A few weeks ago, we noted that Connecticut was one of the best states for business start-ups. Whether entrepreneurs are attracted to the state's business climate, its tax code or just the beautiful autumn leaves, they are launching new ventures at an encouraging pace.
Not everyone is cut out to be an entrepreneur. It takes discipline and hard work; sometimes it takes a strong stubborn streak, and sometimes it takes a leap of faith. As it happens, the same can be said about serving in the military.
One thing about the military is that success depends on working well within a system -- following certain rules but knowing how to improvise when it's necessary. That, according to a former representative of the International Franchise Association -- who also served in the U.S. Marines for eight years -- is why veterans are such good fits with franchising.
A franchise offers an entrepreneur the opportunity to own his own small business, to lead his own team and to make his own decisions while knowing that the franchisor has his back. The system supports the owner, but the owner makes the system a success.
The number of veterans opening franchise operations has increased significantly over the past few years. The IFA, along with the White House and a number of federal agencies, is trying to help. Their campaign, Operation Enduring Opportunity, has set a goal of putting 80,000 veterans into franchise establishments -- as franchisors, franchisees or franchise employees -- by 2014.
The Small Business Administration estimates that veterans own about 2.4 million businesses with a total of 5.8 million employees. Those numbers will certainly grow as the tens of thousands of veterans from the wars in Iraq and Afghanistan enter the job market over the next two years.
Source: The Journal Gazette, "Veterans generate new job prospects," Shobhana Chandra, June 10, 2013