What Is a Small Business?

Authors

Jerome S. Osteryoung, Florida State University
Derek Newman, Lincoln University, Canterbury

Abstract

This paper argues that a definition of small business is important for both research and governmental policy. A chronological history of definitions is discussed along with their limitations. A new definition of small business is advocated when a business has personal guarantees and has no public stock. This definition is measurable, meaningful, and congruent with the perceptions of the market system.

JEL Codes

L25, N81, N82

Keywords

Small Business, SME, Definition, Define

Recommended Citation

Osteryoung, Jerome S. and Newman, Derek (1993) "What Is a Small Business?," Journal of Small Business Finance: Vol. 2: Iss. 3, pp. 219-231.
DOI: https://doi.org/10.57229/2373-1761.1137
Available at: https://digitalcommons.pepperdine.edu/jef/vol2/iss3/3