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The Most Entrepreneurial States in America
Whether you’re contemplating a side hustle, bootstrapping the development of the next killer app, or already have a pocketful of funding to launch your dream business, your location matters.
Recent research by The Digital Project Manager analyzed eight indicators for how entrepreneurial a state is, including:
Percentage of the population that starts a new business
Percentage of start-ups still active after one year
Number of small businesses per 100,000 people
Growth rate of business applications
Here’s what the data showed.
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10. TexasEntrepreneurial Index Score: 56.38
Texas has the second highest population, and per 100,000 people there are 10,163 small businesses. There was a growth rate of business applications between 2019 and 2022 of 52%.
81% of new businesses will still be active after a year and will create 5.18 new jobs per 1,000 people, opening op further opportunity for residents of the state.
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9. IdahoEntrepreneurial Index Score: 56.63
In Idaho, start-ups will create 6.11 new jobs per 1,000 people in their first year. 89% of these start-ups are created by choice and not a necessity.
Although there was a much lower business application growth rate of only 0.20% from 2019-2022, there are still 9,320 small businesses per 100,000 people. (And learn more about Why Teams Hate Time Tracking & How To Change Their Minds.)
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8. CaliforniaEntrepreneurial Index Score: 57.04
California is the most populous state in the U.S., which provides many opportunities for people to start businesses. There are 10,792 small businesses per 100,000 people in California.
82% of start-ups will still be active after one year, creating 5.7 new jobs per 1,000 people. 0.43% of Californians have started businesses and only 44% will fail after five years, which is one of the lowest failure rates.
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7. ColoradoEntrepreneurial Index Score: 57.21
In Colorado 0.42% of the population have started up a new business. 81% of these start-up businesses are still active after one year, and within that year create 6.09 new jobs per 1,000 people.
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6. WyomingEntrepreneurial Index Score: 57.31
Wyoming has 12,357 small businesses per 100,000 people. From 2019 to 2022 there was a 120% increase in applications for businesses.
This is also reflected in the Google searches in the state. “How to start a business” has one of the highest levels of search interest in Wyoming compared to the rest of America.
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5. MontanaEntrepreneurial Index Score: 57.36
In Montana there are 11,336 small businesses per 100,000 people. Within the first year, start-ups will create 6.14 new jobs per 1,000 people, and 81% of those start-ups will still be active after the year mark.
After five years, only 45% of businesses will fail, which is one of the lowest failure rates across the US.
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4. OklahomaEntrepreneurial Index Score: 57.58
In Oklahoma, 0.44% of the population has started a new business. Of those, 82% are still active after one year, with 9,075 small businesses per 100,000 people.
84% of those in Oklahoma who start businesses do so by choice rather than a need to.
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3. MichiganEntrepreneurial Index Score: 58.39
Michigan is the third most entrepreneurial state. In 2022, there was 1772% growth in business applications compared to 2019. 78% of start-ups are still active after one year and there are 9,091 small businesses per 100,000 people.
The national average for business failure after five years is 49%, but Michigan is slightly below that at 47%. (Need to talk to team members about how they’re spending their time? Here’s How to Give Feedback: 5 Ways to Remain Constructive in Difficult Conversations.)
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2. GeorgiaEntrepreneurial Index Score: 59.31
Georgia is in second place, with 10,871 small businesses per 100,000 people, demonstrating a clear entrepreneurial drive.
This is supported by the second-highest percentage of the population that has started a new business (0.47%). Georgians also have a high search interest on Google for “how to start a business.”
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1. FloridaEntrepreneurial Index Score: 65.12
Floridians clearly have an entrepreneurial mindset that not only benefits themselves, but also their communities through the jobs that they create.
Florida has the highest percentage of the population that has started a business (0.61%). Of those, 86% started their venture out of choice rather than necessity, i.e., because they were unemployed or required another stream of income.
These start-ups have the highest number of jobs created in the first year with 6.53 new jobs per 1,000 people. With 13,238 small businesses per 100,000 people, this is the most in any state.
You can find a full state breakdown and methodology here.
About the author
I’m Ben Aston, a digital project manager and founder of thedpm.com. I’ve been in the industry for more than 20 years working in the UK at London’s top digital agencies including Dare, Wunderman, Lowe and DDB. I’ve delivered everything from film to CMS’, games to advertising and eCRM to eCommerce sites. I’ve been fortunate enough to work across a wide range of great clients; automotive brands including Land Rover, Volkswagen and Honda; Utility brands including BT, British Gas and Exxon, FMCG brands such as Unilever, and consumer electronics brands including Sony. I’m a Certified Scrum Master, PRINCE2 Practitioner and productivity nut!
This article originally appeared on thedigitalprojectmanager.com and was syndicated by MediaFeed.org.
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Publish date : 2024-09-02 03:57:00
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