Owning a business is not for the timid or faint of heart, which is why it makes a lot of sense that so many veterans become business owners once their active military duty is over.
However, as with everything, there are two sides to this story. While veterans make natural business owners, they traditionally haven’t received the same level of support or access to resources as other entrepreneurs. As a result, 93% of veteran-owned businesses fail within 10 years, far outpacing the 70% of all businesses who fail in the same period.
That’s according to Saul Newton, executive director of the Wisconsin Veterans Chamber of Commerce, an organization he founded in 2015.
Newton was an infantry solider (11B) assigned to 1st Battalion, 66th Armor Regiment, 4th Infantry Division based in Fort Carson, Colo. from 2009–12. He was deployed to Kandahar Province in Afghanistan from 2010–11 in support of Operation Enduring Freedom. After leaving the Army, he returned to his hometown of Milwaukee to pursue his education at the University of Wisconsin–Waukesha.
“After leaving the military and going back to school, I was looking for a way to serve and empower my fellow veterans while recognizing the contributions we make to our society,” explains Newton. “I saw that Wisconsin’s veterans are an important part of our state’s economy through entrepreneurship, business ownership, and community service, but there was no organization dedicated to serving veteran-owned and veteran-friendly businesses across the state.
“Veterans are fueling Wisconsin’s economy in ways many people aren’t even aware of,” continues Newton. “The Wisconsin Veterans Chamber of Commerce recognizes the contributions veterans make to our state and provides needed support, guidance, and promotion of Wisconsin’s veteran-owned and veteran-friendly businesses.”
Wisconsin is home to one of the first veteran chambers of commerce in the country. Other states with active organizations include Connecticut, Arizona, and North Carolina. Last year, Newton joined with veteran business leaders from across the country to form the U.S. Veterans Chamber of Commerce. He currently serves on that organization’s board of directors.
While its main office is located in Milwaukee, Newton says the Wisconsin Veterans Chamber includes members from across the state. As such, the Chamber is establishing a Madison chapter because “there is an engaged, active, and supportive community dedicated to empowering veterans, service members, and their families. We are excited to support veteran-owned and veteran-friendly businesses in Madison,” he says.
Workforce warriors
Newton notes Veterans are a force to be reckoned with in the local economy.
The U.S. Census Bureau estimates there are 3,876 veteran-owned businesses in Dane County.
According to the U.S. Small Business Administration, there are more than 65,000 veteran-owned businesses in Wisconsin, spread across every economic sector. These businesses employ more than 168,000 people and account for nearly $30 billion per year in annual sales.
“Veterans are 45% more likely to start a business than non-veterans,” says Newton. “Moreover, countless businesses across Wisconsin rely on veteran employees as part of their workforce. In fact, the U.S. Chamber of Commerce found that veterans are a top three recruiting priority for employers, and 90% of human resources professionals say veteran recruitment is important to their business.”
(Continued)
Â
Newton notes one organization has produced more business owners than any other single institution in the nation — the U.S. military. A study from Syracuse University estimated that as many as 49% of World War II veterans went on to own their own businesses.
However, “even though veterans play a crucial role in growing our state’s economy, they face inherent disadvantages in part because of their military service and veteran status,” explains Newton. “Gaining access to capital or financing is difficult for veterans who, due to deployments or duty stations, may lack the local professional network or financial history necessary to establish or expand their business. While business-training programs are available to many entrepreneurs, veterans and military service members have not had access to those resources. Moreover, public policy priorities and public resources have historically overlooked the veteran business community.”
“Successful military members have more drive, motivation, and courage than the average person, which are all needed in order to succeed at business,” notes Carol Poole, owner of UpCycle Marketing LLC in Madison.
Poole should know. She’s an active U.S. Army Reservist of more than seven years who left a stable job to pursue her entrepreneurial dreams.
“The courage required to raise your right hand to defend our country is the same courage it takes to set out on your own as a business owner,” says Poole. “The drive and motivation that carries a service member through countless training exercises, deployments, and rigorous physical and mental stress all contribute to what makes a successful business owner. A veteran may face a challenge in their business that would bring a non-veteran to their knees, but that veteran has faced bigger problems with life-threatening consequences, so they have the ability to put it in perspective and work through it with less stress.”
“Veterans are incredibly entrepreneurial, and the skills and values instilled in every member of the military translates directly to business ownership,” concurs Newton. “Military success depends on strong leadership and organizational skills, creative problem-solving, task execution, the ability to work under pressure, and resiliency. These factors are critical to success in business, as well.”
Madison muster
The Wisconsin Veterans Chamber is holding a muster to kick off the launch of its Madison chapter from 5:30–7:30 p.m. on June 20 at the Great Dane Pub on Madison’s east side.
Veterans and veteran supporters will learn more about the Veterans Chamber and the events, programming, and support offered to the veteran business community, notes Newton. “They’ll have the opportunity to connect with veteran business owners, veteran-friendly employers, and local community leaders and grow their network. We will also offer attendees a free digital media marketing workshop, led by veteran-owned UpCycle Marketing.”
The cost to attend is $10 for the general public, or free for members of the Wisconsin Veterans Chamber of Commerce. Members of the Wisconsin Veterans Chamber are listed in our digital Wisconsin Veteran Business Directory, receive premium access to Veterans Chamber events and programming, and access to Veterans Chamber discount program and member-to-member discount program.
For more information visit wiveteranschamber.org.
Click here to sign up for the free IB ezine — your twice-weekly resource for local business news, analysis, voices, and the names you need to know. If you are not already a subscriber to In Business magazine, be sure to sign up for our monthly print edition here.
