What is a small business?
Saturday, June 28th, 2008What is a “small business”?
With small business and entrepreneurial basics, a small business is any business that doesn’t dominate its particular market, institute or segment. If you had a launderette for example, that’s a small business. Now, if you start building that launderette and it becomes the number one laundry in your city, then it’s a different light. It’s very difficult to define what small business is in lot ways, I can’t define it, but I know one when I see one. The US Small Business Administration, for example, they have certain criteria and they say if you have so many people and so much money, this is a small business. So, you can have all kinds of artificial definitions put on it. But basically, if it’s not dominating any particular segment, then it’s a small business.
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