ENTREPRENEURSHIP

Detailed explanation-1: -It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1, 500 employees). For example, according to the SBA definition, a roofing contractor is defined as a small business if it has annual revenues of $16.5 million or less.

Detailed explanation-2: -While small businesses and large businesses might operate in the same market, they have significant differences that can have a large effect on business operations. Small businesses not only differ in size from larger ones, but tend have different legal structures, financing arrangements and market niches.

Detailed explanation-3: -Small businesses usually deal with known and established products and services, while entrepreneurial ventures focus on new, innovative offerings. Because of this, small business owners tend to deal with known risks and entrepreneurs face unknown risks.

Detailed explanation-4: -A business which functions on a small scale level involves less capital investment, less number of labour and fewer machines to operate is known as a small business. Small scale Industries or small business are the type of industries that produces goods and services on a small scale.