By Debbie Gregory.
There are three definitive words that come into play when understanding why service members and veterans make great entrepreneurs: desire, drive and determination. Of course, investing in veterans and active duty military personnel is a great way to give back to those who have served. But military experience helps prepare would-be-entrepreneurs for business battles as well.
Some of the top “takeaways” from military service include:
Team building: In business, a team is only as strong as its weakest player.
Mission-planning: In business, planning is critical, and so is having contingencies for every possible scenario.
Leadership: From dealing with adversity to problem solving and motivating those around you, leaders are key in the success of both military operations and businesses. ”
Risk Management: Managing risk in the entrepreneurial sense seldom includes life and limb, but running a business carries with it a fair amount of financial and other risks. Far too many entrepreneurs are risk averse, so they are never able to capitalize on the rewards of taking a calculated risk. The military does a pretty good job of teaching its leaders how to evaluate risk and capitalize on opportunities.
Grace Under Pressure: Leading a small business that is often underfunded and understaffed requires business leaders to deal with the stress and pressure of wearing multiple hats.
Working With Limited Resources: Small business owners must deal with this challenge on a regular basis. The ability to prioritize initiatives and tackle those that offer the greatest possibility of success is an invaluable talent that can’t be ignored when money and resources are stretched thin. Almost anyone could successfully run a business if they has unlimited resources.
So, whether you are a former veteran considering entrepreneurship or an investor thinking of investing in a new veteran-owned business, know that those who have served their country have many of the qualities needed for business success.