Small Business

Small Business

Copyright: © 2015 |Pages: 40
DOI: 10.4018/978-1-4666-8708-0.ch001
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Abstract

Small businesses are quite unique in many ways. They make a major contribution to employment specifically and the economy in general. Decision making at all levels is affected by resource limitations. Many of the aspects of failure or success of the small business relate to management issues. When a small business is formed it may grow quickly. If they do not fail the growth may lessen. While this growth may be regarded as a success, longevity and the consequent multi-generation existence may also be a consideration for an interpretation of success. This chapter covers the gamut of small business perspectives.
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Small Business Defined

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)

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