{"id":88317,"date":"2016-09-16T20:17:37","date_gmt":"2016-09-16T20:17:37","guid":{"rendered":"https:\/\/one.sightlinemg.com\/militarytimes\/native\/uncategorized\/entrepreneurship-as-a-second-career\/"},"modified":"2026-08-08T09:08:34","modified_gmt":"2026-08-08T09:08:34","slug":"entrepreneurship-as-a-second-career","status":"publish","type":"native","link":"https:\/\/one.sightlinemg.com\/militarytimes\/native\/navy-federal\/entrepreneurship-as-a-second-career\/","title":{"rendered":"Entrepreneurship as a second career"},"content":{"rendered":"\n

Whether you’re enlisted as a Reserve, Active-Duty or transitioning out of the military, it’s never too early to consider your options in the private sector. Many service members have full-fledged second careers after leaving the military, and perhaps surprisingly, entrepreneurship is a natural choice. As a service member, you’re 45 percent more likely to pursue entrepreneurship than those who have never served, according to a May 2011 study from the Small Business Administration<\/a> (SBA). Think of it this way: Many skills you’ve learned in the military are transferable to life as an entrepreneur. Also, as a small business owner, you’ll have complete control over operations. Consider turning your side-hustle into your full-time gig. Or take into account opening a franchise \u2013 skills like following a rule book or thinking on your feet quickly will help you be successful as a franchisee. If you’re still on Active Duty, but know entrepreneurship is your next step, it’s time to start planning now. If you haven’t given business ownership a thought, the answers to these two questions, might help you see a path for yourself in entrepreneurship. <\/p>\n\n\n

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Navy Federal Credit Union presents Making Cents: Transitioning to a Civilian Career<\/figcaption><\/figure>\n\n\n

What military skills can you take into entrepreneurship?<\/b><\/p>\n\n\n\n

As mentioned above, serving in the military helped you develop a unique skillset that will follow you into your next career. Discipline, quick-thinking, and strategic planning are crucial to executing your mission. They\u2019ll help significantly in entrepreneurship as well.<\/p>\n\n\n\n

Becoming a small business owner is certainly a risk, but the potential for success is unlimited. Being your own boss means you\u2019re making the tough calls and setting the strategic course. It\u2019s all about becoming comfortable with calculated risk. With the opportunity for success also comes a possibility of rejection, so tough skin will help you navigate the waters of the small business world.<\/p>\n\n\n\n

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What can you do now to start planning for your second career?<\/b><\/p>\n\n\n\n

The best thing to do now is to find your passion. \u00a0There\u2019s a balance for every entrepreneur between profit and passion<\/a>. The goal is to make working enjoyable, to find a business you love and to be economically prosperous. Great entrepreneurs are open to new opportunities and know change can be a great thing.<\/p>\n\n\n\n

Once you\u2019ve found your calling, it\u2019s time to build your business plan, find a mentor and seek available resources<\/a>to help you get started on the right track. Finding a mentor who operates in your desired industry is invaluable. They can help you plan and share their experiences and wisdom.<\/p>\n\n\n\n

Keep building your skills — they\u2019ll benefit you regardless of next steps. Even if you decide to pursue a career outside of owning your own shop, those skills are transferable to every stage of life. Make new contacts whenever you can. Networking events \u2013 especially those at your military installation — will help you cultivate your professional network and open up new possibilities you might not have otherwise considered.<\/p>\n\n\n\n

Build a relationship with your current financial institution or seek one out that has business services. This cannot be stressed enough. Starting a business or becoming an entrepreneur takes more than just money. You\u2019ll want an adviser who can help you grow your business at every stage. Your financial institution likely has resources or small business advisers available, like Navy Federal\u2019s Business Services<\/a>, that can help guide your planning and execution.<\/p>\n\n\n\n

The SBA also has resources available for veterans and service members who are interested in owning their own business. Plus, they offer a number of programs to assist in the planning and financing stages. Check out what in-person programs are available in your area on the SBA website<\/a>.<\/p>\n\n\n\n

If you\u2019re still exploring the possibilities or aren\u2019t sure where to begin the planning process, the SBA also sponsors Boots to Business Reboot<\/a>, a two-step entrepreneurial training program open to service members and their spouses. The program immerses you in the variety of options for business ownership and teaches the fundamentals you\u2019ll need to develop a business plan.<\/p>\n\n\n\n

Even if military retirement is a ways off in your mind, start thinking ahead and saving now for your next career. Finding your passion can take time, but if you can combine passion and profits, your next venture promises to be successful.<\/p>\n\n\n\n

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