FAQs

Questions that Are Not Frequently Asked But Should Be

1. Am I more likely to fail or succeed?
   Generally, four out of five new businesses fail. According to the Entrepreneur Magazine Small Business Advisor, undercapitalization and poor management are the most common reasons businesses fail.

2. What can I learn from my trade or professional association?
   Associations can be one of your best sources of information on all aspects of running your business. Contact them to inquire about the services they provide. Ask members about the benefits they receive from the association, and then decide if it will help in your business. Sometimes you can get a lot if information from trade and professional associations without joining. Ask for their enrollment package.

3. I just lost a major customer. Do I have to tell the bank where I have borrowed money?
   It is best if the bank hears about it from you. You can explain why you lost this customer and what you are doing to keep your other customers. Always tell the bank the truth. You should also tell the bank when you have some good news.