CHAPTER 2

Decision Making in Small Business

Small Business’ Main Characteristics

We discussed about small business without really knowing what small businesses are. As in European Union (EU) recommendation 2003/361 (ec.europa.eu n.d. cited in Karaoulanis 2017), the key characteristics that can be used in order to let us understand if a business can be seen as small or not are the company’s staff headcount and either turnover or balance sheet total (ec.europa.eu n.d. cited in Karaoulanis 2017). Table 2.1 gives us a very vivid depiction of this very recommendation.

Another very important element that we need to have in mind is that as Gama et al. (2012 cited in Karaoulanis 2017; p. 3130) indicates, “99% of the economic activities in the EU can ...

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