Advances in technology have opened up countless avenues for entrepreneurs. But it takes more than a great idea to get a startup off the ground. Location plays a vital role in determining whether your business will flourish or flounder. Here are some of the best cities for entrepreneurs in 2020.
1. Entrepreneurs in Austin, TX
Big on new ideas and even bigger on culture, Austin may be the #1 overall best place to start a business in 2020. Startups grow at a breakneck pace compared to most other U.S. cities. Austin's premier universities churn out creative, motivated professionals, and the city's booming music and nightlife attract newcomers from all over the nation. Small businesses here value their clients, and residents are fiercely loyal in return. Texas's lack of tax on both personal and corporate income no doubt fosters the growth of Austin's startups.
2. Entrepreneurs in Boulder, CO
Renowned for its diversity and sense of community, Boulder also happens to be one of the best cities to start a business. In fact, Nerdwallet.com ranked it #1 for female entrepreneurs in 2015. High GDP, a bustling urban scene, and a strong presence by premier engineering, tech, and venture capital firms makes Boulder a solid foundation for many startups. The city's fast-paced yet welcoming culture attracts young professionals in particular. Boulder residents appreciate hard work and generosity.
3. Entrepreneurs in San Francisco, CA
You can't talk about startups without mentioning Silicon Valley. The Bay Area remains one of the most competitive and thriving scenes for the nation's premier corporations. Google, Apple, Airbnb, Twitter, Uber and dozens of other global leaders braved the Bay's capricious waters to rule their markets. It takes talent, creativity, and perserverance to succeed here. Many entrepreneurs hone their skills in the fires of the area's tech companies before creating their own enterprises. Neighboring Oakland is no slouch, either.
Building a successful business is like piecing together a puzzle. Choosing the right city from the start gives you the framework you need to fit the other pieces in place. As cities grow, industries evolve, and new trends emerge, we'll likely see many more hotspots emerge for entrepreneurs.