15760 Ventura Blvd, Suite 610 Encino, CA 91436
15760 Ventura Blvd, Suite 610 Encino, CA 91436
Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

Do Veterans Make Good Entrepreneurs?

Recent figures show that veterans contribute to small business more than ever before, with nearly 9 percent of all American firms being operated by former servicemen and women. That percentage boils down to 2.4 million American businesses, responsible for employing an estimated six million people — essentially the population of a densely populated city like Boston or Philadelphia.
veteran as an entrepreneur

According to The Small Business Administration, “… the higher rates of self-employment may be due to individual characteristics, rather than training, education or other qualities imparted by military service.” You could just as easily interpret this to mean that it’s the personal traits that attribute to a superior soldier/entrepreneur over the experience pulled from one’s time serving.

Despite this, veterans can make successful entrepreneurs for a few select reasons. First, servicemen and women are often considered more efficient in regards to risk assessment. Whereas some people might identity a potential threat to their business, these entrepreneurs actually might see an opportunity for growth. These individuals often have a better ability to assess risk on more realistic terms, helping them seize the moment and better mitigate potential hazards.

Veterans are also known to be cool under pressure, a skill that allows them to keep upright despite a necessity to wear many different hats as a small business owner. Dealing with adversities like managing regular business operations while under-staffed and under-funded are qualities successful military members don’t shy away from.

Finally, veterans have a penchant for getting things done efficiently. The successful entrepreneur isn’t one to put off a job that needs to be completed today. The Marine Corp’s helps instill this sense of responsibility in its forces, a quality invaluable when it comes to small business. As many entrepreneurs can tell you, complacency is a cardinal sin that puts business survival in serious jeopardy.

Of course, despite certain advantages, there are unique challenges presented to small business operating veterans. As you might imagine, this area of small business — providing six million jobs nationwide — requires diligent payroll management. You can’t substitute any experience for proper payroll management — it requires an extensive background in accounting to ensure the books are properly balanced.

Many entrepreneurs found success because they excelled at assessing what risks to avoid. One of the greatest risks a small business may incur is managing their own payroll. Failure to be accurate throughout your payroll can result in stiff tax penalties — that’s bad news for business.

Accounting Taxes Payroll Partners (ATPP) can help veterans better manage this critical component of their small business. Contact our Los Angeles office at 818-436-2775 for additional info, or visit our site to learn more about a specific service.