The Small Business

What is a Small Business?
A small business is not specifically defined in the USA. It is generally accepted that if your turnover is under $500,000 a year and you employ less than fifty people, your business can be termed a small business.

On an average, around 95% of all businesses in this country is made up of small businesses. This suggests that while each business unit is relatively small, combined together they form a formidable force in the the USA economy. It has been said that it is the small business owner with his/her craft shop, retail store, furniture manufacturing, or insurance consultancy etc. who is responsible for the success or otherwise of a country’s economy.

The main difference between what is termed a big business or a small business is the way they are controlled. In a small business, one or two people usually make the decisions, while in a big business the control is delegated to managers in charge of particular departments, reporting to a management team or board of directors.

Most people go into business be...

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