Honoring Veterans and Veteran Entrepreneurs

By SBE Council at 10 November, 2023, 11:55 am

by Raymond J. Keating –

Veterans Day is November 11th (marked as a federal holiday this year on November 10th), and it’s the day when we honor those who served in the United States Armed Forces.

Given their training in the military and willingness to serve others, it’s not surprising that many veterans wind up becoming business owners.

As reported by the U.S. Small Business Administration’s Office of Advocacy, veterans owned 338,000 employer firms in 2018, or 5.9 percent of such employer businesses. In addition, 1.4 million veterans owned nonemployer firms in 2017, which equaled 5.6 percent of such firms. These percentages basically line up with veterans as a share of the population (5.6 percent).

The SBA also has noted that “veteran-owned businesses make significant contributions to the U.S. economy, employing over five million Americans and generating $1.3 trillion in total sales.”

So, we thank all veterans for their military service to our country, as well as thanking those who continue to serve others as entrepreneurs.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council. His latest books on the economy are The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist and The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist.