Tomorrow, November 11, is Veterans Day. We’d like to express our gratitude to veterans of all eras for their service, and recognize the veterans who continue to serve our communities as small business owners.
Across the country, veterans own 2.4 million businesses and in California has the most: 239,422 veteran-owned businesses statewide or 9.8% of the United States’ veteran-owned businesses. In fact, a person’s veteran status is a better predictor of entrepreneurship than educational attainment.
Our clients show us that the skills they learn in the military are applicable to entrepreneurship. “The biggest thing that I learned in the military is that to do things well you need focus, systems, and clearly defined roles. At Spice Monkey and Howden Market everyone on my team has their area of expertise and we trust them to do great work,” says Kanitha Matoury, Air Force veteran and owner of Spice Monkey & Howden Market.
Self-employment doesn’t just create a job for that veteran. “Veterans are 30% more likely than non-veteran entrepreneurs to hire other veterans. As the business grows, the veteran creates opportunities for themselves, and they also create jobs in the process, helping other veterans. Veteran entrepreneurship creates a virtuous cycle,” says Noah Harris, Managing Director of Veteran Launch.
We see this in cycle action in our clients’ businesses. Acumen Building Enterprise has a specific hiring priority around veterans. “We know that veterans are great employees: they hit deadlines, they thrive in structured environments, and exhibit excellent pattern recognition,” says Walter Allen, Navy veteran and owner of Acumen Building Enterprise.