What city is best for starting your business? While several factors should play into a decision, a new report from fintech company SumUp has identified the top 10 for entrepreneurship based on tax data, the number of millionaires in the city, and even Google searches.

New York topped the list because of the opportunities it offers across industries, from tech to fashion, and its 4% sales tax, which was the lowest of the group. New Yorkers also frequently Google “how to get rich” and “how to make it in business,” the study found. The city also offers access to over 30 WeWork coworking locations, the most of all the cities in the report, which theoretically could help startup employees collaborate.

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Chicago came in at No. 2, with SumUp researchers highlighting its 120,500 millionaires and high interest in entrepreneurship through tracked Google searches. They also found that Chicago stood out for finance startups.

Rounding out the top three was Miami, “where the weather is warm and taxes are low,” according to the study. Travel, tourism, and commerce startups thrive in this city, which has 0% personal income and capital gains tax.

Related: These Are the Top 15 Jobs With the Highest Entry-Level Pay

Here’s a complete list of the top ten cities for entrepreneurship, according to the report.

1. New York

Number of millionaires: 349,500

Personal income tax – highest income: 10.90%

Sales tax: 4.00%

2. Chicago

Number of millionaires: 120,500

Personal income tax – highest income: 4.95%

Sales tax: 6.25%

3. Miami

Number of millionaires: 35,300

Personal income tax – highest income: 0.00%

Sales tax: 6.00%

4. Los Angeles

Number of millionaires: 212,100

Personal income tax – highest income: 13.30%

Sales tax: 9.50%

5. Dallas

Number of millionaires: 68,600

Personal income tax – highest income: 0.00%

Sales tax: 6.25%

6. Austin

Number of millionaires: 32,700

Personal income tax – highest income: 0.00%

Sales tax: 6.25%

7. Houston

Number of millionaires: 90,900

Personal income tax – highest income: 0.00%

Sales tax: 6.25%

8. Seattle

Number of millionaires: 54,200

Personal income tax – highest income: 0.00%

Sales tax: 6.50%

9. Washington

Number of millionaires: 28,300

Personal income tax – highest income: 10.75%

Sales tax: 6.00%

10. Boston

Number of millionaires: 42,900

Personal income tax – highest income: 9.00%

Sales tax: 6.25%

Paul Graham, the founder of famed startup accelerator Y Combinator, coined a new term this week that has taken over social media: founder mode.

In an article released on September 1 and publicized on X over Labor Day weekend, Graham separates “founder mode” from the traditional “manager mode” route by noting key differences in management styles and organizational structure. Graham’s X post has over 21 million views at press time.

Related: How to Start a Multi-Million Dollar Company, According to an IBM Engineer Turned Founder

Founder mode means that the CEO interacts with employees across the organization, not just their direct reports. The startup, even as it grows into a large company, is less hierarchical; the CEO could do “skip-level” meetings with employees, for example. Graham gave the real-world example of Steve Jobs running an annual retreat for who he thought were the 100 most important people at Apple — regardless of where they were on the corporate ladder.

Manager mode, meanwhile, is less hands-on and involves more delegation to other people. Founders can grow companies and run them effectively without switching to manager mode, Graham stated.

“Hire good people and give them room to do their jobs,” Graham wrote. “Sounds great when it’s described that way, doesn’t it? Except in practice, judging from the report of founder after founder, what this often turns out to mean is: hire professional fakers and let them drive the company into the ground.”

Related: How to Start Your Dream Business This Weekend, According to a Tech CEO Worth $36 Million

Graham gave the example of Airbnb CEO Brian Chesky, who tried to follow conventional “manager mode” wisdom to hire good people and let them do their jobs.

“The results were disastrous,” Graham wrote.

Chesky had to pivot to a different “founder mode” style of management and explained in an interview last year that founders have multiple advantages over managers: They have owned every part of the process of building a company, from start to finish; They have built the company up, so they can rebuild it; and they have permission to rebrand the company or make major changes.

This is it: @bchesky on founder mode.

Three reasons why founders differ from managers:
1. Being the biological parent
2. Full permission to make change
3. Knowing how to rebuild the company pic.twitter.com/VhuQ70B8FK

— Yana Welinder (@yanatweets) September 2, 2024

In the past few days since Graham released his essay, the social media world has begun exploring what it means in humorous and insightful ways. One post drew a comparison between micromanaging and founder mode.

founder mode pic.twitter.com/LWOlaFq4UJ

— ST (@seyitaylor) September 2, 2024

Other posts from women founders addressed the question: Can women be in founder mode too?

Chesky wrote on X earlier this week that women founders had been reaching out to him since Graham released the essay about how they can’t run their companies in founder mode the same way men can.

“This needs to change,” he wrote.

Remember when the female founders did founder mode and all got cancelled for it?

— Sara Mauskopf (@sm) September 3, 2024

It happened to me first — headlines portraying me as a “toxic leader” when I had to make the same, often unpopular, decisions that my male peers did without critique.

For them, it’s called Founder Mode, and it’s celebrated (a proper noun! With its own merch! And trademarks… https://t.co/rF0IM1huy3

— Sophia Amoruso 3.0 (@sophiaamoruso) September 5, 2024

Nvidia’s stock faced an unprecedented drop on Tuesday, wiping off $279 billion in market value, the largest one-day loss in U.S. history. The loss is worth more than all of the shares of many major U.S. businesses, including McDonald’s and Chevron, per CNN.

Nvidia’s shares tumbled over 9% in regular U.S. trading and continued the descent post-market by an additional 2%, after a report of a subpoena from the Department of Justice relating to an antitrust investigation, per Bloomberg.

Related: Why Are Nvidia Earnings So Important? They Could Be a ‘Market Mover,’ Says Expert

Jensen Huang, the CEO and Nvidia’s top individual shareholder, also took a personal hit with a $10 billion drop in his wealth.

^{Nvidia CEO Jensen Huang – Photo by I-HWA CHENG/AFP | Getty Images}

Shares were up about 1% Wednesday afternoon, according to CNBC.

Nvidia has about 80% of the market for AI chips. In response to the DOJ antitrust investigation, a company spokesperson told the outlet that Nvidia “wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them.”

Despite the losses, Nvidia is still up 118% year to date, per Reuters.

Related: Why Millionaire Nvidia Employees Are Still Working Until 2 a.m.