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The search for capital to support small businesses is a challenge for all potential entrepreneurs, regardless of veteran status. For anyone, the initial startup phase is one of the most difficult and risky in the life cycle of a business. Though many small businesses are created each year, a significant number of small businesses close as well. Though veterans acquire substantial skills and knowledge during their tenure in military service that are transferable to the business world, this experience also may create additional issues that create unique barriers to starting a new business.
In recent years, there have been attempts to address this issue through various programs and funding initiatives, and although helpful to some veteran entrepreneurs, this solution may not be the right fit for every business owner. There are still some nuances to the issue of access to capital and the concept of capital readiness needs to be further explored through research, so that solutions can be designed and implemented that will better prepare veteran entrepreneurs.
Results from the 2016 Survey of Consumer Finance reveal: