Predicting Veteran Entrepreneurial Success with Effectuation
As more U.S. veterans transition from the military, entrepreneurship has become a viable career path due to the abundant transition support programs in higher education, government, and nonprofit organizations. Unfortunately, fewer post-9/11 veterans are choosing the entrepreneurship pathway and there is a gap between the advocacy of these support programs and empirical research on veteran entrepreneurial success. Therefore, it is unclear whether participating in a training program or obtaining incentives from the government will necessarily result in entrepreneurial success. This study examined the relationship between the background of veteran entrepreneurs and entrepreneurial success. Data from the 2021 National Survey of Military-Affiliated Entrepreneurs (NSMAE) was analyzed to examine the sample of 1,106 post-9/11 veteran entrepreneurs and their associated means of what I know, who I know, and who I am, as defined by Sarasvathy’s (2008) effectuation theory. The descriptive analysis showed that the majority of the veteran participants were highly educated, middle-aged, and mostly lower enlisted ranks. There was also a higher percentage of female and Black/African American veterans as compared to the U.S. veteran population. The regression analysis showed that there was no significant relationship between experience, education, and entrepreneurial success (what I know). Additionally, personal networks proved significant as the more business owners the participants personally knew in their community, the more likely they were to be successful (who I know). There was also a strong correlation between being male and entrepreneurial success. Conversely, if the veteran participants were Black/African American, retired, or served in the Marine Corps, they were less likely to be successful (who I am). After analyzing all the means together, the regression showed that the personal and military characteristics of the veteran entrepreneurs had the largest effect on their success. This research intends to expand the body of knowledge in veteran entrepreneurship beyond published descriptive statistics and reports. It will contribute to understanding the needs of veterans as entrepreneurs and the programs that support their success. After all, veteran-owned businesses play a significant role in the U.S. economy, and understanding what is needed to support our veterans after serving in the military is essential.
Veteran, Entrepreneurship, Effectuation, Effectual Reasoning, Entrepreneurial and Small Business Operations, Management Sciences and Quantitative Methods, Organizational Behavior and Theory, Quantitative, Qualitative, Comparative, and Historical Methodologies, Work, Economy and Organizations
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