Small business refers to a privately owned and operated enterprise that typically has a small number of employees and generates relatively low revenue. These businesses play a crucial role in the economy, contributing to job creation, innovation, and local development. Small businesses often face unique challenges such as limited resources, competition from larger corporations, and regulatory compliance. However, they also offer advantages such as flexibility, personalized customer service, and the ability to adapt quickly to market changes. Small businesses can be found in various sectors, including retail, hospitality, professional services, and technology.