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A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. The legal definition of "small" often varies by country and industry, but is generally under 100 employees in the United States and under 50 employees in the European Union. In comparison, the definition of mid-sized business by the number of employees is generally under 500 in the U.S. and 250 for the European Union. In Australia, a small business is defined as 1-19 employees and a medium business as 20-200 employees. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. In addition to number of employees, other methods used to classify small companies include annual sales (turnover), value of assets and net profit (balance sheet), alone or in a mixed definition. These criteria are followed by the European Union, for instance (headcount, turnover and balance sheet totals). Small businesses are usually not dominant in their field of operation. Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing etc. 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. The term "mom and pop business" is a common colloquial expression for a single-family operated business with few (or no) employees other than the owners. When judged by the number of employees, the American and the European definitions are the same: under 10 employees. From Wikipedia under the
GNU Free Documentation License Can I still start a small business with economy crisis that we are facing today? Q. I would love to start a small business, deli/ carry out by next year. But concern about the risk and economy crisis these days. Would it be a bad time to do so? I have own a small restaurant before and have enough knowledge to operate the business. Are banks still lending money for small business owners? Asked by Ledo2131 - Wed Dec 31 13:02:36 2008 - - 4 Answers - 1 Comments A. Sure, not all banks out there are lending, but there are still a bunch that are. And if you've got a good business, bad economy or not, chances are you'll win out in the end. Answered by Nick R - Wed Dec 31 13:05:49 2008 How to become a successful small business owner? Q. I heard that there are number of downsides being small business owner. Besides having to work long hrs and be constantly worried about your business and the competitors nearby, there is a high risk of going bankrupt. I was told that 80% of small businesses go bankrupt within its first 2 years. Sure, you make a lot of money if your firm becomes successful, but it seems there are many hurdles before reaching that state. Knowing that, is it worth the risk starting your own small business for people with not much entreprenurial experience? What are the characteristics of people who own successful small business? Asked by nicesinging1 - Sun May 27 18:43:49 2007 - - 3 Answers - 0 Comments A. Read ... It wont take you long to go through these books.. and they are SUCH a help to anyone thinking about going into business... Answered by the griffin - Sun May 27 19:51:37 2007 What type of small business earns the most money?
Q. By "small business", I'm referring to a small, privately-owned/self-empl oyed business. For example, a computer business, a doctor's office, lawyer's office, car repair, etc. This also includes online businesses. Asked by lightz_up - Mon Aug 13 18:11:46 2007 - - 7 Answers - 0 Comments A. I got one for you, It can be a computer repair shop, my friend has a shop and he makes about $300 to $500 a day, just look at his car, Cadillac Escalade. Think about it. Answered by magic7 - Mon Aug 13 18:22:19 2007 From Yahoo Answer Search: "Small Business"
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