NEW YORK ( MainStreet) -- What's happening in small business today? 1. House passes small business tax-cut bill. As expected, the House of Representatives passed a measure late Thursday that would provide small to medium business owners with a tax cut for 2012. The problem is there is "virtually no chance" of it clearing the Democrat-led Senate, according to CNN.
The bill would allow businesses with fewer than 500 employees to take a 20% deduction on their 2012 profits. However, critics say the measure is a free handout that will just add to the nation's budget deficit. 2. Here's a way for female business owners to give back. The Story Exchange, a network of role models and resources that encourages women to start their own business through inspirational video profiles, news, blogs and expert advice, is looking for successful female business owners to be profiled in its video series. Business owners can be of any age and can submit their story via a questionnaire on the nonprofit organization's website or by submitting a video on their YouTube channel. The Story Exchange plans to select five women in various sectors and geographic locations to film videos. A production team from the organization will be sent to film those selected, it says. The deadline for submissions is May 15. 3. How to fail smartly.USA Today contributor Rhonda Abrams offers a great column today on why small business owners and entrepreneurs shouldn't give up completely if they have a "failure." For many budding entrepreneurs, this is exactly what needs to happen in order to learn from their mistakes and ultimately be successful. She offers suggestions on the right way to fail. "Failure is not a defining destination; it's a momentary experience on your entrepreneurial journey," writes Abrams, who is also the founder and CEO of The Planning Shop, the publisher of books and resources to help entrepreneurs become successful. However, this is only true if an entrepreneur is "willing to look critically at why you failed and absorb what it has taught you," she adds. Abrams says she knows of venture capitalists who actually prefer to invest in entrepreneurs who have had at least one failure. -- 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: email@example.com.