Florida’s the most Entrepreneurial State in the Country
Bottom Line: Good news never gets old. Thankfully we continue to have plenty of it in Florida and specifically in the context of this story, South Florida. Recently a study of self-employed people was conducted based on Census data determining the number of those who’re self-employed in the 170 most highly populated cities across the country. The results showed that Florida, but especially Southeast Florida, dominates the country in the percentage of self-employed people. The top four cities, Hialeah, Miami, Hollywood, Cape Coral and six of the top ten, which include Port St. Lucie and Fort Lauderdale are in Florida. With five of the top six specifically located in South Florida. While there’s no doubt a cultural component to Florida’s entrepreneurial spirit, highlighted by Hialeah being the top location in the country for self-employed people, there’s also no doubt that the state’s economy, which was recently determined to be the best in the country over the past decade plays into it heavily as well.
There tend to be two reasons people go out on their own and work for themselves. Perceived opportunity and out of necessity. During especially challenging economic times its normal to see self-employment rates rise as people who’ve lost work and can’t land a new opportunity do what they have to do to get by. That’s obviously far less than ideal. However, large gains in self-employment rates during stronger economic times is an indication of abundant opportunity. What makes South Florida's best-in-the country self-employment rate so impressive is that it’s come at a time when South Florida’s experiencing record low unemployment rates:
It’s not necessity but opportunity that’s led to Florida becoming the most entrepreneurial state in the country. Which is in keeping with being known as “The Free State of Florida”. As a former entrepreneur I can attest to there being few things more freeing than having an idea, putting it into motion and seeing it flourish. It’s exciting to see more of it happening here than anywhere else. And with about two-thirds of people working for small businesses, it’s a great sign about what’s in store for the future of Florida’s economy as well.