20. Best States For Entrepreneurs
AFRICANGLOBE – Entrepreneurship is a cornerstone of the American economy, and it has reached record heights in recent years. Becoming an entrepreneur is a dream for many Americans; two in five employees hope to someday strike out on their own, according to a survey from the University of Phoenix Business School. But starting a business is a serious undertaking, and part of launching a company means getting an idea of how well your state fosters new businesses and startups. To find out which states are the best or worst for entrepreneurs, we conducted a study that looked at the startup opportunities, existing small businesses, business tax climate and other factors in each state.
Based on the study’s findings, we generated this ranking of the best and worst states for entrepreneurs. Click through to see how smart it would be to start a business in your state.
When it comes to starting a business, location is a major factor of success. The 10 best states for business owners have a strong culture of entrepreneurship and high numbers of existing small businesses, as well as a high rate of survival for these companies. They also help new businesses keep up with operating expenses thanks to lower costs of living, fewer taxes and accessible small business lending.
Overall, these 10 best states for businesses provide the right environment for a startup to thrive. Click through to see if you already live in one of these prime spots for entrepreneurs.
Missouri has the fourth-highest business survival rate in the nation, with twice as many small businesses founded in 2013 as failed that same year. For entrepreneurs in Missouri, this is a positive sign that the odds of success are in their favor. Missouri also offers small businesses a low cost of living and business-friendly taxes.
The state has a lower gross domestic product per capita, however, which could signal a slower local economy. Missouri also has below-average rates of small business loans, indicating that financing could be harder to come by in this state. Despite these drawbacks, Missouri entrepreneurs still have a number of factors working in their favor, including an average employee availability score, making it the No. 10 best state to start a business.