Although it’s difficult to pinpoint the precise number of new businesses launched each year, numerous studies have shown an increase in new business launches over the past decade. According to Oberlo, 4.4 million new businesses were started in 2020, up nearly 27% from the previous decade.
Starting a new business is easier than ever before. Within a single day, anyone can create an LLC and build an online presence. Technology has made it possible to turn entrepreneurial dreams into reality. However, the reality is that most businesses fold after a few years. Two out of ten businesses will fail within the first year alone.
