Post-9/11 veterans are pursuing entrepreneurship at a fraction of the rate of WWII veterans for a number of reasons, including a lack of access to capital and little to no previous professional experience as many service members enter the military directly out of high school.
This can make transition from military service to civilian life challenging, regardless of how long you’ve been serving, partially due to a lack of financial stability. Entrepreneurship has long been regarded as a pathway to economic solvency, particularly for veterans who want the sense that they are continuing to serve others beyond themselves.
However, while 49% of WWII veterans went on to start small businesses, millennial veterans are pursuing entrepreneurship at 4.9%. This shift is due in large part to the nature of businesses in the modern landscape.
Decades ago, entrepreneurship may have meant opening a small business that serves your local community, but today, tech-based companies often require six-figure startup costs, as well as a seasoned professional team to take a concept from idea to implementation.
Those sizable needs for both capital and personnel create barriers that post-9/11 veterans are finding it difficult to overcome.
These factors, while challenging, are not impossible to overcome if veterans are able to recognize and leverage the power of their global networks.
In this video, we share advice on how to address those challenges and start your own business.