The entrepreneurial spirit is alive and well, aided by the rise of the Internet and the desire of so many people to take their good ideas and make a business out of them on their own. The opportunities for small business owners are endless when they take the right approach and follow through, yet the challenges to be faced are not inconsequential.

It is a surprising fact to many, but small businesses are actually in the large majority, while the biggest corporations make up only a tiny percentage of businesses in operation. The services provided by small businesses keep local communities functioning, while the opportunity exists for an expanded client base when the internet traffic is handled wisely. However, the list of challenges staring any small business in the face cannot be ignored. Here are the five most common challenges and how to confront them.

1. Keeping a dependable staff. Definitely one of the biggest challenges for small businesses is staffing. Can you keep your best employees once they have mastered the business? Because large corporations can swoop in and offer higher salaries, this challenge must be faced early on. It is in a company's best interest to offer long-term security and greater independence to its top employees, as replacement workers almost never perform at the same level, at least not in the beginning.

2. Maintaining credit lines. The crisis which began in late 2008 was directly related to the credit markets, and thus the credit pinch began to affect small businesses in an unprecedented way. It is essential to keep a company's credit rating high, making the choice easier for banks when it comes to loan approvals. Credit cards are fine temporarily, but the interest rates continue to rise.

3. Staying afloat during down economic times. Before 2008, this topic may have been lower down on the list, but now it is inescapable. Small business owners need to tread carefully, even when it seems like the good times are here to stay. Re-investing money after a great deal is a wise move, or paying down debt to clear the table for the next step.

4. Staying on top of tech issues. Whether it's the company's website - usually the primary source of contact with the consumer - or the software used internally by employees, keeping up with the latest advances is essential to a small business. Even if the payroll doesn't have room for a full-time tech wiz, keep one on retainer to avoid crises.

5. Observing regulations. Small businesses normally handle the local regulations imposed by government agencies early on in the startup process, but it can slip off into the background once the real activities commence. To keep the operation from running into unnecessary problems, owners should delegate the regular license renewals to trusted management.

Thankfully, small businesses won't have the usual bureaucratic concerns when the biggest problems enter the picture. As long as the major players in the office are keeping the big picture in focus along with the day-to-day operation, the company should be able to handle whatever comes its way.