When different artists are using the saying ‘small business’, will they make reference to a typical group of definitions? Like, the number of workers are indexed by the payroll? Or, that number it’s operative? A literature overview of 23 papers, that have been released from 1958 to 2002, attempts to reveal this problem. Review revealed an inconsistency regarding both portrayal and meaning of small company.
The range of definition utilized in these papers not able to create a genial format for small company definition. Mayer and Goldstein (1961) define small company being an employer of less then 200 employees. Potts (1977) set the barrier on 20 employees additionally low eight years the clients are operative. Robinson (1982) define firm as small if the amount of employees is less then 50, the annual sales is under three million dollars and it is operate as sole possession. Covin and Slevin (1989) define small company based on quantity of employees – more then five or fewer then 500, in addition to a the least 5 years the clients are operative.
Rue and Ibrahim (1998) define small firm being an employer more then 15 employees. Perry (2001) set an maximum of 500 employees like a sole identifier for business to become regard as small. Review clarify the ambiguity is stable with time. The possible lack of uniform definition within the sixtieth ongoing through the decades in to the millennium. The industries specific through the different students will have one common base the main focus was on industries with low to average economic growth for example manufacturing, trade (retail, wholesale) and repair.
Students have addressed the problematicalness concerning the inconsistency of small company definition for quite time, Golde (1964) which examine small manufacturing companies with less then 500 employees, reason that this is an randomly definition which could adequately ft non manufacturing firms. Welsh and Whitened (1981) claims that small company often group in a few industries, for example – wholesale suppliers, merchants, service and manufacturing. Billings et al., (1986) observe that the most typical definition is the one which utilized by the Small Company Administration (Small business administration), simply, that definition condition that small company could be define as you if both its possession and operation carried out individually, and it is not dominant in the industry that is be employed in.
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