What is small business?
A small business is a privately owned corporation, partnership, or sole proprietorship that has fewer employees and/or less annual revenue than a
The number of employees is one of the most widely used measures for defining a small business. Depending on the industry, a small business could be defined as a business with a maximum of
Small businesses can apply for government support and qualify for preferential tax policy depending on the country and industry.
Small businesses can use different sources for
Self-financingby the owner
- Loans from friends or relatives
- Grants from private foundations, government or other sources
- Private stock issue
- Forming partnerships
- Angel investors
- Loans from banks, credit unions, or other financial institutions
- SME finance.
Learn more: How to Start a Small Business