Luis Alvarez/Getty Imagescompared income for entrepreneurs to earnings for other full-time employees by metro area to rank the cities where entrepreneurs are most successful.Visit Business Insider's homepage for more storiesIf you are looking to start a new business endeavor, you may want to start your own company in one of these major cities.
The income premium is the percent difference between the median income of entrepreneurs, who were defined as self-employed in the study, and all full-time employees using the Census Bureau'sFor example, the 2018 income premium for entrepreneurs in Las Vegas was 19.0%. That is, a typical entrepreneur in that city earns about $8,000 more than the median income of $42,000 of all full-time employees in Las Vegas.
The median salary for entrepreneurs in the 53 large metros on ZenBusiness' list is about $53,000, roughly the same as the overallThe highest income earned by entrepreneurs is in San Jose, California, where people who own their own business make a median income of $70,000. Entrepreneurs in Salt Lake City, Utah, make the most compared to all other full-time employees in the city, making it a potentially desirable metro area for aspiring business owners. A typical entrepreneur in Salt Lake City earns about $60,000, while a typical full-time employee earns $48,200, a difference of 24.5%.
The following are the 21 US cities with a population size of over 1,000,000 residents where entrepreneurs are most successful, along with their income premium, median 2018 income, and share of entrepreneurs — the percentage of workers that identify as self-employed.$49,100