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An economic impact; New study says Veterans are more likely to be self-employed

Veterans salute
Posted at 8:21 AM, Nov 08, 2020
and last updated 2020-11-08 10:21:21-05

COLORADO SPRINGS — As we approach Veterans day News5 is highlighting the impact our men and women in uniform have made abroad and at home.

The Small Business Administration says, veterans are 45 percent more likely to be self-employed than non-veterans, and we met one local veteran who is part of that number.

Mark Lambert, an army veteran, owns Five Star Painting in Colorado Springs. After spending over two decades in the military, Lambert decided to open his own business. Lambert also saw many similarities between serving in the military and running a business.

"My service in the military didn't intentionally prepare me to be a business owner," Lambert explained. "It's a byproduct of leadership. It's a byproduct of training. It's also a byproduct of discipline and structure."

Access to capital, according to recent studies, is the biggest challenge for veteran small business owners. Data shows that veterans were more likely to apply for financial help, but less likely to receive it when compared to non-veteran small business owners.

Lambert says he knew how difficult it was to run your own business, which is why he decided to open up a franchise to get the support system he needed.

"Things are supposed to be done right, and they're supposed to be done right the first time, and you carry that over into retired or civilian life and it just works for you."

To look at the complete study, click here.