Small businesses continue to be the backbone of the North American business community. According to the career resource Zippia, there are 33.2 million small businesses in the United States. Those organizations employ around 62 million people.
Despite the prevalence of small businesses and the abundance of people willing to become entrepreneurs, 20% of these firms fail within the first year, and only 55% survive five years or more, reports Zippia. The COVID-19 pandemic was particularly harsh on small businesses. However, many of them survived through digitization that they plan to continue to utilize even when the pandemic is long gone.