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It’s often been said that small business is the engine that keeps America’s economy running. If that is the case, then small, diverse businesses just may be the gas that powers that engine. Diverse businesses come in a variety of octanes that cumulatively comprise more than half of all small businesses, including minority-owned (MBEs) women-owned businesses (WBEs), and veteran-owned businesses (VOBs). In fact, veteran business numbers are highly significant. Census data tells us that there are 3.6 million veteran-owned businesses in the United States. This figure includes both service-disabled (SDVOBs) and non-disabled veteran-owned businesses. MBEs number 3.9 million and WBEs about 6 million.

But despite its size, the VOB community has not achieved nearly the level of influence and respect as its minority and women business counterparts. Given the camaraderie and pride borne out of military service, one would expect veteran business owners to unite like no other group. The inability to effectively organize under one platform is perhaps the single biggest detriment preventing VOBs from enjoying the same opportunities as minority-owned and women-owned businesses. While the veteran business movement has gathered momentum in the past few years, data suggests that fewer than 2 percent of all VOBs identify themselves as such. Potential is enormous. Corporate America represents an estimated $80 billion-plus annual opportunity for VOB suppliers. 

For more information visit www.navoba.com