What constitutes a small business varies widely around the world. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. What constitutes "small" in terms of government support and tax policy varies by country and by industry, ranging from fewer than 15 employees under the Australian Fair Work Act 2009, 50 employees according to the definition used by the European Union, and fewer than 500 employees to qualify for many U.S. Small Business Administration programs, although in 2006 there were over 18,000 "small businesses" with over 500 employees that accounted for half of all the employees employed by all "small business ". Small businesses can also be classified according to other methods such as sales, assets, or net profits.
Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online business, such as web design and programming, etc.
Read more about Small Business: Advantages of Small Business, Problems Faced By Small Businesses, Benefits of Supporting Local Business, Marketing The Small Business, Contribution To The Economy, Sources of Funding, Business Networks and Advocacy Groups
Famous quotes containing the words small and/or business:
“The sin of pride may be a small or a great thing in someone’s life, and hurt vanity a passing pinprick, or a self-destroying or ever murderous obsession.”
—Iris Murdoch (b. 1919)
“It is the business of the wealthy man
To give employment to the artisan.”
—Hilaire Belloc (1870–1953)