The term “small business” may be interpreted in a number of different ways. There is, in fact, no consistency in defining the term. Indeed, within a specific interpretation of small business there exists a variety of definitions. The following paragraphs provide some perspectives on definitions of the term.
With a focus on decision making the Australian Wiltshire Committee developed the following definition:
…a business in which one or two persons are required to make all the critical management decisions. Wiltshire Committee (1971, p.7)