Another omitted fact is that most small businesses have one-man payrolls. According to U.S. Census data, more than 77% of small businesses consist of just one person, with another 18% that have fewer than 10 employees.

"Both figures suggest that the vast majority of small businesses, which both candidates have referred to as the engine of job growth in America, are, in fact, tiny enterprises with tiny payrolls," the article says.

3. Social media tricks every entrepreneur should know. Entrepreneurs have much to gain from platforms like Twitter, Facebook ( FB) and LinkedIn ( LNKD) because it can easily link to customers, partners and facilitate free marketing, market research and customer service, Forbes says.

There are a few tricks of the trade that can enable entrepreneurs to get the most out of social media for their business. One such way is by "humanizing" your brand, by sharing valuable content. Connecting with customers in a more personal way is the best way through education, information or inspiration, for example. Instead of tweeting a photo of an ad, share a video of a real customer using your product, the author writes.

Social media allows you to tap into your consumer base to get informal market research. You can also crowdsource product development ideas through the platforms. By engaging consumers you get the information you need and make them part of the process. In the same token, providing efficient customer service via social media platforms to show customers that the brand is listening, the author writes. Be present to respond when a customer mentions your brand - in a positive or negative light.

Social media also gives a business the opportunity to build relationships with reporters, who often take to social media to find sources. Follow a few journalists that cover your industry and respond quickly to their requests.

-- Written by Laurie Kulikowski in New York.

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

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