More Americans are turning their brainstorms into businesses.
The total entrepreneurial activity rate—which measures the rate of new and existing business ownership—hit 16.5% in 2021, up from 15.4% in 2020, the Global Entrepreneurship Monitor 2021/2022 Report by Babson College and a consortium of academic institutions found.
More than half of the entrepreneurs are starting businesses in professional services and technology, the report found. Other hot areas are finance, real estate and business services (28%), and education, government, social and consumer services (21%).
Most established business owners in the report are solo operators or owners of tiny businesses with five employees or fewer.