WELLESLEY, Mass., Sept. 8, 2021 /PRNewswire/ -- More Americans were starting and running new businesses last year despite the economic effects of the pandemic, according to new data reported in the 2020/2021 U.S. Global Entrepreneurship Monitor (GEM) Report released today by Babson College.
In 2020, the Total early-stage Entrepreneurial Activity (TEA) rate, which measures the percentage of adults 18-64 actively engaged in starting or running a new business, was 15.4%, down slightly from 17.4% in 2019, but equal to results reported in 2018. The new report shows Americans turned to entrepreneurship when faced with an uncertain labor market. Last year, one-half of entrepreneurs said they were motivated to start a venture because jobs were difficult to find, representing a 22% increase from 2019. Moreover, some 54% of entrepreneurs, and 43% of business owners, reported that the pandemic introduced new business opportunities.
