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The 21 big US cities where it pays most to be an entrepreneur
The 21 big US cities where it pays most to be an entrepreneur
Madison HoffFeb 25, 2020, 23:12 IST
If you want to start your own business, you may want to move to one of these cities.
ZenBusiness compared income for entrepreneurs to earnings for other full-time employees by metro area to rank the cities where entrepreneurs are most successful.
San Diego, Chicago, and San Antonio were among the cities on the list.
If you are looking to start a new business endeavor, you may want to start your own company in one of these major cities.
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ZenBusiness, a service that helps entrepreneurs grow their own businesses, created a ranking of the most successful metros for entrepreneurs based on the income premium for self-employed workers in 2018.
The income premium is the percent difference between the median income of entrepreneurs, who were defined as self-employed in the study, and all full-time employees using the Census Bureau's American Community Survey Public Use Microdata Sample.
For example, the 2018 income premium for entrepreneurs in Las Vegas was 19.0%. That is, a typical entrepreneur in that city earns about $8,000 more than the median income of $42,000 of all full-time employees in Las Vegas.
The highest income earned by entrepreneurs is in San Jose, California, where people who own their own business make a median income of $70,000.
Entrepreneurs in Salt Lake City, Utah, make the most compared to all other full-time employees in the city, making it a potentially desirable metro area for aspiring business owners. A typical entrepreneur in Salt Lake City earns about $60,000, while a typical full-time employee earns $48,200, a difference of 24.5%.
The following are the 21 US cities with a population size of over 1,000,000 residents where entrepreneurs are most successful, along with their income premium, median 2018 income, and share of entrepreneurs - the percentage of workers that identify as self-employed.
