Texas may be perceived as a state with a masculine reputation, but plenty of female entrepreneurs seem to be putting their boots on in the state.
The Lone Star State is No. 1 for the percentage of female entrepeneurs.
FitSmallBusiness.com ranked each state in the country to determine which are the best for female entrepreneurs -- the second annual study of Best States for Female Entrepreneurs.
Only two of the states that made the Top 10 Best States for Female Entrepreneurs list last year were included in this year's Top 10. This is due to a variety of reasons including new legislation, and saturated markets. For example, Texas jumped from eighth place last year to first place this year, and Georgia moved from first to tenth.
Nationwide, the number of female entrepreneurs is growing. Twenty-three percent of entrepreneurs seeking angel investing were female in 2018, up from 19 percent in 2014, according to FitSmallBusiness.
Of course, women still face challenges. For example, studies show women who apply for business loans generally receive 45 percent less capital than their male counterparts, according to New York-based FitSmallBusiness. Others studies show, the overwhelming majority of venture capitalists are men.
THE TOP 10 STATES FOR FEMALE ENTREPRENEURS - 2019
FitSmallBusiness used the following metrics and weights to analyze and eventually rank the Best States for Female Entrepreneurs:
General Business Climate/Opportunity (25%)
Rate of startup growth and share of scale-ups
High-growth company density
Outlook for Women in Business (25%)
Percentage of minority business owners
Number of SBA women's business centers
Economic and Financial Health (25%)
Cost of living index
Corporate tax rate
Livability for Females (25%)
Women's economic and social well-being rank
Women's health and safety rank
"There are many variables that can prevent a startup from taking off," according to Eric Noe, Editor-in-Chief, FitSmallBusiness. "With the information that we've collected, women entrepreneurs can see which states offer them the best chances for success."
FitSmallBusiness.com is an online publication devoted to helping small business owners. I