One can have all the passion and key ingredients to start a business, but their geographic location can either ensure their success or otherwise.
Experts say the best location to start a business should have the necessary economic, financial and social conditions that will enhance the growth of the business.
In the U.S., Seek Capital conducted a study of all 50 states to find out the best and worst for entrepreneurs. It analyzed states in terms of 21 critical factors, including the following: five-year growth in the working-age population, employment statistics like labor force participation rate and the unemployment rate, as well as, the business tax climate based on corporate taxes, individual income taxes, sales taxes, property taxes, and unemployment taxes.
The study also analyzed startup survival rates, venture capital deal flow based on the number of companies that received venture capital funding, economic statistics such as GDP growth and the cost of living and real labor compensation cost per hour.
Its results showed the following as the top 10 best states for starting a business: