Facts on Veterans and Entrepreneurship
National Invest In Veterans Week® is a holiday officially proclaimed by the National Day Calendar® that celebrates the entrepreneurial spirit of our nation’s veterans. As a result of the enactment of the Veterans Entrepreneurship and Small Business Development Act of 1999, the U.S. Small Business Administration’s Office of Advocacy has prioritized research on businesses owned by veterans and service-disabled veterans. This research is intended to provide government policymakers and other stakeholders with the information needed to make informed decisions about policies that impact veteran entrepreneurship.
Veteran-owned firms
2.4 million
Employees of Veteran-owned firms
5.8 million
Percentage of firms owned by veterans: Top 10 Industries
According to data from the U.S. Census Bureau’s Survey of Business Owners (SBO), conducted once every five years, there were 2.52 million businesses majority-owned by veterans in 2012. Of these businesses, 442,485 were employers and 2.08 million were non-employers. Nearly all of these veteran-owned businesses (99.9 percent) were small businesses. These businesses had receipts of $1.14 trillion, employed 5.03 million people, and had an annual payroll of $195 billion. Veteran-owned firms represented 9.1 percent of all U.S. firms, and 10.3 percent of all owners of SBO-respondent firms were veterans. Additionally, 7.3 percent of all SBO-respondent veteran owners had service-connected disabilities.
These statistics highlight the significant economic impact that veteran-owned businesses have on our country. However, despite this impact, veterans still face unique challenges when starting and growing a business. That’s where National Invest In Veterans Week® comes in. The holiday is a time to celebrate the successes of veteran entrepreneurs and to recognize their contributions to our communities and our economy. It’s also an opportunity to raise awareness about the challenges that veterans face and to provide resources and support to help them succeed.
Distribution of Veteran-owned firms by industry
One of the key objectives of National Invest In Veterans Week® is to encourage the public to support veteran-owned businesses. This can take many forms, from buying products and services from veteran-owned businesses to promoting these businesses on social media using the hashtag #NationalInvestInVeteransWeek. Organizations can also get involved by hosting workshops for aspiring veteran entrepreneurs or by partnering with a veteran-owned business to help tell their story.
Another important objective is to nurture veteran startups by providing grants, fundraisers, complimentary B2B services, and award ceremonies. These resources can help veteran entrepreneurs overcome some of the challenges they face when starting a business, such as access to funding and mentorship. Additionally, National Invest In Veterans Week® encourages the public to mentor veteran entrepreneurs, providing guidance and support as they navigate the challenges of starting and growing a business.
Beyond supporting veteran-owned businesses, National Invest In Veterans Week® also advocates for policies and legislation that support the success of veteran-owned businesses and the well-being of veterans. This includes promoting the hiring of veterans in the workforce, providing resources and support for veterans dealing with mental health challenges, and building a strong network of veteran entrepreneurs, business leaders, and advocates who can support and mentor one another. By fostering a culture of appreciation and respect for the sacrifices and contributions of veterans, National Invest In Veterans Week® aims to create a brighter future for these brave men and women and for our communities as a whole.
Last updated October 8, 2024