According to inc. magazine, “small business and medium sized business are growing as never before. They are the sector that is creating the new ideas, the new products the new jobs and the profits that are fueling our economic recovery.”
Before we get on the word “small business” should be defined, perhaps you have been asking ; what is small business?
A small business in the definition of SBA (Small Business Administration) is any business that:
- Manufactures with up to 1, 500 employees.
- Wholesale establishment with up to 500 employees with annual sales of up to $25million.
- Retail firm with yearly sales of up to $13million.
- Service companies with annual revenues of not more than $14.5 million.
Well the above probably scared you, didn’t it? Personally I do not like phrase small business, if you read the opening paragraph you will see that small business is not actually small.How the hell will I employ over 1500 worker as a starter. Those folks who started the above most be dreaming when they said that. A business must never be small in the eyes of who started it, irrespective of what the SBA’s termed small business. Small business are not small since the contribute 40% of gross national product (GNP) and over 60% of the national work force is employed by small business.
Also every business was once small. Seeds are small but have the potentials of producing a large harvest.
Today’s home-based business has the potential of becoming tomorrow’s giant corporate conglomerate.
Personally I would rather be define small business small business could be define as:
1. Any business independently owned and operated business of up to 30 or fewer employees.
2, It could be a part-time business operated from home.
3. A company started with comparatively limited capital out lay.
4. It will be a venture that fall into manufacturing wholesaling, retailing and service.
Does this last paragraph above define your business? If it does hit the like button. Have a nice day ahead.