The definition of a small business varies between industries and countries but here are some standardized criteria:-
A small business is privately owned and operated.
The business is part of a specific economic sector.
The business is limited in size, number of employees, and sales turnover.
Business may be registered as sole proprietorship, partnership or limited liability company
The owner(s) are the ultimate decision makers and have close control over the daily operations.
Business Equity is not publicly traded on the local stock exchange.
Business financing is personally guaranteed by the owners.
Learn more about the small business, entrepreneurship, innovation , financing options and more in our upcoming discussion features.
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