The large literature on the correlates of entrepreneurship pays little attention to America’s military Veterans. We leverage two national surveys with rich demographic and behavioural data to estimate how military experience relates to entrepreneurship and financial success. After accounting for demographic differences, Veterans are less likely to become entrepreneurs than their peers. Veteran entrepreneurs also earn less and have lower financial satisfaction. These results contradict the common narrative and theoretical expectation that average military experience imparts human capital that prepares Veterans for entrepreneurship. We also find that female, Black and more educated Veterans are relatively more likely to pursue entrepreneurship.
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