Last week’s Main Street Forum (NYC) focused on the challenges small business owners face in growing and running their businesses. The resounding themes of the forum were - what is the definition of a small business and how can companies selling small business services make running a small business easier.

The Main Street Forum, hosted by Infusionsoft, brought together executives from companies and organizations focused on providing solutions to small businesses: American Express, OnDeck, Wix and SCORE participated.

Also in attendance were a media focused on small business success, including Inc, WSJ, Inc, NY Times, Mashable, Smart Hustle Magazine and (represented by me!).

The evening’s moderator was Bo Burlingham, author and editor at large of Inc Magazine.

Lack of capital

40% of businesses fail due to a lack of capital and ineffective marketing. Why are so many businesses on shark tank? Ignoring the ones who come just for fame, there’s many who will not qualify for  traditional bank financing and want the money (and expertise) from the sharks.and who don’t know how to get to the next level.

Definition of small business is mixed

Small business formation is not a singular event, but it’s a progression that happens over time, explained Clate Mask, CEO and co-founder of Infusionsoft. Registering with the state and filing articles of incorporation is not necessarily when a business is really formed. I’ve launched 3 companies and having them “incorporated” was just one small process of their success! The progression of business growth takes place from the idea, to the test of the idea, to the legal formation of the business entity and so many others stage of “starting a business”.