Why military veterans make great CEOs

Veteran Entrepreneurship & Service - Public service, including military and Peace Corps, instills grit, understanding, and confidence, making individuals more likely to succeed as entrepreneurs [13] - The rate of veteran-owned small businesses is lower than in previous generations, specifically World War II veterans were 10 times more likely to start small businesses compared to Iraq and Afghanistan veterans [14][16][34] - Investing in veteran-owned businesses is beneficial because they are statistically more likely to succeed and create iconic brands [56] Access to Resources & Support - There is a need to provide more resources, capital, and opportunities for young Americans, especially veterans, to encourage entrepreneurship [2][18] - Organizations like Bunker Labs offer assistance to veterans in developing business plans [20][21] - Hello Alice provides small business grants, with $8 million currently available, and peer support for veterans [19][21] Challenges & Opportunities - Military spouses face a high unemployment rate of 24%, highlighting the need for better job opportunities and support for military spouse entrepreneurs [28] - The GI Bill could be leveraged to provide starter funds for veterans with approved business plans, rather than solely for education [33][34] - Supplier diversity contracting with veteran-owned businesses, such as the federal government and Dell Technologies spending $4 billion annually, should be effectively deployed [35][36] Key Success Factors - A solid business plan and demonstrated success are crucial when investing in veteran entrepreneurs [58][59] - Networking is essential for entrepreneurs; building and maintaining a strong network can significantly increase net worth [61][64] - Community engagement and public service are valuable for small business owners, providing motivation and support [22][23][26]