Veteran business ~ Challenges & Support

Here are the common challenges faced by Veteran-Owned Business CEOs. Continue below this list to see just some of the ways my skills can help you overcome these challenges, and more. 

• Access to Capital: Veterans often find huge frustrations in securing financing due to limited credit history or lack of collateral and the red tape in institutions that claim being veteran friendly. This financial barrier can impede startup growth and sustainability.

• Navigating Bureaucracy: The process of obtaining necessary certifications, licenses, and permits can be complex, full of dead ends, and time-consuming, posing a significant hurdle for veteran entrepreneurs. 

• Building Professional Networks: Transitioning from a military environment to the civilian business world often means starting anew in terms of professional connections, which are vital for business development and mentorship. Knowing networks in the government contracting sector can be pivotal in progress but challenging to be "seen" in. 

• Marketing and Branding: Effectively promoting a business and establishing a strong and consistent brand presence can be challenging without prior experience in marketing strategies and current market demands/trends. 

• Understanding Market Dynamics: Gaining insights into market trends, customer behaviors, and competitive landscapes requires an additional skill set beyond those typically developed in most MOS's.  

• Mental Health and Well-being: Adjusting to civilian life, addressing any residual needs or challenges from active duty all while managing the stresses of entrepreneurship can impact mental health, necessitating access to appropriate support systems. 

• Human Resources Management: Leading and managing a civilian workforce involves different approaches compared to military personnel management, including understanding labor laws, specific state laws, and fostering workplace culture. A culture that while pivotal to morale and growth, if primarily civilian, can be a challenge to implement and sustain. 

• Financial Literacy: Developing financial statements, managing cash flow, and budgeting are essential skills that may need to be improved upon after separation prior to starting a business.

• Technological Adaptation: Keeping up with technological advancements and integrating appropriate tools into business operations can be daunting without prior exposure.

• Work-Life Balance: Balancing business responsibilities with personal life is crucial to prevent burnout, especially during the transition from a structured military schedule to entrepreneurial demands.

• Limited Exploration of Diverse Industries: Veteran-owned businesses are predominantly concentrated in industries such as finance, insurance, wholesale trade, retail trade, construction, and professional/technical services. This limited exploration may be due to a lack of awareness or exposure to other sectors like healthcare, hospitality, or technology, which can offer substantial growth opportunities. 

• Declining Rates of Veteran Entrepreneurship: There has been a notable decrease in the number of veterans pursuing entrepreneurship. For instance, only 4.5% of post-9/11 veterans have started businesses, compared to nearly 50% of World War II veterans. This decline may be attributed to various factors, including economic conditions, lack of resources, inability to navigate a very complex and red tape-laden system, or insufficient support systems. 

• Stigmatization and Hiring Bias: Veterans may face stigmas related to physical disabilities or mental health conditions like post-traumatic stress disorder (PTSD). Such biases can lead to challenges in hiring, securing partnerships, or gaining client trust, thereby affecting business operations and growth. 

• Higher Disability Rates Among Post-9/11 Veterans: Post-9/11 veterans have higher rates of service-connected disabilities, which can present personal and professional challenges. Managing health-related issues alongside business responsibilities requires additional support and resources to ensure both personal well-being and business success. 

• Civilian-Military Cultural Divide: A growing divide between civilian and military cultures can lead to misunderstandings or lack of support for veteran entrepreneurs. This gap may result in difficulties in networking, marketing, and building relationships with clients or partners who may not fully understand or appreciate the veteran experience.