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39 Pages Complete Study Notes Year: Pre-2021

SIZE – SMALL TO MEDIUM ENTERPRISES, LARGE There are different acceptable definitions of the classification of business by size. These vary with the number of employees, owners, market share and legal structure. Small businesses are usually corner shops that employ less than 20 people, independently owned by usually one or two people as a sole trader or partnership. o Owner responsible for majority of decisions; simple and quick implementation of decisions. o Owner (usually from own savings or a loan); difficulty in accessing loans. o Small, usually local area; not dominant in the industry, market share.


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