With a large, dynamic, and varied economy, the United States is one of the best countries in the world for entrepreneurs. But Ohio ranks among the worst states for those entrepreneurs to thrive, according to a new study.
The Buckeye State ranks as sixth worst in small business resource website AdvisorSmith’s report “Best and Worst States for Entrepreneurs,” released Tuesday.
Researchers examined more than 20 metrics across four sectors in determining the best and worst states for entrepreneurs from the years 2017-2019:
- New business per 100,000 population (Ohio, 71)
- New entrepreneurs per 100,000 population (Ohio, 221)
- Value of new business loans (Ohio, $7,841)
- Business survival rate (Ohio, 54%)
Analysts used data from numerous sources, including the U.S. Bureau of Labor Statistics and the Small Business Administration. Factors considered include personal and corporate tax policies, rates of business formation and hiring, and funding availability.
Topping the list is Idaho, with 172 new businesses per 100,000 people, 371 new entrepreneurs per 100,000, $9,091 average value of new business loan and business survival rate of 58%.
Only five states rank below Ohio (from the bottom): New Mexico, Connecticut, New Hampshire, Mississippi and Maryland.
To read the complete study, including methodology, click here.
