EXISTING SMALL BUSINESSES
The Canadian Federation of Independent Business and the U.S. National Federation of Independent Business estimate there are almost 20 million small business in North America. These vary from small, microbusinesses such as a street vendor, to home-based businesses and larger manufacturing companies. A small business is best characterized by being a hands-on, personally managed company rather than by size as such. A generally accepted definition is one defined, in part, under the U.S. Small Business Act. It states that a small business is one that;
a. Is independently owned and managed,
b. Is not dominant in its field or market and, as a further point
c. Has sales of less than $5 million (or fewer than 500 employees).