Entrepreneurship is vital to the U.S. economy due to its job creation, innovation, and contributions to the economy. In fact, young companies create an average of 3 million new jobs a year and have been responsible for almost all net new job creation in the U.S. over the past 40 years!
While larger areas like NYC and the Silicon Valley tend to grab national headlines when it comes to entrepreneurship, smaller cities, like Charleston, South Carolina are quietly growing their own ecosystems. Let’s take at South Carolina business trends and examine why obtaining an MBA is a great foundation for entrepreneurship.
South Carolina Business Trends
According to the South Carolina Department of Commerce, Area Development magazine consistently ranks the state as one of the top five states in the nation to do business for enterprises to entrepreneurs to everyone in-between!
Looking at South Carolina business trends, the magazine just might be on to something! The average South Carolina startup from 2009 grew 53.98% by 2014. In a span of five years, the average startup grew from 6 employees to 9.2 employees. Add the fact that The Kauffman Index reports a 48.32% survival rate for firms remaining in operation through their first five years and you have a state where entrepreneurship trends are thriving and surviving.
The City of Charleston: Business Trends
The City of Charleston has been an economic hub for the state for over 300 years. The harbor brought the exchange of goods and entrepreneurship flourished as residents developed, grew, and created products for trade. Today, the city sees an incredible economic impact from tourism with a $4.2 billion impact. Over 5 million people visit the city annually. The charming and historic city is a draw for leisure and business travelers. It is this same charm that makes it attractive for entrepreneurs.
Charleston’s Extensive Support Network
The Charleston area offers an extensive network of support for entrepreneurs. The entrepreneurial community is described as collaborative and as what sets Charleston apart. Meet-ups and user groups, tech conferences, startup incubators, accelerators, and co-working spaces are just a few of the reasons entrepreneurs find success.
For example, the Harbor Entrepreneurial Centers offer 14-week accelerator courses taught by community mentors. The Catalyst Center helps startups and small businesses and offers meeting space, networking, and educational programs. These are just two examples of the types of support available for entrepreneurs in Charleston. The collaborative spirit of driving success for one another is just part of the reason this city is a growing ecosystem for the state of South Carolina.
Follow Your Dream With The Citadel’s Online MBA Program
The beauty of entrepreneurship is that it allows people to act on their dreams and creativity. Entrepreneurship isn’t without risks, but with the right support system, success is possible.
Be proactive yet smart. Build your confidence and business knowledge online through The Citadel’s online MBA program. The Citadel is a long-standing Charleston institution of higher learning founded in 1842. One of the top leadership colleges in the U.S., the online MBA program allows you to learn from the best no matter where you’re currently located.
A firm educational foundation makes great business sense. The Tommy and Victoria Baker School of Business at The Citadel is accredited by The Association to Advance Collegiate Schools of Business (AACSB). The AACSB is the symbol of excellence in business education.
Courses are taught by distinguished faculty who bring both real-world experiences and academic expertise to the program. The 100% online MBA program offers the chance to pursue an MBA without disrupting your career. The Citadel MBA provides the knowledge and skills needed to successfully manage in the growing global marketplace.
Take your first step to achieving your MBA and implementing your entrepreneurial goals by contacting us today!