According to the Small Business Association, a small business is one with fewer than 500 employees. That means that small businesses employ half of all employees in the US; compromising more than 45% of all payroll; while generating 60% of new jobs. They also generate 13 to 14 times more patents. 53% of small businesses are home based and 3% are franchisees. They also produce more than 30% of all exports.

Statistics can say a lot, however this is really not what a small business is about. It is about people who have a passion that happens to make money. It’s about bringing people together, about creating a solution to a problem. It is about creating the lifestyle you want, whether that be spending more time with your family, traveling the world or both.

What is your definition of a small business? Tell us in the comments.