Terry Williams: Supporting veteran entrepreneurs is a duty — and an opportunity

Across the country, veteran-owned businesses handle $1.3 trillion in sales each year and provide jobs to more than 5 million Americans, according to the Small Business Administration. Each of these nearly 2 million businesses, whether they have employees or not, is a testament to the leadership, resilience and innovation that veterans bring to the table. Yet, despite their contributions and capabilities, many veteran entrepreneurs face significant barriers when transitioning to civilian life and building businesses. DC — the heart of a metropolitan area that has been recognized as a top city for veteran entrepreneurs by the PenFed Foundation — has an opportunity to lead the charge in supporting these entrepreneurs and demonstrating how communities can empower those who served.

Many veterans experience outsized challenges when it comes to starting their own businesses. They sacrificed key years of their careers serving our nation, rather than climbing the corporate ladder and building professional networks. As a result, many don’t have the same access to capital or financing that their civilian counterparts may enjoy.

Yet military experience equips veterans with important qualities that translate seamlessly into the demands of running a business. Military service develops discipline, teamwork, strategic thinking and leadership — essential traits of successful entrepreneurs. Their unique experiences give them incredible insight into how to identify and solve problems. For example, Shift5, a DC metro area cybersecurity technology company that was recently named one of Fast Company’s most innovative companies, was founded because a service member recognized a need for stronger critical infrastructure defense. Thanks to their lived experiences and finely honed skill set, veterans are more likely than civilians to start their own businesses.

However, the rate of veteran entrepreneurship has fallen off in recent years. A 2021 study from the Small Business Administration found that millennial veterans are less likely to start their own businesses than were older generations of veterans. This decline should concern cities and business owners alike, given the broad benefits that would accrue from stronger economies and markets filled with veteran-owned businesses.

As a top city for veteran entrepreneurs, DC and its businesses should identify ways to increase their support for veteran startups not only because of the value they bring to the local and national economy but also as a way to thank our veterans for their sacrifices to this nation. The first step is allowing veterans to show their worth by helping them build connections, learn from mentors and collaborate with peers. Supporting these efforts and our veterans isn’t charity. Research shows that small businesses are essential to our national economy and benefit larger corporations. Empowering veterans to realize their business potential creates a stronger, healthier marketplace that benefits all Americans.

The broader community also has an important role to play in ensuring the long-term success of these small businesses. We can all take simple steps such as shopping at veteran-owned businesses and sharing our experiences with friends and family. Advocating for grants, tax incentives and educational programs tailored to veterans can help equip skilled entrepreneurs with the tools they need to succeed. As a city, we must continue to support our veterans in order to benefit from their innovations while also addressing the unique challenges faced by those transitioning from military to civilian life.

Partnering with initiatives like the PenFed Foundation’s Veteran Entrepreneur Program — which provides free coaching, mentorship and collaboration — is one way to drive real outcomes for veteran entrepreneurs. Whether it’s providing the mentorship and resources to help a veteran create a home maintenance platform or fostering the relationships that inspire a veteran to transform military apparel for women in the service, these programs are key to leveling the playing field for those who have already given so much.

DC’s strong economy and commitment to fostering innovation already make it a prime location for veteran entrepreneurs, but the work is far from over. Helping our nation’s veterans overcome the obstacles erected by their time in the military is a task for each of us. By empowering them to succeed as entrepreneurs, we honor their past contributions while investing in a future defined by resilience and excellence — for all of us.

Terry Williams is a retired U.S. Marine Corps brigadier general and director of the PenFed Foundation’s Veteran Entrepreneur Program.

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