Warc Briefing: Small Businesses (SMEs)
Definition:A small business organizes and manages a moderately-sized undertaking, assuming risk for the sake of profit.
- In the US, a small business typically has fewer than 500 workers; in the EU, it can be fewer than 50 and in Australia, 15i.
- In the decade to 2007, US small businesses created up to 80% of the country's jobsii.
- There are 23m small businesses in the European Union, employing 75m peopleiii.
History and future outlook
In recent decades, small businesses have been the engine of most Western...