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Economy / Business

Report: Florida More Entrepreneurial than Other States

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So you want to start a business in Florida? You're not alone.

Floridians are more entrepreneurial than the United States as a whole, according to the 2012 Global Entrepreneurship Monitor U.S. Report from Babson College in Massachusetts and Baruch College in New York.

Among the key findings:

  • "Entrepreneurs in Florida displayed higher capability perceptions and risk taking" than the country as a whole, the report states. It continues, "they were more often male, necessity-motivated and low-income..."
  • Florida is home to more than 40 percent more immigrants than the national average. "Immigrants are more likely to be entrepreneurs and seek international markets," the report points out.
  • Floridians have a "positive assessment of capabilities" (64 percent) compared to the national average (56 percent). Couple this with a lower-than-average fear of failure (26 percent, versus 32 percent nationally).
  • Of the people surveyed, 34 percent of Floridians knew other entrepreneurs, compared to 29 percent nationally.

This entrepreneurial mindset may be a welcome boost for Florida's economy, the authors note.

“Given low median household income levels and stagnating GDP, entrepreneurship can contribute to the Florida economy in many ways. Previous efforts regarding taxes and promoting entrepreneurship may go a long way to make use of the growing population, but more specific programs aimed at youth and women, as well as growth businesses, might benefit the state."

Each year, the Global Entrepreneurship Monitor looks at three states in depth. The 2012 report highlights Florida, Texas and Ohio. So for more Florida stats, check out the report.