When you think of small businesses, what usually comes to your mind? You’re probably thinking of those mom and pop stores and small salons along the main street of your town. The shops where you know the owner’s name and you’re on a first name basis with them.
What you may not realize is that the United States government has a different definition for small business. When they say small business the government is referring to businesses that include more than a thousand and employees and tens of millions of dollars in revenue. That’s not too small.
The government is lumping the micro-businesses with large ventures. According to an article by Brock Blake for Forbes, “The definition is critically important because loans, government contracts, and other resources are put in place to help ‘small’ businesses compete with larger corporations.”
You can read the full article here.
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