Think you know what a small business is?
Thanks to years of rent seeking by advocates and lobbyists for various industries and trade organizations, the SBA needs a table that runs 37 pages plus footnotes just to define small business.
This is just one small example why we don’t need government steering our economy and making decisions about economic winners and losers.
I’ve also always felt there needs to be an additional term used when discussing “small businesses.” That is, I feel that a business with 2 employees is much different than one with 500. I use the following table for my own.
Micro-business (aka Startup) 1 – 50 +/-
Small Business 51 to 500
Medium Sized Business 501 to 5,000
Large 5,000+
I can’t imagine how many pages the government’s documents would be to accurate define this idea.
Kris L.