The 10 Best Cities For Young Entrepreneurs

We previously looked at the best cities for young millennials in the US. Now lets take a more targeted approach and see the best cities for young entrepreneurs in the US. Young individuals with great ideas, clear motivation and big dreams need a proper environment to nurture and cultivate these traits.

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The research was done and compiled by Money Rates which wrote “As much as entrepreneurship centers on the special characteristics of individuals, the broader economic environment also makes a difference in whether startups succeed or fail, or whether people even attempt them in the first place.”

Here is the list:

 

1. Austin/Round Rock, Texas

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According to the U.S. Census Bureau, Austin/Round Rock is the third-fastest-growing metropolitan area in the nation. Additionally, it is one of the more well-educated areas of the country, with more than one-third of its population having a bachelor degree.

 

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2. Raleigh, North Carolina

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The city is one of the 10 fastest-growing in the U.S., and boasts the highest number for the proportion of the population with at least a bachelor’s degree.

 

3. Midland, Texas

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The city is the second fastest growing in the U.S. and ranks second in young adult affluence.

 

4. Houston/The Woodlands/Sugar Land, Texas

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Houston has a high level of young adult affluence, and benefits from Texas’ business-friendly tax policies.

 

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5. Crestview/Fort Walton Beach/Destin, Florida (tie)

 

5. Odessa, Texas (tie)

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Odessa ranked fourth nationally in both overall growth rate and young adult affluence.

 

7. Sioux Falls, South Dakota

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South Dakota has the second-lightest business tax burden in the country, and Sioux Falls ranks in the top 10 nationally for young adult affluence.

 

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8. The Villages, Florida

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Even though this is a retirement community, The Villages has the fastest growth rate of any city in the nation. This presents a lot of opportunity for businesses that cater to senior citizens.

 

9. Denver/Aurora/Lakewood, Colorado

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The Denver area ranks in the top 10 for educational attainment and young adult affluence. Additionally, it has a healthy growth rate.

 

10. Orlando/Kissimmee/Sanford, Florida

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Orlando ranks in the top 10 because of its rapid population growth and favorable business tax climate.

The research was done under four criteria namely:

  • Population growth: This indicates more consumer demand and that people are attracted to the area.
  • The percentage of young adults earning competitive wages: This demonstrates that there are economic opportunities for younger people and that the community can sustain new products or services.
  • The percentage of the population with at least a bachelor’s degree: This indicates that the community has a large population of skilled workers and that the consumer market is sophisticated and affluent.
  • Taxes: Lower state taxes offer businesses a better chance at profitability.
“Our goal is to point out some places that might be especially welcoming to young entrepreneurs,” Richard Barrington, a senior financial analyst for MoneyRates.com, said in a statement. “Even if these particular cities don’t fit with a person’s plans, our hope is to point out some of the characteristics a person should look at in deciding where to start a business.”

 

LEARN MORE  This Is How Much You Need To Buy National Parks In the USA
This feature was originally from Business News Daily.

 

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