From battlefield to boardroom: helping veterans to launch their own business
The London Stock Exchange is used to hosting VIPs as visiting dignitaries or company CEOs ring the opening bell.
This morning, however, the LSE will be welcoming people whose task is not to launch a company's IPO but instead launch the careers of former service personnel. Defence secretary Gavin Williamson will unveil a new report by the Institute for Employment Research, based at the University of Warwick, supported by defence giant QinetiQ and the charities X-Forces Enterprise and Forces in Mind Trust.
There has been a welcome push in recent years to support former forces personnel transitioning to the private sector, with more and more companies being proactive. Former soldier George Griffin, now leading Salesforce UK's resource group, Vetforce, for post-military employee support and recruitment, says “the cultural shock” is often a barrier when veterans swap the parade ground for the office, adding “many businesses are poor at understanding the transferable skills ex-forces people typically have, and some ex-forces people can be quite bad at articulating them.” Griffin advocates veteran-run schemes in companies where people who have made a success of the transition can support others coming into private sector employment.
But the report being launched this morning focuses on the barriers preventing veterans from setting up their own business and going it alone once they hang up their uniform for good. Indeed, the study specifically notes that many of the veterans who end up seeking self-employment do so as a result of disillusionment with their experiences in paid civilian employment.
So while Salesforce is an example of the growing number of firms that have got it right, more should be done to support people who want to build their own business once they leave military service. The authors cite a lack of understanding about commercial environments, a lack of experience in areas such as marketing, difficulty accessing finance and the challenges of adapting to civilian life.
They call for targeted support to be made available to people six months ahead of their departure from the armed forces and a check-in two years after they leave. The importance of mentors is also stressed.
Many of the characteristics of successful entrepreneurs are inherent in military professionals – including resilience, ingenuity and perseverance. As this morning's event will make clear, the right kind of support could ensure many more veterans take the leap and start their own successful businesses.