There are 30.2 million small businesses in the U.S. But only a fraction of them survive. Twenty percent of small businesses fail by the first year, 30% by the second, 50% by the fifth, and by the 10th year, a staggering 70% of businesses have shut off their lights.
For minorities, the numbers can be even more daunting. Eight out of 10 Black-owned businesses fail within the first 18 months.