New businesses are popping up all over the nation. The question is, what state is best to start it in?
A recent study created by AdvisorSmith found that Idaho ranked as the top state in the nation for entrepreneurs.
They researched and evaluated over 20 key components of a business structure to see how states were doing individually and in comparison to one another. Data was used from several sources, including the U.S. Bureau of Labor Statistics and the Small Business Administration.
The results stated that out of 100,000 Idahoans, there would be 371 entrepreneurs, with a survival rate of 58%.
The next three best states behind Idaho are Montana, California and North Dakota.
AdvisorSmith acquired this information through evaluating indicators such as the start-up survival rate and the tax policies. Then the research team took an overall composite score of each state.
One of the biggest factors to Idaho’s small business success is how fast the population is growing.
According to the World Population Review, “Idaho has been one of the fastest-growing states in the nation, increasing its population by 55% in the period from 1990 to 2010.”
With increasing growth, more resources and businesses are needed.
“Idaho is vastly developing and so there needs to be a lot more businesses,” said Mitchell Ellis, a sophomore studying accounting. “Other states that are more developed have already had those businesses so they don’t need as many entrepreneurs.”
This new ranking and research can impact BYU-Idaho, especially for those students who are looking into starting a business.
“Since we are ranked the number one state, we are given more opportunities through the school,” said Jacob Davis, a freshman studying business management. “Students can work with these new businesses and their creators.”
Idaho is not only ranked number one in potatoes, but also in entrepreneurship.