What is a small business?
Let’s have a look at some definitions:
- Small businesses are privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation.
- A privately-owned and operated business with relatively small turnover and staff numbers, typically seen as constituting part of a specific commercial or economic sector.
- Firms of a certain size which fall below certain criteria (that varies from country to country) in terms of annual turnover, number of employees, total value of assets, etc.
- A small business is one that is independently owned and operated, exerts little influence in its industry, and (with a few exceptions) has fewer than five hundred employees.
So the definitions allow for a wide variety of businesses to be defined as small businesses, and criteria vary from one country to another.
Is a small business owner an entrepreneur?
Is every small business owner an entrepreneur and vice versa?
Read this short article which outlines the differences. Remember don’t skip the readings, they are a required part of the course.
Let us know what you think of the article by posting a WEnote below, for example:
- For me, the difference is …
- I was surprised to read that …
Post your comment(s) below and then look on the course feed page to see what others have posted.
You must be logged in to post to WEnotes.
If you prefer you can create a post on your learning journal blog. Be sure to label or tag your post IENT101.
Note: Your comment will be displayed in the course feed.