The small business definition by the government isn’t simple. It has changed over the years. It changes by agency or federal program. Sometimes a small business is defined as a “mouse”. Really!
Your small business definition is probably very different. If you are one, you may be surprised at who else is included.
Small business wasn’t small until Eisenhower said so
Until the creation of the Small Business Administration (SBA) in 1953 by President Eisenhower with the signing of the Small Business Act, there was no difference. A business was a business and some were smaller than others. The beginning of a small business definition starts here.
How the SBA Office of Advocacy defines small business is a matter of history
In the 1970’s, during another economic downturn, those who looked at the economy saw that there was a group of businesses doing better than others and creating jobs. The federal SBA Office of Advocacy was born at that time to identify, track, report, and make recommendations to government agencies on how to keep this momentum going. [Read more…]