Small business is at the core of the Fayetteville Renaissance Plan, which is designed to promote economic growth in the city’s center. Judging by the city’s high ranking as a start-up destination, it seems as if the plan is working. Two of the biggest things that Fayetteville has going for it are strong industrial variety (7th nationally) and a deep, relatively inexpensive, and extremely hardworking employee pool.
Americans are born with an entrepreneurial streak. It’s in our DNA. From Manifest Destiny and the Gold Rush to the Industrial Revolution and the Internet Age, intense periods of innovation have molded our economy and sparked important societal advancements.
Innovation is never easy, though. Hardship and necessity underpin much of our entrepreneurial progress, largely because the motivation to enter the unknown in the face of bleak odds simply is not in abundance when more comfortable avenues remain to be explored. Such dynamics have played out in recent years, as unemployment hit 10% at the Great Recession’s nadir while the share of the labor force unemployed for more than 26 weeks rose to the highest point in more than 60 years, according to the Center on Budget & Policy Priorities.
Driven by a dearth of traditional job opportunities and a reenergized hesitancy to put one’s fate in the hands of others, somewhere between 10 million and 43 million Americans are now working for themselves. There is always room in the market for new ideas, products, services and multi-million-dollar success stories…if you know where to look. In order to help aspiring entrepreneurs – from restaurant owners to high-tech movers and shakers – maximize their chances for long-term prosperity, WalletHub analyzed the relative start-up opportunities that exist in the 150 largest cities in the United States in terms of population.
We did so using 14 unique metrics, ranging from 5-year survival rate and the affordability of office space to the educational background of the local labor force. You can read more about the metrics and underlying data used to conduct this report as well as our ultimate findings below.