small business

small business definition - business

small business

An independently owned and operated business that is not dominant in its field. Qualifying as a small business depends on the industry in which the business operates and the organization that selects the standards. For example, a firm that qualifies as a small business in retailing is different from that of a firm in manufacturing. In general, a small business has from 100 to 500 employees.

My spouse and I are considering the purchase of a local business. What are some of the pitfalls of a husband and wife working together, and how can we prevent problems before they develop?

What has worked for my wife and me for the last 12 years is this:

1. Determine specific responsibilities for each person and stay out of each other's way. For example, I perform all of the accounting functions while Mona handles the database work. We share the account work, but we are aware of what projects each other is working on.

2. When someone lets a detail slip through the cracks, focus on fixing it instead of focusing on the mistake. Mistakes do happen, and if you let them bother you—like most of us did when working in office environments early in our careers—you cannot leave them behind.

3. Do your best to leave your work talk at the office. It is way too easy to fall into the habit of discussing business at all hours.

Tom Mesereau, Principal, Mesereau Public Relations, Parker, CO

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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