School of Business Administration

Veteran entrepreneurs are more likely to voluntarily sell or close their businesses when faced with potential losses, new research finds.

"Military training emphasizes resource conservation, which shapes how veteran entrepreneurs manage stress and uncertainty,” said University of Dayton Assistant Management Professor Emma Su. “Rather than waiting for things to get worse, they tend to make the call early.”

The research, which analyzed survey data from nearly 463,000 small businesses including nearly 72,000 veteran-owned firms, reveals that veterans may take a defensive resource-protection approach and exit the business voluntarily under conditions of great uncertainty. This study suggests veteran entrepreneurs may struggle to see how their military experience translates to running a business. This finding underscores the need for support programs that help veterans connect their military skills with the demands of entrepreneurship and build robust networks.

“Programs like the Veterans Entrepreneurship Training Act of 2023 can help veterans learn how to apply their skills in resilience, leadership, and teamwork to navigate the unpredictable landscape of business ownership,” Su said.