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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. Clara Cardone Riportella & Leonardo Cazorla Papis, 2006. "How Theory Meets Practice: An Analysis of the Capital Structure of Spanish SMEs," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 11(2), pages 73-94, Summer.
    2. Wenyi Chu, 2009. "The influence of family ownership on SME performance: evidence from public firms in Taiwan," Small Business Economics, Springer, vol. 33(3), pages 353-373, October.
    3. Wenyi Chu, 2011. "Family ownership and firm performance: Influence of family management, family control, and firm size," Asia Pacific Journal of Management, Springer, vol. 28(4), pages 833-851, December.
    4. 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.
    5. Alfonso, Galindo Lucas, 2006. "Repercusiones de la definición de tamaño empresarial en los resultados empíricos sobre eficiencia y financiación [Repercussions of firm size definition on empirical results for firm efficiency and ," MPRA Paper 4731, University Library of Munich, Germany, revised 05 Sep 2007.
    6. Cardone Riportella, Clara & Cazorla Papis, Leonardo, 2001. "New approaches to the analysis of the capital structure of SME's: empirical evidence from Spanish firms," DEE - Working Papers. Business Economics. WB wb011003, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
    7. Hristina Vasileva, 2019. "Specificities and Peculiarities in Determining the Nature of the Concept "Small and Medium-Sized Enterprises"," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 8(1), pages 75-83, April.
    8. 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;
    All these keywords.

    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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