What is a Small Business?
Objective 3-1 Define small business, discuss its importance to the U.S. economy, and explain popular areas of small business.
The term small business is not easy to define. Locally owned-and-operated restaurants, dry cleaners, and hair salons are obviously small businesses, and giant corporations, such as Nike, Starbucks, Apple, Target, and Netflix, are clearly big businesses. Between these two extremes, though, fall thousands of companies that cannot be easily categorized.
The U.S. Department of Commerce has traditionally considered a business to be small if it has fewer than 500 employees. The U.S. Small Business Administration (SBA), a government agency that assists small businesses, has different standards based ...
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