Infographic: The State of Veteran Business Owners (2024)

In the tapestry of American entrepreneurship, there exists a unique and resilient thread woven by veterans who have served our nation with honor and distinction. These business owners have discovered how to blend their military service with entrepreneurship, highlighting the enduring spirit and determination of individuals who have successfully transitioned from military duty to business leadership.

Veteran-owned businesses constitute a vital segment of the U.S. economic landscape, contributing significantly to the nation’s prosperity. The 1,713,151 veteran-owned businesses contribute $1trillion in annual sales to the nation’s economy. These businesses span diverse sectors, with a notable presence in professional services, construction, healthcare, retail trade and more.

Yet, the journey of a veteran-owned business has its challenges. From a lack of access to capital to difficulties finding good employees, veterans often face formidable barriers to entrepreneurship. These challenges, however, have not deterred them from pursuing their dreams of business ownership. Veterans are tapping into personal savings, financial institutions, government funding sources and the support of friends and family. The resilience and resourcefulness of veteran business owners shine through as they leverage these avenues to bring their business visions to life.

The motivations behind veterans venturing into entrepreneurship are as diverse as their backgrounds. For many, the desire to make independent decisions, maintain personal freedom and create opportunities for financial independence drives them forward. Like all entrepreneurs, they seek to implement their unique ideas, improve their quality of life and contribute to society through their businesses.

This data pays tribute to the men and women who have served our nation in the military and continue to serve through their entrepreneurial undertakings. SCORE salutes their commitment to the principles of freedom and independence and their determination to build a stronger future for themselves, their families and their communities.