[Journal:] Journal of Small Business Finance [ISSN:] 1057-2287 [Volume:] 2 [Year:] 1993 [Issue:] 3 [Pages:] 219-231
This paper argues that a definition of small business is important for both research and governmental policy. A chronological history of definitions is discussed along with their limitations. A new definition of small business is advocated when a business has personal guarantees and has no public stock. This definition is measurable, meaningful, and congruent with the perceptions of the market system.