Young entrepreneurs are sprouting like mushrooms in our fast-growing technology world. As an entrepreneur, do you wonder which cities are better for you begin your start-up? Below is a list of the 10 best cities for young entrepreneurs like you and the various reasons why. Let us start from the last among the rank.
10. Missoula, Montana
Missoula's entrepreneurs have tremendous support programs for their business start-ups. There is an increase in local resources that help in aligning young entrepreneurs with their business goals. These programs aim to create a connection between the business community and the students, where both education and careers is the main focus.
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9. Fargo, North Dakota-Moorhead, Minnesota
It is the largest city in North Dakota, and it has the resources and a diversifying set of businesses to match. This includes a small, but close-knit, community of startups. Also, Fargo has the lowest median home price and lowest unemployment rate among the top 10 metros, making it the most affordable area for business start-ups.
8. San Francisco-Oakland-Hayward, California
Among the list, San Francisco has the second-highest unemployment rate and the highest median home price. It also has the highest median income and second-highest percentage of college-educated residents among the top 10 cities listed here.
7. Seattle-Tacoma-Bellevue, Washington
This is the best destination for young entrepreneurs indeed. Despite being the home for Microsoft and Amazon, it has the highest unemployment rate out of our top 10.
6. Fort Collins, Colorado
This northern Colorado town has lower unemployment and a lower median home price than the other metro areas in this list. However, it has a low percentage of residents aged 25 to 34 and its median income is the third-lowest in the ranking.
5. Denver-Aurora-Lakewood, Colorado
This is another great city for start-ups by young entrepreneurs because the area’s population has high percentage with undergrad education or higher which means that entrepreneurs could rely on a well-educated workforce.
4. Austin-Round Rock, Texas
17.3% of its population age is between 25-34 years old and the SBA Loan per capita is around $225. Austin is Texas’ capital, and the region is origin to 1,752 business startups. It is quite impressive to build a business here but the down side is its below-average cell phone coverage.
3. Salt Lake City, Utah
The percentage of ages 25-34 years old among their population group is 16.3%, just a little lower than that of Austin, Texas. However, even if Austin, Texas has higher percentage for this age group than Salt Lake City, it has better cell coverage, lower unemployment rate and has a significant number of new businesses on the rise.
2. Minneapolis-St. Paul-Bloomington, Minnesota
15.6% of their population is among the 25-34 age group. Its SBA loan per Capita is $196 which represents the credit availability of this metro area for small businesses especially for start-ups among young entrepreneurs.
1. Boulder, Colorado
There are only 13.2% of people aged 25-34 years old among their age group and the SBA Loan per Capita is $180. Despite the relatively low percentage of the ideal age for a business’ workforce, the city has the highest percentage of college-educated residents among our top 10. Most importantly, it has the most number of businesses per 100 people which is an important determinant for an ideal business environment that this city could offer to young entrepreneurs.
There you go! Pick your city and start your very own business the right way!
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