No.

Country

Definition of Small Business

1

European Union (EU)

The European Union (EU) regulations defined small business as any business that has ten to fifty (10 to 50) employees, with an annual turnover of greater than two million euro and less than ten million euro (Nikolić et al., 2015) .

2

Albania

The Albanian legislation also considers small business as any business that has more than fifty (50) employees with an annual balance sheet of not more than fifty million euro (Nikolić et al., 2015) .

3

Nigeria

Small business is defined as any business with capital ranging from twenty thousand naira to thirty million naira (Alaye-Ogan, 2012) . The Federal Ministry of Commence of Nigeria defined small business as a business capital investment of over seven hundred and fifty thousand naira (Adisa et al., 2014) .

4

Ghana

According to Ghana Statistical Service (GSS), small business is any enterprise with less than ten (10) workers (Nkuah et al., 2013) . Also according to the National Board for Small Scale Industries (NBSSI) in Ghana, small business is any enterprise with not more than nine (9) workers, has plant and machinery, (excluding land, buildings and vehicles) but does not exceed ten million Cedis (Nkuah et al., 2013) .

5

Liberia

In Liberia, small business is classified as any enterprise with total number of employees ranging from four to twenty (4 to 20) (MoCI, 2010) . According to the Liberia Revenue Authority (LRA), small business is any business with annual revenue of greater than two hundred thousand Liberian dollars but less than three million Liberian dollars (The New Dawn, 2019) .