RT Vol X: Ch. 5: Success Factors of Veteran-Owned Small Businesses
From the Book: The Refractive Thinker® Vol X: Effective Business Strategies For the Defense Industry Sector


Summary

Small business failure rates equate to 30% within 2 years and 50% after 5 years (Solomon, Bryant, May, & Perry, 2013). In this chapter, the discussion focuses on veteran-owner business practices that may contribute to understanding why some veteran small business owners lack strategies to sustain their companies beyond 5 years. Interviewing 13 veteran small business owners in Central Florida provided an analysis of the veteran-owner managerial practices attributing to veteran-owned small business longevity factors. Based on the analyzed data, four veteran-owned small business themes emerged: rationale to establish a small business, market research practices, overcoming business adversities, and external assistance avenues used in operating a veteran-owned small business in Central Florida. These veteran small business owner experiences aided to identify, organize, and initiate process changes for operational permanence. Government, state, and local agencies are duty-bound to recognize military veteran adversities in effectively assisting veteran-owned small businesses. Regardless of the situations encountered, veteran small business experiences may be dependent on the individual capabilities and talents for business venture longevity. Successful veteran entrepreneurships can support local economies by promoting positive social values, stakeholder satisfaction, and employment opportunities.