Small Business Management
A business which is independently owned and operated and not in its field is called small business. A small business is one with few Manufacturing than 500 employees. A business which is usually organized and managed by the owner and or his family members. Management is generally defined as the position and organization of multiple activities in an organization.
A Small Business is a privately owned and operated business. A small business typically has a small number of employees. For example, in the United States, the legal definition of a small business is determined by the U.S. Small Business Administration (SBA), which sets the criteria to be used by the SBA in making small business determinations. It is an autonomous U.S. government agency established in 1953 to bolster and promote the economy in general by providing assistance to small businesses.
Criteria by the SBA in determining the definition of a small include the number of workers employed or annual receipts. The following criteria are used by the SBA to define a small business:
- Manufacturing: Maximum number of employees may range from 500 to 1500
- Wholesaling: Maximum number of employees may range from 100 to 500.
Small business management requires business owners to use a mix of education, knowledge and expertise to run their company.