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What Is a Small Business?

Author

Listed:
  • 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.

Suggested Citation

  • Jerome S. Osteryoung & Derek Newman, 1993. "What Is a Small Business?," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 2(3), pages 219-231, Summer.
  • Handle: RePEc:pep:journl:v:2:y:1993:i:3:p:219-231
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    File URL: http://jefsite.org/RePEc/pep/journl/jef-1993-02-3-c-osteryoung.pdf
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    Citations

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    Cited by:

    1. Howard E. Van Auken & Lynn Neeley, 1996. "Evidence of Bootstrap Financing among Small Start-Up Firms," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 5(3), pages 235-249, Fall.
    2. John Watson & Jim Everett, 1996. "Small Business Failure Rates: Choice of Definition and the Size Effect," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 5(3), pages 271-285, Fall.

    More about this item

    Keywords

    Small Business; SME; Definition; Define;

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • N81 - Economic History - - Micro-Business History - - - U.S.; Canada: Pre-1913
    • N82 - Economic History - - Micro-Business History - - - U.S.; Canada: 1913-

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