Modern Linux desktops usually let you spawn a new terminal by various means: clicking on a menu entry, using a key combination or bringing up an execution window and entering the name of the terminal's executable file.
The fastest method I've found is to use a thumb button on my mouse. This has the added advantage that in conjunction with "follow" focus behavior and a tiling window manager1, it also lets me choose where to spawn it.
So to spawn a new xterm window with a simple mouse click, I am resorting to a handy tool called xbindkeys. It's a highly versatile tool that runs in the background listening for certain key and button combinations and then executing a pre-configured command line.
This is what my terminal spawn entry looks like:
b:8 + Release
1 in my case, the Notion window manager, a fork/continuation of the Ion3 window manager.