A Business Venture falls into three main categories, namely small, medium and large scale. They all have different definitions depending on many factors, but the most common are the number of employees and annual rate of return. Other factors that can be used to define the size, position the company as well as the ownership model.
A small business is defined as one that is owned by an individual and it operates privately. It could be based on home owners or the place that does not occupy so much space. The number of employees for such a company is small, but it again depends on the country. In the US for example, the number of employees must be less that 100, but in the European Union, they have to be less than 50 in Australia, a small company that is recognized as one with fewer than 20 employees in terms of work -Force.
When it comes to classification according to the percentage of returns, the value of assets or gains may be viewed, either alone or mixed definition. A small business may not have much to show for and annual earnings are usually less than $ 5,000 a year. This amount varies according to where the business is located.
Many of the tasks of small business and that are typical in many nations are convenience stores, small shops, a hairdresser points, restaurants, guest houses, photography shops and small scale manufactures. Others are home-based and they work mainly online from the comfort of their homes. They are referred to as micro-enterprises. They all come with their own varied advantages, all major players in the business on how their owner decides to run the company.