Many of you will work for a small business. Some of you will even own your own business. In order to operate a small business, you will need a good understanding of managerial accounting, as well as many other skills. Much information is available to assist people who are interested in starting a new business. A great place to start is the website provided by the Small Business Administration, which is an agency of the federal government whose purpose is to support small business.

Instructions
Go to www.sba.gov and in the Small Business Planner, Plan Your Business link, review the material under “Get Ready.” Answer the following questions.
(a) What are some of the characteristics required of a small business owner?
(b) What are the top 10 reasons given for business failure?