GEM USA 2020/2021 Report

  • Year of publication: 2021
  • Category: National Reports
  • Language: English
  • Upload date: 2022-01-07

The GEM USA 2021 Report results indicate that over 30 million Americans were starting or running new businesses at the time of the survey, around six months into the COVID-19 pandemic, and that 19.5 million were running established businesses. This illustrates the impact entrepreneurs have on generating a source of income for their families, jobs for others, growth for the U.S. economy, and valued products and services for society. However, 4.4% of the U.S. adult population, the equivalent of 8.7 million people, reported closing a business in the prior year, revealing that some businesses did not work out or simply reached the end of their life cycle. Environment shocks such as that associated with COVID-19 can impose detrimental effects on the business community, or they can lead to structural change, creating opportunities for entrepreneurs.