Starting a small business is an exciting time for entrepreneurs, especially if it is in an industry that they love. Taking a hobby or interest and turning it into a business is a common trend for many entrepreneurs. Having the love and dedication that small business owners need to start their business is important, but you can't make common mistakes to keep your business from success. An important step in starting your own business is knowing your industry. An industry is defined by Princeton as, "the people or companies engaged in a particular kind of commercial enterprise." It is important to know specifics about your industry for many reasons. Knowing your industry will not only help your business succeed, but also give you an edge on your competition, and provide banks and other lenders information that they need to make an educated decision about loans for your business.... [Read Full Article]

Tips from February 11, 2010 The Small Business tips today discuss how to find customers. Chamber of Commerce: Introducing your business at your Chamber of Commerce will give you a start in connecting with other small businesses in your area. Additionally, ask for a link on your Chamber's website to yours about your new business opening. Use the support and organization in your favor to find customers in your area who are passionate about the small business cause. Networking: Use your friends, family members, and business contacts to your advantage. Talk to them about your new business, and ask if there are any contacts they know that you can network with. Don't forget about social networking online as well! Competition: As silly as it sounds, some of the best places to find your customers is by researching your competition. Find out what they are doing wrong, and what their customers are dissatisfied with. Use that to your advantage when starting out on yo... [Read Full Article]

Government, Politics and the Economy Small Business Job Losses Continue The mass-layoffs in the economy may have slowed, but small companies are still dropping employees to stay afloat. CNNMoney.com SBA's Mills Has the Answers for Small Business SBA chief Karen Mills discusses the challenges facing small business as well as her role in getting struggling companies the help they need. WSJ.com US Unemployment Slows Unemployment slowed last month and the overall un... [Read Full Article]

  Government, Politics and the Economy Small Business Groups: Cut Payroll Taxes to Help Small Business A plan under consideration by the White House to redirect TARP money from the financial industry to the small-business sector is getting a lukewarm reception from small-business advocacy groups who say that a payroll tax break could bring faster relief to struggling entrepreneurs. WSJ.com CreditSights: CIT May Need as Much as $6 Billion to Avoid Bankruptcy CIT Group Inc., the troubled 101-year-old small business lender, may need as much as $6 billion to avoid bankruptcy after the government refused to give the firm another bailout. Bloomberg.com ... [Read Full Article]

  Government and Economy Mills: Banks Are Loaning Again According to SBA chief Karen Gordon Mills, efforts to get money to capital-strapped small businesses are beginning to pay-off, with banks starting to make government-backed loans. WSJ.com GM Begins Cutting 1,100 Dealers Facing General Motors, facing a probable bankruptcy filing by June 1, is telling 1,100 U.S. dealers they will be terminated as the automaker starts shrinking its retail network. Bloomberg.com [Read Full Article]

  Government and Economy Solis Vows to Bolster Job Training, Enforcement New Secretary of Labor Hilda Solis won’t waste time making her presence felt by companies that her agency determines are subjecting employees to dangerous working conditions or are shorting their pay. Workforce.com How to Spot the Recovery Tech consultant Gene Marks describes the tools and bellwethers he uses to estimate when business will pick up. BusinessWeek.com Management and Financial Issues [Read Full Article]

Politics and Government What Change Really Means to Small Business? Many small business owners are skeptical of President-elect Obama's tax proposals and the long-term direction he wants to take with the economy. Paulson, Bernanke Defend $700 Billion BailoutWASHINGTON (AP) - Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke waged a stout defense of their management of a $700 billion financial bailout on Capitol Hill Tuesday, just one week after the administration abandoned the original strategy behind the rescue. Bernanke: Borrowing Conditions Still Far From Normal Federal R... [Read Full Article]

Politics and Government Obama Ought to Look at the Effect of Entrepreneurial Immigrants According to U.S. News & World Report's Matt Bandyk, immigration will be an important small business issue for the next administration. Immigrants are 30% more likely to start businesses and they make up 16.7% of all new business owners in the country. Democrats at Work to Tap Bailout for AutomakersWASHINGTON (AP) - Congressional Democrats are marshaling support for a rescue package to pump $25 billion in emergency loans to U.S. automakers in exchange for a government ownership stake in Detroit's car companies. Economics and Labor Issues [Read Full Article]