Owning a small business requires considerably more than having a good product, professional knowledge or an attractive business idea. A person may be an excellent baker, designer, mechanic, programmer, hairdresser, consultant or craftsperson and still experience serious difficulties when becoming responsible for an entire business, because professional expertise in one field does not automatically create the ability to manage finances, motivate employees, communicate with customers, plan future growth or make decisions under uncertainty. A small business owner often performs several roles at the same time: entrepreneur, manager, salesperson, recruiter, negotiator, problem solver, financial decision-maker and representative of the company. The United States Small Business Administration reflects this broad responsibility in its business-management guidance, which covers financial management, employee management, taxes, legal compliance, marketing and sales, cybersecurity, fraud prevention, artificial intelligence, emergency planning and business continuity.…
