Opportunities Abound for Young Entrepreneurs Because Boomers Are Selling Their Businesses

Shutterstock

Most of the businesses in the United States are small businesses—about 99.9 percent of them. Small businesses hire more laborers than any other kind. A small business is any business with less than 500 employees. Many of these businesses are owned by baby boomers, who are and will be retiring soon and listing their businesses for sale.

NerdWallet reports that there are about 33.3 million small businesses in the country now. After 2021, the United States had 16 million new small businesses started. In 2023, there was a record-breaking 5.4 million new businesses started.

The Success Rate of Business Startups

Business startups often have a short lifespan. Although there are several reasons for this, up to 20 percent will not survive after the first year, and 30 percent will fail by the end of the second year. Only 50 percent survive beyond five years, and only 10 percent make it to the 10-year mark.