States and Entrepreneurship

A study conducted by the Bureau of Business Research, a group of economists at the University of Nebraska – Lincoln, the 2010 State Entrepreneur Index, “evaluates a state’s percentage growth and per capita growth in business establishments, its business formation rate, the number of patents per thousand residents, and the gross receipts of sole proprietorships and partnerships per capita. States are ranked based on their performance compared to the nationwide average.” (quoted from the Inc.com article, How Does Your State Rank for Entrepreneurship?)

New_york

Who ranked the highest? No, it wasn’t California. (Oh! Gasp!) New York. Repeat. New York state. According to the published study results, “New York continued to hold the top rank thanks to its strong performance in gross receipts per capita and substantial improvement in two other components, growth in employee establishments and establishments per capita.” (The bolding is mine.)

Here’s the list of the top 10 States for Entrepreneurship:

  1. New York
  2. Washington (perhaps all the Microsoft-affiliated entities has something to do with this one? Just a thought. Absolutely NO research behind this.)
  3. Massachusetts (MIT graduates are significant innovators. Others innovate in Massachusetts -i.e., Zuckerberg founded Facebook while at Harvard- but MIT has a very high per capita percentage.)
  4. New Jersey (Is this related to the Jersey Shore? All that paraphernalia and branding? Just kidding!)
  5. Oregon
  6. Louisiana (An oil and gas & processing bastion. But wow, they’re ahead of Texas!)
  7. Illinois
  8. Oklahoma
  9. Texas
  10. New Hampshire

Wow! Where’s California and Silicon Valley? Perhaps the slammed real estate market depressed the numbers? California was #4 in 2008’s study but dropped to #13 in the 2010 study.

Comments anyone?

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About Tiffany C. Wright - The Resourceful CEO

Tiffany C. Wright is the author of “The Funding Is Out There! Access the Cash You Need to Impact Your Business” and “Solving the Capital Equation: Financing Solutions for Small Businesses.” She is the founder of The Resourceful CEO, which helps owners of small/medium-sized businesses prepare their businesses for sale. Tiffany has an MBA from the Wharton School of Business, sits on non-profit boards and serves as a business mentor with the Cherie Blair Foundation.
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