Four Reasons Why Veterans (and Active Military) Should Embrace Side Hustles

Patrick McGinnis — Tue, 01 Aug 2017 10:23:16 -0400

Entrepreneurship and military life have several things in common, especially when it comes to the mindset a person needs to succeed in both endeavors. They require sacrifice, teamwork, and commitment to a series of long-term goals. They also demand leadership, strategic thinking, and keeping your eye on the prize, no matter what it takes. That’s what makes veterans natural candidates to start entrepreneurial ventures.

According to the US Census Bureau, in 2012 there were 2.5 million veteran-owned businesses. While this number is impressive, consider that after WWII, over 49% of vets who returned from the war started their own businesses, whereas now, only 6% of new entrepreneurs are veterans (according to the Kauffman Institute).

This relative decline is unfortunate, because thanks to technology and the falling cost of creating new products and running businesses, there’s probably never been a better time to be an entrepreneur. Plus, entrepreneurship can allow you to use your time in the military to think of projects that you can launch once you return home. It can also help you to apply the skills and connections you acquired while enlisted to build something exciting for yourself. Most importantly, in the changing job market, you can no longer rely on one job to take care of all of your needs, so building something for yourself is of vital importance.

Still, full-time entrepreneurship is not for everyone. It is a high stress lifestyle with considerable risks, long hours, and financial ups and downs. As a result, I encourage people to pursue entrepreneurship part-time, via a a side hustle. I call this becoming a 10% Entrepreneur.

You are a 10% Entrepreneur when you spend at least 10% of your time and resources on side projects that leverage your skills and talents, in order to create ventures with long term value. You can start something yourself or invest either time or money in someone else’s project, all without leaving the stability of your day job. Plus, you can get started while you are still in the military or once you return to the civilian work force. Either way, this approach will allow you to integrate entrepreneurship into your life in a way that is sustainable.

Whether you’ve always had an inner entrepreneur lurking under your uniform, or you are still on the fence, there are four key reasons why you should follow this path.

1. You can leverage the skills and talents you’ve learned while on duty

As part of the military, you’re constantly learning new things and applying this knowledge on a daily basis. You are also operating in an environment where execution matters. These skills are highly applicable to entrepreneurial ventures: leadership, communication and project management are some of the many skills that are easily transferable to any other field you enter.

2. You can create an outlet to explore your talents and skills

You’ve probably always had a few industries or interests you’ve wanted to explore, but you’ve been focused on your military career. Or perhaps you do have some free time to explore these interests, but haven’t yet taken action. 10% Entrepreneurship gives you the chance to get started, little by little, in getting something off the ground.

3. It can become your Plan B

Unlike many companies in the private sector, the military isn’t going anywhere. But, even if you count on the many benefits veterans receive upon leaving their active duty, it’s always important to take a proactive stance to building your post-military career. Your 10% provides ongoing diversification that will allow you to build something for yourself that you can take with you no matter where your career takes you.

4. It can be a tool to help other vets

Being a 10% entrepreneur can help you professionally, but it can also give you the opportunity to help veterans who are struggling to find work. According to the Bureau of Labor Statistics, there are currently more than 450,000 unemployed veterans. Having an occupation to “go home to” after serving our country is key for a successful integration back to civilian life. Offering a space for other vets in your 10% venture can be a way to keep you connected with the values and camaraderie of the military life, while also helping them to get back on their feet.

Where can I start?

Are you inspired to become a Military or Veteran 10% (or 100%) Entrepreneur?

There are several public and private initiatives focused on giving veterans the tools they need to start and maintain their own ventures, including:
- Bunker Labs
- Startup Veterans
- National Veteran-Owned Business Association

While these organizations offer inspiration and tools, I also wrote a free eBook that has some guidance and tips you may find useful: How to Become a 10% Entrepreneur (http://rly.pt/10entrepreneur)

Remember: The best time to start your side venture will always be now, no matter where you are in your career. If you apply the same discipline and commitment that you use as a military member to your 10% Entrepreneurship, your project will thrive in no time, changing your life (and other’s lives!) while doing so.

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Response by LCDR Private RallyPoint Member made Aug 1 at 2017 10:26 AM

LCDR Private RallyPoint Member — Tue, 01 Aug 2017 10:26:49 -0400

My SDVOSB is defiantly plan B

Response by LT John Chang made Aug 1 at 2017 3:20 PM

LT John Chang — Tue, 01 Aug 2017 15:20:41 -0400

One key reason why mutual funds were attractive in the 80's & early 90's was how they offset some investment risks through diversifying. With today's uncertainty in the job market you need to diversify your income sources. No one can afford to *not* be entrepreneurial now.

Response by SGM Private RallyPoint Member made Aug 2 at 2017 12:32 AM

SGM Private RallyPoint Member — Wed, 02 Aug 2017 00:32:39 -0400

Just one issue with the statistics you use about the percentages of veteran entrepreneurs. In the first case, you say 49% of returning WWII Vets opened their own small businesses. Then you say that currently only 6% of entrepreneurs are veterans. Apples and oranges - one is the percentage of veterans who became business owners, the second is the percentage of business owners who are veterans. The actual numbers (or even percentages) could still be the same in both cases; there's no way to tell from the information provided.

Otherwise, a pretty interesting article. I'm still mulling over the whole "10% Entrepreneur" idea a bit, but it certainly seems like a legitimate path ahead for some people.

Response by SSgt Private RallyPoint Member made Aug 2 at 2017 5:49 PM

SSgt Private RallyPoint Member — Wed, 02 Aug 2017 17:49:59 -0400

Being "an employee" is still a relatively new thing. It's only been around as "the main thing" for about 100 years. Our attitudes towards it have completely flip-flopped though. My grandfather (WW-I vet) was an entrepreneur. Back before that war, over 90% of US Citizens were Entrepreneurs. Our entire financial system is geared for Entrepreneurs. The 1950s and 60s saw the rapid rise of the middle-class. All due to the chant of "come work for us and we'll take care of you for life".

There are 4 ways to legally make money in this country. 2 are time-bound (you only have 24 hours in a day) and the other 2 are resource bound. The time-bound ways are 1) being an employee, and 2) being a small business owner. The resource ways are 3) big business owner, and 4) investor. So, quit listening to the masses and start doing the opposite! Keep your job, it does pay the bills. Invest your spare time in the entrepreneurial world!

Response by LT Scott O'Shaughnessy, MBA made Aug 3 at 2017 12:42 PM

LT Scott O'Shaughnessy, MBA — Thu, 03 Aug 2017 12:42:37 -0400

I have been saying this for years. It breaks my heart to see all these Vet's struggle to find a job or get some hiring manager to see beyond what some website says you are capable of doing. Go create your own "Hustle", sure use the W2, if you have to or while you are in. But once you retire/get out, you should already have that side hustle in place to start replacing that W2 income. If you want to learn how or more about this I am happy to talk to anyone. Great post. Best time to start is yesterday, second best time is NOW!

Response by LCpl Kim Kroeger made Aug 19 at 2017 12:49 PM

LCpl Kim Kroeger — Sat, 19 Aug 2017 12:49:59 -0400

There are many opportunities for vets out in the real world and for service members. You can start a home based business part time and do very well. Build a team of like minded people who want to succeed and make a difference.

I currently have 4 businesses that provide multiple income streams. Depending on what one wants is how I help them to see if it is a fit. Some want only a few hundred a month more , some a couple thousand, and some some serious money in the tens of thousands. Nothing is get rich quick. All require work.

I have been a network marketing professional for over 28 years. I have seen the ups and downs and the ones who want to make a quick buck and not follow a proven system. However, I had made serious money and only been involved with 2 companies until recently do to my health.

I have a wearable technology business that is like Fit bit on steroids. The nice part about it, I dont have to run around to homes or hotels, no inventory or piles of CD's or brochures etc. I just share a simple 2 minute video, a 7 minute video and tie people into a live zoom webinar or recorded one and find out if they are interested in the device or making money or both.

I have waited 28 years for a business like this to come along. Helping vets has been a dream come true.
Just go to : Http://kimkroeger.helo.life

It may be just what one is looking for , or I have 3 other options.

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Response by SP5 Norman McGill made Aug 19 at 2017 4:32 PM

SP5 Norman McGill — Sat, 19 Aug 2017 16:32:30 -0400

That question was way too long.

Response by PFC Jim Feeney made Dec 25 at 2017 5:17 AM

PFC Jim Feeney — Mon, 25 Dec 2017 05:17:53 -0500

If your a Veteran in the New Jersey area there is a Free Course at FDU Madison that can assist with your training to become an Entrepreneur check them out. Veterans Launching Ventures (see flyer below) Courses are both online and at the Madison NJ Campus.
Do keep in mind as the article points out being in your own business is not for everyone; there are many ups and downs- start-up costs and be prepared to wear all the different hats necessary to run a business successfully and often overlooked keeping your expenses in line with your revenue etc.

Take a look; give them a call