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By Fernanda Faustino and Erika Mendoza
*According to the SBA's (U.S. Small Business Administration) definition, a small business is independently owned and operated, it is organized for profit, and is not dominant in its field.
Maximum number: 500 to 1500 people employed depending on the type of the product that is being manufactured.
*It is the process of creating and managing a business to achieve it's desired objectives.
Some entrepreneurs who start small businesses have the ability to see emerging trends and in response they create a company to provide a product that serves customer needs.
-Undercapitalization
-Managerial inexperience or
incompetence
-Inability to cope with growth
O.C. , Ferrell et al. Business: A Changing World. 9th ed. the Americas,
New York, New York: Mcgraw Hill/Irwin, 2014. 150-59. Print.
"SBA.gov." What is the SBA's definition of a small business concern?. U.S.
Small Business Administration. Web. 30 Nov 2013. <http://
www.sba.gov/content/what-sbas-definition-small-business-
concern>.