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PRINCIPLES OF SMALL BUSINESS MANAGEMENT

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Abstract

Ideally, the standard definition of small business and small scale industry varies, definitions are usually based on the level of economic development of the particular economy and the purpose of the definition. There are standards adopted by the people who define small businesses. In the opinion of few named scholars such as Broom and Longenecker(1983), the definitions are not rigidly fixed as people adopt different standards for different purposes with some of the standards being according the number of employees, volume of sales, location and asset size.