The following is an analysis of a business research paper written by Bruce D. Phillips for the National Federation of Independent Business Research Foundation in conjunction with Wells Fargo as a resource for individuals looking to start small business endeavors titled, “Small Business Problems & Priorities.”
Purpose of the Research
Throughout the research paper, Phillips outlines the possible problems, critical issues, and major priorities small business owners should consider as they move forward within their specific business plans. Additionally, Phillips describes many of the pitfalls associated with specific industries, such as agriculture, wholesale trade, manufacturing, hospitality, personal services, transportation, and other areas of interest to small business owners. By breaking down the research by specific industries, Phillips is able to drill deeper into the important information entrepreneurs need to be aware of as they begin the set-up process. Additionally, the paper also covers important state, regional, and local area factors that could impact emerging small businesses. Phillips describes how certain geographical areas can dramatically impact small business through taxation, legal requirements, environmental regulations, insurance requirements, and other variable factors.
Business Problems Under Investigation
In his research, Philips investigates nearly every major risk associated with starting a small business including licensing requirements, real estate concerns, employment laws, and marketing initiatives. Furthermore, his research centers on ways to ensure that all these critical areas are handled in a thorough manner, which will in turn help small business owners secure the proper financing to support their proposed business initiatives.
Throughout the process, Philips continually cross references specific industry data, geographical data, and general small...