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EFFECTIVE STRATEGIES OF MILITARY VETERAN SMALL BUS.INESS OWNERS
Authors: JOHN F. GROVES SR. & DENISE L. LAND
Number of views: 292
Military veteran owned small businesses represent a source of new employment for owners and community
members; yet, more than half of these businesses fail to survive beyond 5 years, leading to efforts to identify strategies that
military veteran business owners can use to successfully reduce business failures.Data collection was through semi structured
interviews with military veteran owners of successful small businesses and review of organization documents. In addition to
the interview data, documents from the companies pertaining to mentoring, learning, and education included (a) marketing
plan, (b) capabilities statement, (c) employment handbook, (d) newsletters, and (g) company brochures.Yin’s 5-step process
for data analysis of compiling, disassembling, reassembling, interpreting, and concluding resulted in 4 emergent themes: (1)
networking to build the business, (2) mentoring and informal education for ongoing education, (3) identifying gaps of
competitors, and (4) maintaining low overhead and operating costs. Military veteran business owners may apply strategies
useful for reducing small business failures, thereby contributing to a stabilized employment of owners and their employees.
The findings of this study could contribute to social change by improving local and state economy and the standard of living
in military veteran communities.