It has been another tough year for small businesses. According to the National Federation of Independent Businessesm one in four believes the biggest problem is weak sales. Issues of timing, cash, and a lack of realistic estimates also add to the challenges they face.
1. After reading the article, what advice would you offer to anyone thinking about starting a business in 2012?
2. What was the main issue that Michelle Lewis mentioned that would have helped her business model and why is it important to you as a future accountant?
3. Which one of the five businesses mentioned do you think could have been viable with adequate advice from a financial advisor or accountant? Why?
Zimmerman, E. (2011). 5 Businesses That Failed to Survive Trials of 2011, The New York Times, Dec. 28 (Retrievable online at http://www.nytimes.com/2011/12/29/business/smallbusiness/five-businesses-that-did-not-survive-2011.html?pagewanted=1)