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Common Attributes That Define A Small Business   Add to wiki
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Tags: Small Business, SOHO, microbusiness, sole proprietorship, mom and pop, 100 employees, 50 employees, 10 employees

The following briefly outlines what it means to be a small business and common terms used to describe them.

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  • A small business may be defined as a business with a small number of employees.
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  • The legal definition of "small" often varies by country and industry, but is generally under 100 employees in the United States while under 50 employees in the European Union.
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  • These businesses are normally privately owned corporations, partnerships, or sole proprietorships.
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  • Small businesses are common in many countries, depending on the economic system in operation.
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  • Typical examples include: small shops, hairdressers, tradesmen, solicitors, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing etc.
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  • The smallest businesses, often located in private homes, are called microbusinesses (term used by international organizations such as the World Bank and the International Finance Corporation) or SoHos.
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  • The term "mom and pop business" is a common colloquial expression for a single-family operated business without any hired labor, e.g., "mom and pop store".
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  • When judged by the number of employees, the American and the European definitions are the same: under 10 employees.

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