Introduction
In the last century, becoming a business owner has gotten challenging for non-military veterans and even more challenging for military veterans. According to the Bureau of Labor Statistics, only 4.5% of more than 3.6 million people who have served in the U.S. military since September 11, 2001, have launched a company (Weisul, 2017, para 4). The fewer military veterans become business owners, the fewer work opportunities military veterans are afforded post-serving, fewer jobs will be created (overall), and the stigma around hiring military veterans will continue to perpetuate. Therefore, this research paper will directly address how the drastic decline of military veteran entrepreneurship has negatively impacted the economy, the workforce, and military veterans.
Fewer Opportunities for Military Veterans
In a clear context, military veterans were those who served in the active military, air service, or naval and were later discharged under conditions other than dishonorable. They are the individuals who retired in time or before time but without any cases or performing activities that might have ruined their image in the military. From research, the veterans mentioned have been established to possess fewer opportunities in the government. According to the United States Small Business Association, 36% of the total Veteran entrepreneurs did not have any interest in owning a business before commencing their military services (Golik, 2022). The main reasons were that they were entitled to good-paying jobs after their discharge from the military. As a result, we consider lack of interest as one of the major reasons why there are minimal job opportunities for military veterans. The interest in business might have been wiped out by the experiences the veterans went through as a result of serving in the military. According to another research by the Institute of Veterans and Military families, of the total ex-military who returned home before wars, 49% from the Second World War and 40% from the Korean War began their own business (Stockton, 2018). A survey by the United States Bureau of Labor Statistics records that the highest number of self-employment among veterans was those who took part in the Second World War and the Korean War.
Comprehensively, some veterans were asked about their struggling issues, and they explained a key point about their lifestyles. Most veterans lack four-year college degrees, which has greatly affected their lives, making them lack opportunities. In most employments, the key criterion considered is an individual’s educational level. Most veterans have undergone a difficult situation due to a lack of certificates and degrees. As a result, most of them consider self-employment as their main source of income as they do not possess what it appertains to become public servants. Other veterans complained of underemployment in other companies.
Similarly, underemployment originated from their level of education. They were considered to have low educational levels hence getting low-paying jobs. Most of the veterans lack employment opportunities because they do not have the necessary resources required. During their work in service, they have undergone some difficult situations which made them use their resources to safeguard their lives hence remaining poor.
According to the New York Fed Small Business Credit Survey, the surveyed firm had less than five hundred employees who were asked about their business performance (Stockton, 2018). The research established that a veteran owned more than 50% of the total businesses hence referred to as veteran-owned businesses. From the businesses, it was also established that the need for small business financing was similar between the non-veterans and veterans. However, the difference mainly came at the point of application submissions in which non-veterans submitted more than veterans. Similarly, the submissions by the non-veterans were accepted more easily than the veterans, implying the latter had minimal opportunities. As a result of lacking opportunities, veterans have been stated to be still asking for help which is their biggest challenge. They mainly ask for small loans, which makes it difficult for large banks to approve them. For instance, a larger bank cannot approve a loan of less than one hundred thousand dollars. The display of veterans as untrustworthy individuals has greatly affected many lenders’ second thoughts when they think of lending them money (Pardue, 2022). As a result, the veterans have reamed without opportunities unless it’s their business, which they fund by themselves.
Fewer Jobs Created Overall
In the United States of America, 99.9% are small businesses that earn individuals their daily living. There is a total of 33.2 million small businesses in the United States of America which makes up the mentioned 99.9 % (Bottorff & Main, 2022). Overall, small businesses are a result of the fewer jobs that have been created across the country. However, research creatively notes that 80 % of the total number of small businesses in the United States have no employees. As mentioned earlier, veterans have fewer or no academic papers, including diplomas and degrees, reducing their chances of getting employed in good-paying jobs. According to the Annual Business Survey of the United States, one million of all the businesses in the country were a minority, and 1.1 million were women-owned. The four main sectors possessing the most business were scientific, professional, technical, and retail. The latter had an estimated 2.8 million businesses, which employed about fifty-one million people with an approximate payroll of 2.7 trillion dollars (Pardue, 2022).
Comprehensively, veteran-owned businesses have been researched to be made up of about 5.9 % of all businesses employing over 3.9 million employees with an annual payroll of 177.7 billion (Bottorff & Main, 2022). Comparing the two values, it is clear that veterans possess overall low opportunities. Contextually, the life of veterans from the military leaves them with an opportunity of working out what they can do best. Since most of them miss the available professional job opportunities due to lack of degrees, they begin their own business. Venturing into entrepreneurship has been mentioned as their main source of income.
Consequently, most of them raise enough income to support their families, ranking among the 80 % of the available businesses in the United States that do not offer employment. Due to the lack of employment, incensement in such businesses raises the alarm of viewing jobs among the citizens of the country since an individual begins a business that can take care of their households. Besides, this small business is mainly propagated by a lack of loans from larger banks because they have a debt of less than $100000 (Pardue, 2022).
Military Veteran Hiring Stigma
The few veterans who have established great positions in professional and scientific workplaces are prone to stigmatization. In this case, their stigma is mainly experienced in most cases where they need help in transitioning back to their stable lives back home. After serving their nations as military for some time, they face difficult experiences affecting their lives, living with certain conditions that need their loved ones and all those that work together to help them transition successfully. Employers in most states of America consider veterans to have served in the military and require rest hen, denying. As a result, the National Alliance on Mental Health proposes that eliminating the stigma surrounding veterans who work in the civilian sectors is an educational process that necessitates a shift in the employers’ perspective. However, most news organizations and entertainment industries have displayed the wounded soldiers from the army who have undergone mental disorders in the aftermath of 9/11 (Golik, 2022).
However, the public must understand that most of less than 21 % of the U.S. adults in the army have a mental condition, but the others are safe and sound. This allows the veterans to get jobs from professional companies and work as civilians because they are sound minds. Since most veterans are not afraid of exposing their status, they should be taken as normal without stigmatization because it can cause trauma. Most veterans believe they can still provide service to their communities, states, and countries as professional employees in health, educational and technological sectors. From the 38th annual Assistive Technology Conference, many civilian employers have accepted that they have many challenges in vetting and interviewing veterans when seeking jobs. It is because most of them have difficulties explaining their experiences in the military, which is essential information required by civilian employers.
According to the “dos and don’ts of veteran interviews” (2022), switching from a military presentation to a formal professional presentation becomes difficult for them making it a difficult changing factor. This is where civilian employers must understand them and offer them opportunities because it is a life they have been used to. Similarly, they should understand that the veterans may need permission to speak freely; hence important to consider them rather than discard them at early stages. The types of discharge a question should be avoided by the civilian employer during an interview (Pardue, 2022). When deciding on hiring, the civilian employer should research the veteran’s progress in the military, their skills, compatibility, and strengths to ensure that they strongly fit the role they will be employed to partake in.
Conclusion
In conclusion, the reduction in veterans’ business has greatly impacted the development of the states and the country. Businesses managed by the veterans have been reduced because they lack support from the government. Similarly, the veterans have been discriminated against in job opportunities leaving them with a single opportunity of beginning businesses. Since the United States mainly depends on small-scale businesses, veterans should be allowed to expand their businesses, creating more employment opportunities. Consequently, the latter can only be ascertained by addressing the civilian employers to respect military veterans because they serve the community, state, and country through the military. Having been members of the military, they understand struggling for survival and the disadvantage of giving up; hence always committed. Vetting or interviews for employment opportunities have to be open and fair without discrimination. Stigmatization at the workplace because an individual has served in the military is a vice that should be avoided completely to let the individuals work freely and as required. Small businesses in the United States have grown to be the main sources of livelihood across the country.
The decline in the businesses managed by veterans and their rationality with the non-veterans has been ranked similarly. Under its federal and state leadership, the government should work to ensure that the veterans are motivated to start businesses and given a chance to work in professional and technical opportunities. In 2021, most of the veterans took part in establishing entrepreneurship after they had lost their jobs due to various reasons. Those fired from their jobs because of stigmatization should be given back. Finally, it is the responsibility of the government to protect all veterans discharged from the military and ensure they are saved from discrimination and stigmatization. They should support their business to realize the development of the entire nation’s economy.
References
Annual business survey release provides data on minority-owned, veteran-owned, and women-owned businesses. (2021, January 28). Census. Retrieved January 19, 2023, from https://www.census.gov/newsroom/press-releases/2021/annual-business-survey.html. This article discusses the statistical data that the U.S. Census Annual Bureau Business Survey (ABS) captured in 2019 regarding demographic information on business owners. It includes a detailed demographic breakdown of veteran-owned, Hispanic-owned, Asian-owned, black or African-American-owned, and indigenous-owned businesses. It also includes the field/sector the businesses are in, the total amount of businesses owned by each group, and how much revenue (as a collective) each group earned in 2019. This article is useful because I can utilize the statistical data from the ABS to strengthen my research paper and support my thesis regarding the significant decline of veteran entrepreneurship.
Bottorff, C., & Main, K. (2022, December 7). Small business statistics of 2023. Forbes. https://www.forbes.com/advisor/business/small-business-statistics This article provides statistical data specifically regarding small businesses in 2022. The article breaks down the statistical data into high-level categories such as demographic information, job creation, small business salaries, small business ownership statistics, small business costs, and low business survival rates. This article will be cited/referenced in my research paper to help strengthen my argument around highlighting how many veterans are currently business owners and how veteran entrepreneurship impacts overall job creation in the U.S.
Golik, D. (2022, October 30). Opinion: veteran-owned businesses are an economic powerhouse. Pacific Coast Business Times. https://www.pacbiztimes.com/2022/10/30/opinion-veteran-owned-businesses-are-an-economic-powerhouse. This article provides statistical data regarding the % age of veteran business owners since WWII. It also discusses the barriers and challenges veterans face once they separate from the service and the lack of preparedness/guidance on how to reintegrate into society after serving. This article will be used throughout my research paper to support my thesis and strengthen some of my main body paragraphs. I will utilize this article to support my claim about the stigma around hiring veterans that exists within the workforce, as well as reference this article to support my claim about veterans’ lack of opportunities and resources.
Pardue, L. (2022, November 9). Veteran-owned new businesses doubled in 2021 and are growing in 2022. Gusto. https://www.gusto.com/company-news/veteran-businesses-growing-2022. This article provides statistical data around veteran-owned businesses and the sector of which these businesses are a part. It also provides information on why more veterans decided to become business owners in 2021 and the impact veteran-owned businesses had on our economy. Lastly, this article provides data on job creation and opportunities created by veteran entrepreneurs for fellow veterans. This article will help strengthen my claim about veteran-owned businesses’ positive impact on our economy and provide supporting information about the claim that veterans intentionally provide opportunities for fellow veterans.
Stockton, G. (2018, December 17). Report on veteran business owners reveals opportunity gap. Experian. https://www.experian.com/blogs/small-business-matters/2018/12/17/report-on-veteran-business-owners-reveals-opportunity-gap. This article discusses results from a survey conducted by the Small Business Association regarding veteran business ownership. The survey results highlight the decline in veteran-owned businesses, the challenges veteran entrepreneurs face, and the many skills veterans possess. This article will be used throughout my research paper to support my claim about the pushback on the stigma around hiring veterans as employees. I also will be citing/referencing this article to support my claim that veterans face many challenges, such as unemployment, due to the stigma around hiring veterans still existing in the workforce.
U.S. Veterans Magazine. https://www.usveteransmagazine.com/2022/11/dos-donts-veteran-interviews. This article provides information about helpful tips and things to consider when interviewing a veteran for a position within an organization. It provides examples of non-invasive, professional, work-appropriate questions to ask during an interview. It also provides examples of the type of questions the interviewer should refrain from asking a veteran during their interview. This article will be useful to support my claim about the hiring stigma that veterans face. I will reference this article to showcase the distinction between a veteran and a non-veteran interviewing process.
Weisul, K. (2016, October). Where are all the missing veteran-owned businesses? Inc. https://www.inc.com/magazine/201610/kimberly-weisul/missing-veteran-owned-businesses.html. This article discusses the decline of veteran entrepreneurship since World War II. It also provides statistical data around the number of jobs veteran-owned businesses created since 2001 and highlights the limited resources that veterans operate with. This article will be useful throughout my paper to strengthen my argument that veterans lack opportunities/resources. I will also reference this article to support my claim that veteran-owned businesses create more jobs within our society.
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