Define small business.

A small business is typically defined as a privately owned and operated company that has a relatively small number of employees and generates a modest amount of revenue. Small businesses are often characterized by their independence, local focus, and personalized customer service. They play a crucial role in the economy by creating jobs, fostering innovation, and contributing to the overall growth and prosperity of a community.

A small business is a privately owned and operated business with a limited number of employees and revenue. The definition of a small business varies depending on the industry and country, but generally includes businesses with fewer than 500 employees and annual revenue below a certain threshold (typically $5 million to $10 million). Small businesses play a crucial role in the economy, accounting for a significant portion of employment and innovation. They often specialize in niche markets or provide personalized services that larger businesses cannot or do not want to offer. Examples of small businesses include retail stores, restaurants, professional services, and construction companies.