Even in this age of globalization and virtualization, the geographic area where you choose to live and work on your startup can still make any business a success or failure. I still have to tell some technical entrepreneurs that even with the best idea, they should consider moving to Silicon Valley to find the investors they need, or they need to move to the U.S. to get the attention of the market they choose.

For example, if you are building the next great social network to replace Facebook and need funding, you probably won't find any interested and focused VCs or Angel investors in Phoenix, Arizona, where I live. Also, investors from the super-hubs (Silicon Valley, New York, or Boston), won't assume that anyone outside their domain is savvy and has the resources to make it happen.

On the other hand, if you are into solar technologies, there is probably an advantage of being in Phoenix or a similar location in the southwest U.S. Having a great...