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TheStreet Open House

3 Things You Should Know About Small Business: March 22

NEW YORK ( MainStreet) -- What's happening in small business today?

1. Entrepreneurs have five different personality characteristics. Which one are you? Are you a mover and shaker? An experimenter? A star pupil? A controller? A piece by Forbes Insights identifies five major personalities "crucial to fostering a healthy atmosphere of innovation within an organization," with some being more entrepreneurial while others are more process-oriented, but still critical.

"An effective and productive culture of innovation is like a good minestrone soup: it needs to have the right mix and balance of all the ingredients, otherwise it's completely unsuccessful, unbalanced -- and downright mushy," Forbes says.

2. Learn why many businesses fail. Running a successful business requires not only dedication to and passion for your product or service, but a level of detachment, according to Inc.com. When you're selling something close to your heart, emotions can easily get in the way of making sound business decisions. Sometimes that calls for letting others take control of positions and tasks that might be too hard for you as the business owner to do in an unbiased way, the article says.

3. The SBA is launching an online supplier program. An initiative by the Small Business Administration will make it easier for small firms to get a share of major corporations' spending on goods and services, according to The Wall Street Journal .

In Supplier-Connection.net, which the SBA is expected to launch today, business owners would fill out a central online application to become an accepted supplier to 15 major corporate partners, including Office Depot (ODP) Pfizer (PFE) and Caterpillar (CAT).

The small businesses will still have to bid on specific vendor contracts, but the site "aims to make it easier for them to find vendor opportunities and connect with procurement officials," the article says.

-- Written by Laurie Kulikowski in New York.

To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.

To follow Laurie Kulikowski on Twitter, go to: http://twitter.com/#!/LKulikowski

>To submit a news tip, email: tips@thestreet.com.

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