Asked by Shelby Wilcox on May 26, 2024
Verified
A(n) ___ necessarily has 500 or fewer employees, is independently owned and operated, and does not dominate its industry.
A) small business
B) social organization
C) non-profit organization
D) classic entrepreneurship
E) Internet entrepreneurship
Small Business
An independently owned and operated company with limited size and revenue, according to industry standards, often characterized by a small workforce.
Independently Owned
Businesses or properties that are owned by individuals or private entities rather than corporations or chains.
- Comprehend the economic and social roles of small and medium-sized enterprises (SMEs) along with the importance of entrepreneurship based on necessity.
Verified Answer
KM
Keith MacNeilJun 01, 2024
Final Answer :
A
Explanation :
According to the Small Business Administration (SBA) in the United States, a small business is defined as having fewer than 500 employees, being independently owned and operated, and not dominating its industry. Therefore, option A is the correct answer. The other options do not necessarily meet all of these criteria.
Learning Objectives
- Comprehend the economic and social roles of small and medium-sized enterprises (SMEs) along with the importance of entrepreneurship based on necessity.