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Nat'l Veterans Small Business Week: 7 Things to Know

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By Daniel Taylor, Esq. on November 04, 2014 1:50 PM

This week is National Veterans Small Business Week, a week dedicated to recognizing and supporting veteran entrepreneurs and small business owners.

Those celebrating National Veterans Small Business Week include President Barack Obama. In a memo released Monday, President Obama noted, "Even after our service members hang up their uniforms, they keep shaping our country, applying their innovative and unique skills to form small businesses that define our communities and drive economic progress."

What are the facts behind National Veterans Small Business Week and veteran-owned businesses? Here are seven things you should know:

  1. Veterans are responsible for 1 in 10 small businesses. According to the United States Small Business Administration, veterans own nearly one in 10 small businesses in America.
  2. Veterans employ nearly 6 million workers. Veteran-owned businesses also employ nearly 6 million American workers. This number will likely continue to increase as veteran-owned businesses increase and expand with help from the SBA, which offers loans to veterans looking to start businesses with no upfront fee.
  3. Veterans generate over $1.5 trillion in receipts each year. Veterans account for more than $1.5 trillion in business every year, thanks in part to programs that encourage government contracts be awarded to businesses owned by veterans.
  4. Veterans are 45 percent more likely to be self-employed. Although businesses may receive tax breaks for hiring veterans, veterans are 45 percent more likely to go to work for themselves than non-veterans.
  5. National Veterans Small Business Week Events are happening from coast to coast. The SBA has posted a schedule of events for National Veterans Small Business Week happening across the country, including entrepreneurship training events, seminars, career fairs, and more.
  6. There's even a Twitter hashtag for this week. You can follow National Veterans Small Business Week events and discussions on Twitter with the hashtag #MyVetBiz.
  7. Thinking of starting a business? You may want to talk to a lawyer. If you're a veteran considering going into business for yourself, veterans programs and the SBA can help. But there are also many things that a business lawyer can do for you, such as advising you on issues of business formation, employment law, and contract drafting.

To learn more about the legal issues involved in starting and running a business, head over to FindLaw's section on Small Business Law.

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