In 2021, small businesses employed approximately 56.4 million workers and generated over $16.2 trillion in revenue, according to a recent report by the Pew Research Center.
The survey revealed that a majority of U.S. adults (86%) believe that small businesses positively impact the current state of the country. In fact, small businesses received the most favorable ratings among the nine U.S. institutions surveyed, even surpassing the military and churches in public opinion.
- There are approximately 2.5 million veteran-owned businesses in the U.S., encompassing both those with and without employees.
- According to 2023 data from the Census Bureau, there are around 273,542 veteran-owned employer firms, which form a crucial subset of this total.
- Collectively, these businesses generate over $1 trillion in revenue and employ millions of individuals.
The comprehensive figure includes insights from the U.S. Census Bureau's Annual Survey of Entrepreneurs and nonemployer statistics, while the specific count of employer firms comes from the Census Bureau's 2023 Annual Business Survey.
Michelle Gardner-Ince, a military veteran and founder of ABOVE, recently shared a message about veteran entrepreneurship on social media.
ABOVE (About the Business of Veteran Entrepreneurs) is a nonprofit dedicated to providing consulting and services. Their mission is to support Veteran, Minority, and Women-Owned businesses by empowering those who have served and sacrificed for our nation. They aim to help them create wealth through entrepreneurship.
Writing on LinkedIn during National Veterans Small Business Week (November 3-7), Gardner-Ince highlighted that the true mission of veterans begins after the salute and the "thank you for your service." In the absence of uniforms, orders, and guaranteed support, veterans tap into their warrior spirit to compete for contracts, seek meaningful purpose, and pursue a mission that never wavers.
Gardner-Ince describes veteran entrepreneurship as the new front line.
Many veteran-owned businesses work hard to build something meaningful, only to face competitors that threaten their market share or see bids canceled. Despite these challenges, veteran business owners continue to open doors for others, even when they may feel unsupported or undervalued by those they welcome in.
They persistently lead through uncertainty, execute under pressure, and rebuild with resourcefulness and unwavering determination.
Gardner-Ince emphasizes that navigating entrepreneurship requires confronting a different kind of battle—one that includes overcoming doubt, misalignment, health challenges, and the ongoing need to demonstrate their worth. This challenge is not just to a chain of command but to a marketplace that may not fully appreciate the value of excellence.
To foster a supportive environment for veteran entrepreneurship, Gardner-Ince urges a national commitment through the U.S. Small Business Administration’s veteran business certification, contract opportunities, and other economic pathways that honor their service.
She stresses that veteran business certification is not merely a form of charity; it is a recognition of the skills, discipline, and leadership developed through military service, which have significant economic value and can benefit the wider marketplace. This certification serves as a bridge between acknowledging their service and actively supporting their next mission.
Her advice to communities, agencies, and allies: let’s go beyond expressions of gratitude. Open doors, award contracts, and invest in the leaders who have proven their ability to excel under pressure.
When veteran businesses thrive, they create more job opportunities for fellow veterans, positively impacting entire communities.
Recently, the U.S. Chamber of Commerce released an edition of its Empowering Small Business Report. According to the report, small businesses are increasingly adopting artificial intelligence (AI) to stay competitive. In Arizona, 64% of small businesses are currently using AI platforms to improve productivity and foster innovation.
The report revealed that nearly all small businesses are utilizing at least one technology platform, with a growing number embracing multiple types of technology.
- Currently, 58% of small businesses identify themselves as users of generative AI, marking a significant increase from 40% in 2024 and more than doubling from 23% in 2023.
- Despite concerns about AI and job displacement, 82% of small businesses using AI have expanded their workforce over the past year.
- Furthermore, 84% of small businesses plan to increase their use of technology platforms, and 96% of small business owners intend to adopt emerging technologies, including AI and cryptocurrencies.
- While many small business owners are becoming aware of the benefits of AI, there are still obstacles to its adoption.
- Seventy-seven percent of small businesses that use AI report that restrictions on this technology would adversely affect their growth, operations, and profitability.
- Businesses that adopt high-tech solutions continue to experience greater growth in sales and profits compared to those that rely on low-tech options.
- Additionally, eight out of ten small business owners credit technology with helping them navigate inflation and supply chain disruptions, as well as enhancing their access to capital.
- Finally, seven out of ten small business owners express a strong interest in using cryptocurrency and stablecoins as part of their future business strategies.
In addition, Joan Verdon, a retail reporter for the U.S. Chamber of Commerce, recently highlighted the potential of AI tools for small businesses.
Verdon emphasizes that even the smallest businesses can successfully compete in the age of AI by leveraging free AI tools and implementing strategies to enhance their visibility to AI searches, technology, and marketing experts.
She offers constructive recommendations for small businesses to capitalize on AI this Small Business Saturday, which falls on November 29, and throughout the holiday season.
Verdon encourages business owners to adopt free AI tools, suggesting that having access to AI is akin to having a business coach available at all times.
Furthermore, she advises small business owners to explore and utilize the AI capabilities provided by their marketing and messaging platforms. For example, Constant Contact, which serves 600,000 customers—mostly small businesses—offers useful AI features to help users create and schedule messages for sales and events, such as Small Business Saturday.