While the average lifespan of a small-business is five years, it is only three years for minority-owned businesses.
Thirty-five percent of veterans express a desire to go into entrepreneurship upon transitioning from military service; however, only four percent actually start businesses. Why?
Studies show that many minority-owned and veteran-owned business owners were either unaware or under-utilized local, state, and federal programs designed to assist them with starting and growing their business. Additionally, public funding targeted to assist this business-owner demographic often does not reach its intended customer. These missed opportunities annually equate to over $4.5B in missed revenue for veteran-owned and minority-owned businesses.
What are your thoughts? Are you a minority or veteran entrepreneur who has missed an opportunity to apply for federal, state, or local funding? Contact us to find out how to take advantage of these missed opportunities.