Question

Define small business and give meaning.

Answer 1

The definition of a small business is an independently owned and operated companythat is limited in size and in revenue depending on the industry. A local bakery that employs 10 people is an example of a small business. A manufacturing facility that employees less than 500 people is an example of a small business.

Answer 2

Small Business can be defined as follows:

Explanation: Small business or Small scale industries can be defined as those manufacturing units where investment in fixed assets shall not exceed Rs. 1 crore. Additionally, in order to promote exports and for modernization, such investment limit exceeds to Rs. 5 crores.

Characteristics:

1. Limited Investment.

2. Easy to start and less formalities.

3. Labour intensive.

4. Use of domestic technology.

5. Local area of operations.

Learn more about Small Business:

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