A workable definition of small business
requires both qualitative and quantitative components. What are the qualitative and quantitative criteria most often used to define “small business”? (Note: I don’t just mean in Australia!)
Qualitative: independently owned and operated, decision making functions belong to the owner-manager, owner-manager contributes most/all of the operating capital, business only has a small share of the market in which it operates.
Quantitative: employs less than 20 individuals (Aus only) up to 300 in other countries, annual value, maximum assets and turnover, legal structure and wages and salaries expenditure.