Rural South Dakota Study Hopes to Forecast Business

The South Dakota State University Rural Life Census Data Center has announced a study that should assist in forecasting entrepreneurial success in the rural parts of South Dakota. The study looks at 1600+ businesses that serve the most rural populations of South Dakota.

Interesting statistics emerged from the study which should help potential business owners understand and plan for their business. For example, a full-service restaurant requires a population of at least 953 to survive, and an electrical contractor requires 2820. Population statistics are easily available, thus making potential entrepreneurs more aware of the likeliness of their success.

The study was funded by American Indians because much of the rural state is falls within reservations. These planning tools can help both Native Americans and anyone living in rural South Dakota determine which businesses to open and whether there is a particular need. In particular, urban business centers and tribal planning boards can use this statistical information to inform the community of potential opportunities. These needs can be addressed with micro loans to local entrepreneurs.

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