An independently owned and operated business, whose owner(s) exercises close control over operations and decisions. The equity is not publicly traded and business financing is personally guaranteed by the owner(s). Typically, a small business employs fewer than 100 workers and has revenues of less than $25 million. It also isnÂ’t dominant in its field. However, the definition of small business tends to vary. Federal securities law define small business as a company in the United States or Canada that has less than $25 million in annual revenues and whose outstanding publicly-traded stock is worth less than $25 million.