ENTREPRENEURSHIP

Detailed explanation-1: -What is a Small Business Concern? According to the SBA, a small business concern is a business that is independently owned and operated and which is not dominant in its field of operation and in conformity with specific industry criteria.

Detailed explanation-2: -A small business is one that is independently owned and operated for profit and is not dominant in its field.

Detailed explanation-3: -A small business is a corporation, partnership, or sole proprietorship that has a lower number of employees (and typically lower revenue) than larger businesses. The exact legal definition of a small business can vary from place-to-place and is often dependent on the industry of the business.

Detailed explanation-4: -Small companies are companies with 10-99 employees. Medium-sized companies have 100-499 employees and large companies have more than 500 employees.

Detailed explanation-5: -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.