US Starter Kit

A guide to help you understand the ins and outs of business in the US state-by-state, along with culture, lifestyle, and more.

About The US

The United States of America, commonly known as the United States (US) is a country mostly located in central North America between Canada and Mexico. It consists of 50 states, a federal district, five major self-governing territories, and various possessions. With a 2019 estimated population of over 328 million, the US is the third most populous country in the world. Americans are a racially and ethnically diverse population that have been shaped through centuries of immigration. The capital is Washington, DC, and the most populous city is New York City. The United States is a highly developed country, with the largest, most technologically-advanced, and most diverse economy in the world.

10

Cities in the US with over 1 Million inhabitants

63,703

Startups in the US, the country with the most Startups in the world

Business Hours

The working week is from Monday to Friday, with Saturday and Sunday as the weekend.

Currency

The official currency of the United States is the U.S. dollar.

Time

Local times range from -5 to -10 GMT. The U.S. participates in daylight savings time adjustments.

Country Code

The International phone code is +1.

Language

English is the national language of the United States. 80% of Americans speak only English and 12% of the population speaks Spanish.

Driving Side

All automobiles drive on the right side of the road.

2.33%

GDP growth rate in the U.S. compared to 2019

The United States is a federal constitutional democratic republic, in which the president (the head of state and head of government), Congress, and judiciary share powers reserved to the national government. The federal government shares sovereignty with the state governments. The Constitution of the United States divides the federal government into three branches to ensure the balance of power. The executive branch is headed by the president and is independent of the legislature. Legislative power is vested in the two chambers of Congress: the Senate and the House of Representatives. The judicial branch (or judiciary), composed of the Supreme Court and lower federal courts, exercises judicial power. The modern political party system in the United States is a two-party system dominated by the Democratic Party and the Republican Party.

America is the world's largest, most technologically-advanced, and most nationally diverse, and is a leading global trader. While the United States accounts for only about 4.25 percent of the world's population, its GDP is 16 percent of the world's total economic output. The American economy is a free market, private enterprise system that has only limited government intervention in areas such as healthcare, transportation, and retirement. As of 2021, American companies are still amongst the most productive and competitive in the world such as Apple, Microsoft, and Visa. Although SMEs generate 44 percent of the US GDP, large companies still play a dominant role in the American economy. The top contributing sectors to the economy include healthcare, technology, construction, retail, non-manufacturing goods, and energy. The US has the best ecosystem in the world for supporting new startups and business creators, and its entrepreneurial spirit is one of the country’s greatest assets.

According to the latest World Bank annual ratings, the United States is ranked 6 among 190 economies in the ease of doing business. The rank of the United States improved to 6 in 2019 from 8 in 2018. Starting and registering a new business in the United States takes an average of just four days, says the World Bank’s Doing Business report for 2020. There are 30.7 million businesses in the United States, and 99% of them are small businesses, according to the US Small Business Administration’s Office of Advocacy. Business startups can be risky, but the Small Business Administration (SBA) helps new startups manage the risk. The SBA has helped nearly 20 million small businesses with loans, loan guarantees, contracts, counseling sessions, or other forms of assistance.

The United States is ranked number one over 73 nations in the Education Ranking in The 2020 Best Countries Report, a ranking and analysis project by US News & World Report, BAV Group, and the Wharton School of the University of Pennsylvania. 7 of the top 10 best universities in the world are in the US. They include Harvard University, Columbia University, Yale University, Stanford University, and Princeton University. New Jersey is the top state for education. It is followed by Massachusetts, Florida, Washington, and Colorado to round out the top five. Six of the 10 states with the best education systems also rank among the top 10 Best States overall.

The United States is one of the most culturally diverse countries in the world, as it was built on immigration from other countries. The US is often defined as a “melting pot” in which different cultures have contributed their own distinct “flavors” to American culture. The US is a multi-racial and multi-ethnic country. Just as cultures from around the world have influenced American culture, today American culture influences the world through music, movies, food, fashion, and sports. While the US government declared that there is no official language of the United States, English is the most widely spoken language, followed by Spanish. The US is the 3rd most visited country in the world with almost 80 million visitors per year. Among the most visited landmarks in the US are the Statue of Liberty, Times Square, the Grand Canyon, the White House, the Golden Gate Bridge, and Disney World.

Economics

America is the world's most technologically-advanced country and a leading global trader. While the US accounts for only about 4.25% of the world's population, its GDP is 16% of the world's total economic output. The American economy is a free market, private enterprise system that has only limited government intervention in areas such as healthcare, transportation, and retirement. As of 2021, US companies are still amongst the most productive and competitive in the world such as Apple, Microsoft, and Visa. Although SMEs generate 44% of the US GDP, large companies still play a dominant role in the US economy. The top contributing sectors to the economy include healthcare, technology, construction, retail, non-manufacturing goods and energy.

293

Free Zones in the US

121

US Companies in Fortune 500

The United States is consistently ranked among the best globally for its overall competitiveness and ease of doing business. Backed by a regulatory environment that is particularly conducive to starting and operating a business, the US business culture encourages free enterprise and competition. As a stable democracy with a transparent and predictable legal system, all companies – regardless of national origin – compete on an even playing field.” The US has the 5th highest GDP per capita. As of April 2021, the unemployment rate in the U.S. is 6.1%. In 2019, the US received $251 billion in Foreign Direct Investments (FDI). The five industries driving the US economy are healthcare, technology, retail, construction, and non-durable manufacturing.

The capital market in the United States is highly developed, marked by sophisticated technology, specialized financing institutions and functions, wide-ranging geographic locations, and continuous innovation in financial products and services to meet the needs of financial investors and those seeking to acquire funds. There are both direct and indirect markets. The main securities regulator in the United States is the US Securities & Exchange Commission (SEC). The US markets have long funded the best ideas and enterprises, enabling businesses to grow, governments to invest in infrastructure, and individuals to save for retirement and education. The US is home to the world's largest stock exchange, the New York Stock Exchange (NYSE), which has a market capitalization of $24.49 trillion as of January 2021.

The United States is the world’s largest trading nation, with over $5.6 trillion in exports and imports of goods and services in 2019. The US has trade relations with more than 200 countries, territories, and regional associations around the globe. The largest US trading partners are China, Mexico, and Canada. The United States is the 2nd largest goods exporter in the world. US goods exports to the world totaled $1.6 trillion in 2019. Services such as travel, transportation and finance are the biggest US exports. The US is also the largest goods importer in the world, as the country’s imports from the world totaled $2.5 trillion in 2019. The major US imports include machinery, automobiles, medical equipment, minerals, fuels, and oils.

The US is known for being an innovative country where the entrepreneurial spirit is well and alive. Many Americans start a business that ultimately improves society and promotes progress. Moreover, they challenge the way we do things and come up with innovative ideas that change the status quo. Indeed, as they prepare to enter the workforce, seven in ten young (70%) adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else. Additionally, more than half (53%) said they are likely to start their own business in the future. Having access to resources, funding, business infrastructure and venture capital funds, America has provided its entrepreneurs with a great business environment, which paved the way to many of the innovative ideas that have fueled the US economy and changed the world in countless ways. 7 of the 10 highest valued startups are American, such as SpaceX and Stripe.

The technology sector is the economic star of the United States, leading the country’s growth as well as its financial markets. IT and communications companies like Amazon, Microsoft, Google, Facebook, and Apple are at the heart of innovation, rapidly changing people’s lives and transforming business, finance, and the broader economy. Recent reports issued by the National Science Foundation's (NSF) Science and Engineering Indicators have shown the United States is the global leader in science and technology. As the US invests the most in research and development (R&D), the country also leads in providing the best business, financial and information services,attracting the most venture capital, awarding the most advanced degrees, and being the largest producer in high technology manufacturing sectors. The US remains a flagship destination for research and science as it hosts the best research institutions in the world such as the Massachusetts Institute of Technology (MIT), Johns Hopkins University and University of California at Los Angeles (UCLA).

Culture & Lifestyle

The US is one of the most culturally diverse countries in the world, as it was built on immigration from other countries. The US is often defined as a “melting pot” in which different cultures have contributed their own distinct “flavors” to American culture. The US is a multi-racial and multi-ethnic country, where every religion of the world is practiced. Just as cultures from around the world have influenced American culture, today American culture influences the world through music, movies, food, fashion, and sports. While the US government declared that there is no official language of the United States, English is the most widely spoken language, followed by Spanish. The US is the 3rd most visited country in the world with almost 80 million visitors per year.

$35.3B

Total Revenue of Hollywood in 2019

1,022

Gold Medals won by the US at the Olympic Games

Art has been a significant part of the culture of the United States since declaring its independence in 1776. The oldest art museum and art school in the country opened in 1805 in Philadelphia, Pennsylvania, and is still operating today. Whether stemming from the many notable educational institutions, or developing from experimentation and outside inspiration, art movements such as Pop Art, Abstract Expressionism, and Mixed Media abstraction got their start or were heightened by the work of American artists. America’s cultural influence through movies has been particularly strong. Just the word “Hollywood” itself conjures up visions of movie stars and Oscar nights and Western gunslingers getting ready for the shootout. Motion pictures may not have been invented in the US, but modern movies were perfected there. Through a wide range of genres, the US has also become the supreme leader of modern music as it produced some of the biggest names in the industry such as Michael Jackson, Elvis Presley, and Madonna.

American cuisine is diverse, with no definition providing a “one-size fits all”. American foods have been influenced by immigrants traveling to the US since the early years before independence. From Northeast to Mid-Atlantic, Southern to Southwest, the eccentric blend of exotic food eventually made classic American cuisine what it is today: an array of steakhouses, sandwich shops, and burger joints, among others.

However, when it comes to defining the cuisine by locality, it is a different matter altogether. While the US is home to some major food hubs like New York, Chicago, New Orleans, and Los Angeles, its food scene is growing and evolving as second-tier cities and overlooked destinations such as Florida and South Carolina, are catching up and becoming hotbeds for food tourism. On the business and franchise side, several US companies have expanded on an internationally recognizable scale, such as McDonalds, Burger King, and Starbucks.

Throughout the US, sports have gained widespread recognition and popularity. Because of the craze for sports, it has become a part of the lives of every American citizen as well as the US culture as a whole. In the Olympic games and international sports, the US has always seemed to occupy the top places in most of the sports. Being an affluent country with vast infrastructure, people find several opportunities for the development of sports. The increased popularity of sports in the US takes competition beyond expectations. It is not just a source of entertainment, but a career-option, too, for youths. Indeed, sports are particularly associated with education in the United States, with most high schools and universities having organized sports, and this is a unique sporting footprint for the US College sports competitions. College sports play an important role in the American sporting culture, with college basketball and college football being as popular as professional sports in some parts of the country. Most college athletes aspire to become part of one of the four US major professional sports leagues, which are Major League Baseball (MLB), the National Basketball Association (NBA), the National Football League (NFL), and the National Hockey League (NHL). There are also professional sports leagues available for female athletes including the Women's National Basketball Association (WNBA) and the National Women's Soccer League (NWSL). Women in the US have been involved in sports for centuries. Today, they continue to contribute to the world of sports by leaving a strong footprint and leading in international rankings such as the FIFA Women’s Ranking, as the number one national female soccer team in the world.

Freedom of religion and faith in the US is guaranteed by the US Constitution. Despite a strict separation between Church and State, spirituality occupies an essential place in the country. According to the US census, religion in the United States is comprised of Christianity, Judaism, Islam, Buddhism, Hinduism, and the unaffiliated, including atheists or agnostics. The largest religion in the United States is Christianity, practiced by the majority of the population. Due to its large population and history, the United States has numerically more Christians (and more Protestants) than any other country in the world. After Christianity and no religion, Judaism is the third-largest religious affiliation in the United States, though this identification is not necessarily indicative of religious beliefs or practices. A significant number of people identify themselves as American Jews on ethnic and cultural grounds, rather than religious ones. On the other hand, American Islam effectively began with the arrival of African slaves. It is estimated that about 10% of African slaves transported to the United States were Muslim.

America's history can be regarded as a series of generations. From the earliest generation of Americans, the Liberty Generation, to the most current generation, Generation Z, each generation in America has been given a distinct name with the goal of classifying a large group of people who grew up within a specific time period. There are events—social, political, and economic—that shape how each generation is labeled and even viewed in each generation. Major events such as wars, economic stability and instability, or population increase leave generational legacies. Important public events, like assassinations, moon landings, and/or terrorist attacks, also have an impact on how generations are viewed years afterwards. These important events frequently have an impact on each generation's culture, making their experiences distinct.

The “Boomer” generation is currently the most senior in the workforce. Social media did not become available to this generation until they were well into their careers. While this generation's social media adoption rates are increasing, there is still a hesitation to fully embrace social media platforms in the same way that younger generations have. Generation X refers to those who were born between 1965 and 1979. Despite their tiny number relative to the entire population, this generation currently occupies the bulk of business leadership roles, and their purchasing power now amounts to 31% of total US revenue. People born between 1980 and 1995 are known as Millennials. They were the first to use social media and make it their primary mode of communication. Millenials started utilizing social media when they were still in school. Social media is relevant to both their personal and professional lives as a result of their early adoption. Gen Z are the new kids on the block, having been born after 1995 and being widely regarded as the global economy's future. This generation will account for the majority of global consumers by 2020, and they have never known a world without social media.

History

In 1776, the Second Continental Congress declared the US' independence from the Empire of Great Britain with a statement of principles. The principles of Life, Liberty, and the Pursuit of Happiness, which are rooted in an understanding of natural rights and the experience of self rule, have outlined the foundations of a new nation. The US, from its earliest years, unveiled its potential of becoming a world leader through politics, but especially innovation. The US led the world in making the corporate form of business organization widely available to entrepreneurs. Starting in the 1790s, corporations became key institutions of the American economy, contributing greatly to its remarkable growth. The US was the birthplace of Fordism, the pioneer system of mass production created by Ford.

13

British colonies formed the United States of America in 1776

7/4/1776

US Independence Day

In 1607 the first successful English colony settled in Jamestown, Virginia. Once tobacco was found to be a profitable cash crop, many plantations were established along the Chesapeake Bay in Virginia and Maryland. However, the 1620 establishment of Plymouth Bay Colony in Massachusetts by the religious immigrants known as the Pilgrims may be regarded as the beginning of large-scale migration from Europe to the territory that would eventually become the United States. Thus began the first and longest era of immigration, lasting until the American Revolution in 1775. During this time settlements grew from initial English toeholds from the New World to British America. It brought Northern European immigrants, who were primarily of British, German, and Dutch origin. The British ruled from the mid-17th century and they were by far the largest group of arrivals, remaining within the British Empire. Over 90% of these early immigrants became farmers. Another major wave of immigration occurred from around 1815 to 1865. The majority of these newcomers hailed from Northern and Western Europe. Approximately one-third came from Ireland, which experienced a massive famine in the mid-19th century. In the 1840s, almost half of America’s immigrants were from Ireland alone. Typically impoverished, about 4.5 million Irish people migrated to the US between 1820 and 1930, and settled near their point of arrival in cities along the East Coast, hoping for better lives, peace, freedom and opportunities.

Between 1765 and 1783, the American Revolution, an ideological and political revolution, took place in colonial North America. In 1773, the inhabitants of Boston threw a cargo of tea into the sea. This episode marks the break with the United Kingdom. The War of Independence broke out in 1775. Independence was proclaimed on July 4, 1776 by the Continental Congress. This date is commemorated each year with fireworks and festivals. Then began an eight-year war of independence against the British. In 1781, at the Battle of Yorktown, the Americans won the war. In 1783, at the Treaty of Paris, England recognized the United States as an independent country. The Continental Congress (1774-1789), which brought together delegates from every colony and gave those colonists committed to resisting the British a voice, became the core institution for handling the fight for American independence when the Revolutionary War broke out. The Articles of Confederation (1781-1789) represented America's first attempt to govern itself as an independent nation. The Constitutional Convention of 1787 proposed a new constitution establishing a much stronger national government. Although this controversial new Constitution provoked a great deal of resistance, it was eventually ratified by the necessary number of states, replacing the Articles of Confederation as the framework of the US government.

In the 1790s, the first American corporations were established, and they quickly became important institutions in the fledgling nation's economy. Despite the fact that corporations existed in Europe in the early nineteenth century, especially in the United Kingdom and the Netherlands, no country pursued corporate growth as aggressively as the United States. In the early years of the American Revolution, small banking companies existed. However, most historians agree that the Boston Manufacturing Co. was the first significant industrial company, established in 1813. Corporations have played a significant, if not contentious, role in shaping the United States' economic, political, and cultural identities. The American Industrial Revolution in the 1820s was propelled by easy access to capital and business growth provided by the corporate structure. During the "Gilded Age", which saw great growth of railroads, the economization of oil and electricity, and the development of America's first giant—national and even international—corporations, the US became the world's greatest innovator and one of the world's most powerful economic powers.

The American civil rights movement was an organized effort by Black Americans to end racial discrimination and gain equal rights under the law. It began in the late 1940s and ended in the late 1960s. Although tumultuous at times, the movement was mostly nonviolent and resulted in laws to protect every American’s constitutional rights, regardless of color, race, sex, or national origin. A major catalyst in the push for civil rights was in December 1955, when NAACP activist Rosa Parks refused to give up her seat on a public bus to a white man. The Civil War had officially abolished slavery, but it did not end discrimination against Black people whom continued to endure the devastating effects of racism, especially in the South. By the mid-20th century, Black Americans along with many white Americans, mobilized and began an unprecedented fight for equality that spanned two decades. The Civil Rights Movement racked up many notable victories, from the dismantling of Jim Crow segregation in the South, to the passage of federal legislation outlawing racial discrimination, to the widespread awareness of the African American cultural heritage and its unique contributions to the history of the US. Martin Luther King’s “I Have a Dream” speech during the 1963 March on Washington galvanized the national civil rights movement and became a slogan for equality and freedom. More recently, a new milestone in African-American history was achieved as a new federal legislation passed in June 2021, to make Juneteenth, an annual celebration commemorating the day when the last enslaved African-Americans were informed that they were free, an official federal holiday celebrated on June 19, giving Juneteenth the same status as Memorial Day, Veterans Day, Martin Luther King Jr. Day and other federal holidays.

During the transition from the 19th to the 20th century, the United States became one of the most powerful nations in the world. Following WWII, policymakers in the US set about remaking a world to facilitate peace. The American hegemonic aspirations involved using political and economic advantages gained in world war to restructure the operation of the world market and interstate system in the hegemon's own image. The United States took over as a global hegemon from the United Kingdom in 1945, and began to take the lead among state actors in administering world affairs, building international institutions, and handling global governance issues. One of the pillars of the hegemony of the United States is their immense military power. Economics alone would be enough to give the country a large margin of superiority: this country spends more on defense than almost all of the other great military powers, most of which are moreover its allies. Since wealth depended on peace, the US set about creating institutions and regimes that promoted free trade, and peaceful conflict resolution.