The following 10 common challenges faced by small business owners in managing their companies are discussed in this monograph: (1) knowing the business; (2) knowing the basics of business management; (3) having the proper attitude; (4) having adequate capital; (5) managing finances effectively; (6) managing time efficiently; (7) managing people; (8) satisfying customers by providing high quality; (9) knowing how to compete; and (10) coping with regulations and paperwork. (NLA)