Small business

Definition

A small business is an independently owned and operated company that is limited in size and revenue according to the industry. It typically has fewer employees and generates less annual revenue than a corporation or large business.

Related terms

Entrepreneurship:

The process of designing, launching, and running a new business, often initially a small one.

Business Plan:

A written document that describes in detail how a new business is going to achieve its goals.

Market Niche: A focused, targetable portion (subset) of a market sector that addresses a specific customer need or preference