Everyone knows that when it comes to business, each business and industry ultimately has its own language of sorts. The term “small business” is no different. It holds different meanings in different countries depending on each country’s criteria for classifying a business as “small.” Convenience stores, accountants, hair salons, restaurants, lawyers, small scale manufacturing: they all fall under the category of small businesses. Small businesses can, in general terms, be defined as private enterprises with limited number of employees and relatively low turnover.
Advantages of Running a Small Business
Small businesses have certain advantages to capitalize on, such as low investment, which also means low risks. As a small business owner, you are the boss and therefore accountable for the decisions you make; further, you’re not answerable to anybody. This sounds wonderful, doesn’t it? It can also be daunting and overwhelming at the best of times.
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