What is small business?

A small business is typically defined as a privately owned and operated company that has a small number of employees, limited revenue, and relatively low market share. Small businesses are often characterized by their size, flexibility, and ability to adapt quickly to changing market conditions. They play a crucial role in the economy by creating jobs, fostering innovation, and contributing to local communities. Small businesses can operate in a variety of industries and sectors, ranging from retail and hospitality to technology and professional services.

A small business is typically defined as a privately owned and operated enterprise with a limited number of employees and relatively low revenue. The definition of "small" varies by industry and country, but typically includes businesses with fewer than 500 employees and annual revenue of less than $10 million. Some common characteristics of small businesses include:

- Ownership: Small businesses are typically owned by a single individual or a small group of partners.
- Management: Small businesses are often managed by the owner(s), who typically have a hands-on role in the day-to-day operations of the business.
- Employees: Small businesses typically have a relatively small number of employees, often fewer than 100.
- Revenue: Small businesses typically have relatively low revenue, often less than $1 million per year.
- Independence: Small businesses are typically independent entities, not owned or controlled by larger corporations or government agencies.