Veterans are increasingly embracing entrepreneurship, driven by a strong commitment to community service and personal independence. According to Gusto’s 2024 New Business Formation Report, which surveyed 1,300 entrepreneurs, veterans accounted for 8% of new business launches in 2023, exceeding their 6% share of the U.S. adult population. Nearly half of veteran entrepreneurs prioritized having a positive community impact, while over a third focused on creating local jobs. More than half of these businesses were personal services, like restaurants or retail shops, and community-oriented ventures, such as healthcare or education firms. This community-centric approach underscores veterans’ deep-rooted desire to serve others, a trait often cultivated during their military service.
Nich Tremper, an economist at Gusto with expertise in small business dynamics, highlighted veterans' preference for independence. The report noted that 63% of veteran founders pursued entrepreneurship for flexibility and autonomy, while 72% sought long-term financial security for their families. Interestingly, veterans were three times more likely than the broader entrepreneurial sample to leverage technology to lower business start-up barriers. By prioritizing community welfare and family well-being over wealth accumulation, veterans are creating sustainable enterprises that enrich local economies and improve quality of life.
