September 30, 2015
I tend to cringe at the term Millennial (really, that’s the best we could come up with?) but it’s no secret that this generation basically runs the world. They are the biggest age demographic to enter the workforce since the Baby Boomers, they account for $1.3 trillion in consumer spending, and are online more than any other generation after Generation X’ers.
Millennials, having experienced a recession when they were just starting out, have learned that you can’t always depend on others for employment. This has led many to be more creative and innovative when it comes to careers. According to a report by the U.S. Chamber of Congress Foundation, over 25% of young people are self-employed and they are launching 160,000 startups per month. In 2012, 29% of all entrepreneurs were 20 to 34 years old.
So where are these young entrepreneurs living and working? The Thumbtack Small Business Friendliness Survey has some answers. They surveyed 18,000 small business owners nationwide, with 3,726 being entrepreneurs under 34.
It should be no surprise that a lot of entrepreneurs flock to cities where local governments are welcoming–in terms of local tax laws, licensing rules, and the regulatory environment. Networking and professional development opportunities are also important.
Birmingham, Alabama, Boise, Idaho, and Boulder, Colorado came in as the top three cities who are best for young entrepreneurs.
- Birmingham was recently ranked as #15 best US city in which to start a business based on its low cost of living (and office space), accessibility of funding in the form of small business loans, and entrepreneurial activity.
- Boise is no surprise, since it is becoming known as a startup hub and is often towards the top of these kinds of lists. In fact, Tech.Co has been showcasing Boise startups since 2011.
- Boulder is also no stranger to entrepreneurs. The city is home to the original TechStars accelerator program and hosts its own Startup Week.
Image credit: (Boise) Bigstock.com
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