Small Business: Touching Base
We all are familiar with what we call small business. It can be found everywhere as it is the pillar upon which all societies are based. According to the European Union (EU) recommendation 2003/361, the main factors that characterize a business as small and medium enterprise (SME) are the staff headcount and either the turnover or balance sheet total (ec. europa.eu, n.d., cited in Karaoulanis 2017).
1.1 What Is Small Business?
So, let’s see how we can categorize a small business. The medium-sized businesses have staff lt;250, turnover ≤€50 m, balance sheet total ≤€43 m; small size businesses have staff <50, turnover ≤€10 m, balance sheet total ≤€10 m; micro-businesses have staff <10, turnover ≤€2 m, balance ...
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