Veterans make up 7 percent of the U.S. population, but can you guess the percentage of franchise owners who are veterans?
14 percent. Pretty crazy, right?
The stats speak for themselves – veterans often gravitate towards business opportunities, especially franchise opportunities. But what are the qualities that often make them strong business leaders?
The reason is actually pretty simple: the skills veterans learn in the military translate well into the business world in a number of ways. As a result, many veterans seek out these entrepreneur opportunities, and specifically franchise opportunities, after their last tour of duty in the military. As a result, veteran-owned businesses have popped up all across the United States!
So, Why Exactly Do Veterans Often Make Successful Business Owners?
In short, they know how to operate well under pressure, lead others, produce results and work towards group goals rather than just individual ones.
Here’s a closer look at why veterans often make excellent business leaders!
Veterans are Natural Leaders
Military service naturally pushes people to become leaders. Veterans often understand how to lead, delegate orders and meet goals, as they’ve done all that beforehand. These skills translate well into the business world, as staff need to be trained and led towards the common goal of business success.
Veterans Can Handle Stress
Veterans are trained in boot camp, deployed overseas and often faced serious risks on the frontlines. If they can do all that, the stress of business management should be nothing!
They know how to operate under intense pressure and know how to cope with it. These skills translate well into the business world too, where the stress of daily business management can get overwhelming at times.
Veterans are Easily Trained
Franchise management requires the ability to understand the complexity of how a business operates quickly, from sales to inventory to customer service and everything else in between. Veterans, however, are often easy to train, as they’ve been through tough training before and are familiar with the process in an intense, high-stress environment.
Veterans Understand Structure
Business structures are similar to the armed services in a number of ways, as both have their respective chains of command, training regimens, tasks to accomplish as a team and the like. Veterans, through their training, have a strong grasp of this structure and understand how it can apply to the business world.
Veterans Know How to Follow Systems and Rules
Military veterans are trained to adhere to a system to achieve success and understand how to execute specific tasks to succeed. The same principle applies to the business world, as franchisors provide the plans while the franchisee must see them through to achieve success. Veterans know how to follow these rules and execute the plan.
Veterans are Disciplined
Systems, rules and structure all require discipline. Military veterans understand the importance of discipline, as they know how to follow orders, execute plans and maintain focus and dedication even in high-stress environments. These are all critical traits for entrepreneurs to have, as franchise management requires strict discipline to overcome tough challenges – something veterans fully understand!
Veterans are Results-Oriented
Results are the bottom-line of any military operation. Much like how veterans prepare for each mission very carefully, business owners know the importance of how to plan, execute and measure the results of each business goal. As a result, these skills translate over into the business world!
Veterans Have a “Larger Than Self” Mindset
Finally, veterans understand first-hand the concept of hard work towards a goal much larger than oneself. As they’ve already taken a vow to defend their country, they know how to rise to challenges larger than them as individuals and work together as a team.
The same basic concept applies to the business world. Businesses face challenges that require individual sacrifice, hard work towards common goals and to understand that the larger picture is what’s truly important – all things well understood by armed services veterans!
That’s Why Veterans Make Great Business Owners!
More and more veterans have turned to entrepreneur opportunities, and specifically franchise opportunities, after they leave the military. Veteran-owned businesses often benefit from veterans’ skills that translate well from the armed services into the business world, such as leadership, calmness under stress, discipline and grasp of structure and rules.
If you’re a veteran interested in entrepreneur opportunities, you may just want to make the business world your next tour of service!
By Steve Longo and Jim Notaris