In this week’s small business news roundup, we’ll talk about advice that emerged from the SXSW conference in Austin, the drop in small business bankruptcy filings, the possibly changing definition of “small business” according to the SBA, how to determine whether your business idea is a good one, and how you can determine whether your social media efforts are working. Let’s go!
- Reid Hoffman’s rules for entrepreneurs: Executive Chairman and co-founder of LinkedIn Reid Hoffman shared his “10 rules of entrepreneurship” at SXSW, and Vator News was kind enough to share them with those of us who couldn’t make the conference.
- Small Business Bankruptcies Drop: According to Accounting Today, “Bankruptcy petitions for small businesses declined in the fourth quarter of last year across many regions of the country.” Unfortunately California wasn’t one of the states that saw such good news — the Golden State “accounted for nearly 20 percent of the country’s business failures.”
- Redefining the “Small” in Small Business: Portfolio.com reports, “For the first time in about 30 years, the SBA is proposing a change to the way small businesses are defined in a move that could boost the number of businesses eligible for SBA programs. To define a company as a small business, the SBA primarily looks at two measures: revenues and the number of employees, but lately the agency may be missing the mark, so it is proposing changes to 36 of the industries it looks at.”
- Is Your Business Idea a Good One?: This article comes from the Victoria (Canada) Advocate, but the advice is valid even for those south of the Canadian border. And west, east, or north. It discusses the basics of coming up with a business plan, so you can use this advice as inspiration in writing yours.
- Measuring the ROI of your social media efforts: Something that tends to spark debate in small business circles is how one can tell whether social media efforts are working. USA Today’s Steve Strauss has some interesting thoughts on this.
What’s new in your small business world this week?