New Experian study reveals Minnesota as a top startup spot for young entrepreneurs.
Minnesota ranked as the state with the fourth most millennial-owned small businesses in the country, according to a recently released Experian report. With a 6.2 percent share, Minnesota ranked behind only California (29.3 percent), Texas (21.1 percent) and Florida (18.3 percent) for where millennials have established their businesses.
The Experian study also pulled out other information about millennial small business owners, including, interestingly, that 15 percent of them have not earned a high school diploma, the highest of any generation. It might be no surprise then that many of the most popular industries for millennial business owners are areas that don’t necessarily require a degree.
The top industries for millennial-owned small businesses:
1. Business services (5.9 percent)
2. Building cleaning and maintenance (4 percent)
3. General contractors (3.8 percent)
4. Motion pictures and video (3.3 percent)
5. Beauty shops (3.2 percent)
And while it is encouraging for Minnesota to have a strong share of millennial-owned businesses, the state still has a long way to go toward being business friendly.
