With around 20% of new businesses failing within one year and inflation making entrepreneurship even more difficult, WalletHub reported Tuesday in releasing its report on "2023’s Best & Worst States to Start a Business."
Rhode Island ranks poorly for "business environment," which includes a number of factors, including the quality of the workforce.
Massachusetts ranks in the top 20 due in part to having the highest educated workforce. The Commonwealth has twice as many college-educated workers as last ranked West Virginia.
“Outside of the current difficult economic conditions, there are plenty of other reasons that startups fail, with a 'bad location' among the most common. Choosing the right state for a business is, therefore, crucial to its success. A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive,” states WalletHub.
WalletHub compared the 50 U.S. states across 27 key indicators of startup success. The data set ranges from financing accessibility to the percentage of residents who are fully vaccinated against COVID-19 to office-space affordability
