A business owner needs to be aware of legal requirements, financial resources, record-keeping requirements, ways to market the business, communication skills, human resource laws, as well as issues that may arise on a day-to-day basis. Knowing and following the laws will keep you out of legal trouble. Knowledge and skills needed to run your business on a day-to-day basis will increase the odds of your success. Rule of Thumb: A Guide to Small Business Basics will assist you in gaining a basic understanding of what it takes to operate a small business.