Small business is a privately owned company, partnership, or sole proprietorship that has a small number of employees and relatively low sales volume.The U.S. Small Business Administration defines a small business as a company that employs fewer than 500 people. However, the definition of a small business varies depending on the industry.A small business is often independently owned and operated, with a small number of employees and a limited amount of resources. Small businesses typically have a smaller customer base and market share than larger businesses.The success of a small business depends on its ability to compete against larger businesses. To be successful, a small business must offer a unique product or service, be efficient in its operations, and be able to respond quickly to changes in the marketplace.