Introduction to entrepreneurship/IENT101/Small business/Define

What is a small business?

Let's have a look at some definitions:


 * Small businesses are privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation.
 * A privately-owned and operated business with relatively small turnover and staff numbers, typically seen as constituting part of a specific commercial or economic sector.
 * Firms of a certain size which fall below certain criteria (that varies from country to country) in terms of annual turnover, number of employees, total value of assets, etc.
 * A small business is one that is independently owned and operated, exerts little influence in its industry, and (with a few exceptions) has fewer than five hundred employees.

So the definitions allow for a wide variety of businesses to be defined as small businesses, and criteria vary from one country to another.

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