital; rely on mentorship and education for small business success
WASHINGTON, Nov. 5, 2020 /PRNewswire/ -- Veteran small business owners cite teamwork, leadership/managements skills, work ethic/discipline, perseverance and the ability to get things done as the business skills most strengthened by their military service, according to statistics gathered by SCORE, mentors to America's small businesses.
Veteran small business owners agree that their service in the military enhanced many of the same skills needed to be a successful small business owner:
- 80% of veteran small business owners said military service strengthened their teamwork abilities.
- 79% of veteran small business owners said military service strengthened their leadership and management skills.
- 72% of veteran small business owners said military service strengthened their work ethic and discipline.
- 64% of veteran small business owners said military service strengthened their perseverance.
- 62% of veteran small business owners say military service strengthened their ability to get things done.
Access to capital is the biggest challenge for veteran small business owners. Data shows that veteran small business owners were more likely to apply for financial help, but less likely to receive it, when compared to non-veteran small business owners:
- 56% of veteran small business owners applied for credit at a large bank and 53% were successful, compared to 47% of non-veteran owners who applied with a 58% success rate.
- 52% of veteran small business owners applied for credit at a small bank and 60% were successful, compared to 47% of non-veteran owners who applied with a 70% success rate.
- 33% of veteran small business owners applied for credit with an online lender and 70% were successful, compared to 23% of non-veteran owners who applied with a 77% success rate.
Veteran small business owners are more likely to cite insufficient credit history and collateral as financial shortfalls, rather than weak business performance:
- 47% of veteran small business owners cite insufficient credit history as a financial shortfall; compared to 36% of non-veteran owners.
- 42% of veteran small business owners cite insufficient collateral as a financial shortfall; compared to 35% of non-veteran owners.
- 20% of veteran small business owners cite weak business performance as a financial shortfall; compared to 23% of non-veteran owners.
Veteran small business owners cite education (41%), mentorship (39%) and business planning (35%) as the most helpful small business resources.
Veteran and small business owner Tom McMahon says, "SCORE was essential to the success of my small business, Urban Dwell, especially during the start-up phase. My SCORE mentor assisted me with everything from writing a business plan to finding the right space and working through the many stages of my business."
Download the infographic to learn more about veteran small business trends.
About SCORE
Since 1964, SCORE has helped 11 million entrepreneurs to start or grow a business. SCORE's 10,000 volunteers provide free mentoring, workshops and educational services to 1,500+ communities nationwide, creating 29,681 new businesses and 67,706 non-owner jobs in 2019 alone. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Instagram and Twitter.
Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.
Contact
Betsy Dougert
Vice President, External Relations
SCORE
800-634-0245
[email protected]
SOURCE SCORE
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