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Despite the difficulties stemming from the current crisis — or perhaps because of them — 2020 saw a significant increase in the number of new business applications. In 2020, nearly 4.5 million businesses applied to open their doors for the first time. That represents a 24.3 percent increase from the prior year, according to NerdWallet.
Why the explosion? Although entrepreneurs often do see opportunities in challenging environments, the wealth manager in me is guessing they were also going after something else during the trying times of the pandemic: multiple income streams.