Essay on Analysis of Small Business Problems & Priorities

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Analysis of Small Business Problems & Priorities Research Paper

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,
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Parties Involved in the Research The main research party involved in this project was the National Federation of Independent Business (NFIB) Research Foundation. Founded in 1943, the NFIB is a nonprofit, nonpartisan organization that represents the interest of small, private, and individually owned businesses (NFIB Website, 2007). The research paper’s author, Philips, is also a director for the foundation.
Additionally, Wells Fargo provided funding for the project and submitted financial data and loan procurement information as part of the research process. Other informational contributors for the project included the American Small Business Association and the Federal Government’s Central Contracting Agency.

Methods Used to Conduct the Research Project The main method of research used in this project was data analysis. Philips first analyzed federal, state, and local laws and regulations pertaining to small businesses. He then compared that data to specific industry sector information to determine how those factors changed the business requirements. Next he compared his consolidated data against Wells Fargo’s financial information to determine what pitfalls and problems small business owners could run into while applying for business startup loans. Once the main
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