Many people are eager to start businesses but they tend to get frustrated in the long run when they realize that their geographical location does not have the necessary conditions to ensure 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.
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 10 worst states for entrepreneurs in America in 2020: