Entrepreneurship Among Veterans: Comparative Evidence from Recent Surveys
International Small Business Journal: Researching Entrepreneurship, 0[10.1177/02662426241278216]
33 Pages Posted: 13 Aug 2024
Date Written: June 25, 2024
Abstract
The large literature on the correlates of entrepreneurship pays little attention to America's military Veterans. We leverage two national surveys with rich demographic and behavioral data to estimate how military experience relates to entrepreneurship and financial success. After accounting for demographic differences, Veterans are less likely to become entrepreneurs than their peers. Veteran entrepreneurs also earn less and have lower financial satisfaction. These results contradict the common narrative and theoretical expectation that average military experience imparts human capital that prepares Veterans for entrepreneurship. We also find that female, Black, and more educated Veterans are relatively more likely to pursue entrepreneurship.
Keywords: Entrepreneurship, Self-employment, Veterans, Financial well-being JEL Codes: L26
JEL Classification: L26, J23, J24
Suggested Citation: Suggested Citation