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What is a small business?

July 6, 2021
in College+, High School, Money & Finance
Reading Time: 11 mins read
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What is a small business?

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In a layman’s language, a small scale business is a venture which involves a low budget or run by a small group of people. In other words, a small business is marked by limited employees, finances, machinery, and materials. For example, retail operations such as grocery stores, bakery, salon, a digital agency with a small workforce, etc. are considered small businesses in many countries.

There is no single criterion to distinguish a small business from a medium or large business. Different countries or even various government agencies in the same region rely on numerous standards while defining a small business. In other words, small companies can differ in terms of size, revenue, authority both within a country or on a global level. For example, a business like an audit firm needs a license, whereas daycare may require inspection and certification from government authorities.

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Citations :

Skillioma (July 5, 2022) What is a small business?. Retrieved from https://www.skillioma.com/what-is-a-small-business/.
"What is a small business?." Skillioma - July 5, 2022, https://www.skillioma.com/what-is-a-small-business/
"What is a small business?." Skillioma - Accessed July 5, 2022. https://www.skillioma.com/what-is-a-small-business/
Skillioma May 9, 2020 What is a small business?., viewed July 5, 2022,<https://www.skillioma.com/what-is-a-small-business/>
Skillioma - What is a small business?. [Internet]. [Accessed July 5, 2022]. Available from: https://www.skillioma.com/what-is-a-small-business/
"What is a small business?." Skillioma [Online]. Available: https://www.skillioma.com/what-is-a-small-business/. [Accessed: July 5, 2022]

Power Words :

  • Tax exemption
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  • Business venture
  • Inspection
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  • Audit firm
  • Certification
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  • Cap
  • Turnover

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