Small Business

Types of Small Business

The Small Business Act states that a small business is "one that is independently owned and operated and which is not dominant in its field of operation." A "size standard" has been established by the Small Business Administration for all for-profit businesses. This size standard is almost always stated as the number of employees in a business concern or the average annual receipts (dollars) of the business.

Small business falls into two catagories, although some businesses offer both:

1. Retail stores offer products--like shoe stores, food stores, and flower shops.
2. Service oriented businesses-- like restaurants, hairdressers, and doctors.

Worksheet

1. A small business is one that is _______________________ owned and _________________.
2. A small business is one that is not _____________________ in its field of operation.
3. The Small Business Administration has established a ________________ __________________ for all for-profit small businesses.
4. The size standard for small businesses is stated in terms of the number of __________________ or the __________ dollar receipts of the business.
5. Shoes are an example of a ___________________ business.
6. Hairdressing is an example of a _____________________ business.