What small business is defined as a company that?

A small business is typically defined as a privately-owned enterprise that operates with a limited number of employees and generates relatively low revenue compared to larger corporations. The criteria for what constitutes a small business can vary by country and industry, but it often includes factors such as the number of employees (usually fewer than 500 in the U.S.) and annual revenue thresholds. These businesses play a crucial role in the economy by fostering innovation, creating jobs, and supporting local communities.