Veterans Best Candidates for Business Ownership

Veterans tend to be the best candidates for starting new businesses.

“They‘re disciplined, they understand technology, and they know how to get the job done,” said Mike Ryan, director, Minnesota Small Business Development Center at University of St. Thomas.

Owning a business has been an attractive option for veterans because they can have more control over their lives, be able to reap more of the rewards from their work, and make independent decisions.

One important source of help for veterans interested in starting a small business is Minnesota’s network of Small Business Development Centers (SBDCs).

Among those veterans the SBDCs have helped are those who returned to Minnesota from active duty during 2012. They were part of the military that returned stateside in record numbers, with many of them facing unemployment. The SBDCs, DEED and other partners provided assistance through job fairs, panel discussions and training opportunities.

In addition, veterans were awarded 41 scholarships ranging from $300 to $400 for a financial literacy course called “Profit Mastery: Creating Value and Building Wealth.” Viable candidates interested in starting a new business, or who may have had their current business affected as a result of their military deployment received the awards.

We encourage veterans interested in entrepreneurship to attend a presentation about starting a business that will be presented at the Minnesota Veterans Career Fair on July 16.  The career fair is free and there’s no need to register.

DEED’s website lists several sources of expert business guidance and some targeted business financing options for interested veterans or for veterans reestablishing a business left behind after deployment to active duty. Click here to learn more.

Information about starting a business in Minnesota and getting help from other experts including DEED’s Small Business Assistance Office is also available.