Missouri ideal for starting new business

A recently released national study conducted by the Kauffman Index of Entrepreneurial Activity revealed Missouri to be one of the highest-ranking states in terms of starting a new business.

Missouri ranked sixth for business startups in 2011, an achievement largely attributed to expansions by General Motors, Ford and Boeing within the state, according to OzarksFirst.com. The three companies were a magnet for attracting suppliers and developing businesses in the area. The state is also benefiting from an increased number of bio-tech, life sciences and agriculture companies adding to the state's improved economy.

"It is easy for people to start a business here and their ability to succeed is much higher because of that," said Kristen Westerman, manager of workforce development at Springfield Area Chamber of Commerce, to the source. "Of the things we can point to is that the earnings do tend to be higher among our entrepreneurs than to some of our compared cities - our peer cities."

Westerman added that in addition to the state being great for businesses, it also fosters entrepreneurs by providing a community conducive to developing a company, the source reported. The resources that are offered at colleges and universities in the area include classes on small business administration, giving students the tools to be successful in business promotion in the future.

With startups and online businesses facing new challenges today in the marketplace, Forbes recommended a few tips to stay afloat until the rocky economic waters calm.

The source advised companies to research the competition and not throw themselves into a venture without having a completely clear view of what the market looks like. Having patience and staying on top of topics that are relevant to their business will help them identify business-generating trends that could help them grow.