Abstract
This chapter aims to provide fresh insights into entrepreneurship innovation to the retirees of the Nigerian military from the perspective of an ex-serviceman (a retired military person). The chapter's methodology focused on the articulation of experiences and meanings, which is guided by the events in the author's life, recounting life circumstances and events located in a specific time and space. Consequently, the chapter examines the entrepreneurial opportunities for retired Nigerian military personnel vis-a-vis the challenges faced by veterans when engaging in entrepreneurship. The chapter also discusses the entrepreneurship issues to be considered before becoming an entrepreneur. The chapter further postulates on information and communication technology (ICT) skills as key requirements for those who want to become an entrepreneur in post-service life. Finally, it is suggested that prior knowledge on innovative entrepreneurship before the start of a business results in successful sustained retirement income.
TopTheoretical Framework
Various theories could be employed to interrogate the relationship between veteran entrepreneurship and the knowledge economy. These include structural functionalism theory, modernization theory, system theory, Max Weber’s (1905) theory of social change (emphasis on the impact of religion), and Schumpeter’s (1949) theory of innovation. Schumpeter believed that entrepreneurs disturb the stationary circular flow of the economy by introducing innovation and takes the economy to a new level of development.
Schumpeter’s theory is relevant to this chapter because it highlights the interconnectivity of various processes involved in innovative veteran entrepreneurship. The theory pointed out that innovations of entrepreneurs are responsible for the rapid economic development of any country. Consequently, innovation could involve innovation of new products, innovation in novel methods or processes of production, and the opening up of a new market.
Schumpeter’s theory was criticized for overemphasizing the innovative functions of the entrepreneur. It ignored the organizing aspects of entrepreneurship. It also completely ignored the risk-taking function of the entrepreneur, which cannot be ignored. Whenever an entrepreneur develops a new combination of factors of production, there is enough risk involved. Despite all the criticisms, Schumpeter’s theory is considered a landmark in the expansion of entrepreneurship theories. The theoretical lens of Schumpeter’s theory is employed in this paper because of its value in interrogating innovation in veteran entrepreneurship.
Key Terms in this Chapter
Military Veteran: People who have served in the military and are retired voluntarily or involuntarily from the Armed Forces.
Knowledge Economy: This is an economic system in which the production of goods and services is predominantly established on knowledge-intensive activities. It also defines the process of consumption and production events that are discharged from the application of peoples' expertise (intellectual capital).
Veteran Entrepreneurship: Retired military personnel who elected to go into self-employment or business ventures after retirement from the military service.