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They must have a reasonably small share of their market place, they should be managed by the owner or co-owners of the firm in an informal manner and not through the normal formality that involves a management structure; and they should be independent and not configuring as a part of a large enterprise (Storey, 1994). The second definition is the statistical definition. This comprises of the number of employees in the firm. “Definitions from the Bolton Report of 1971 are regarded by many to be of dubious value to a sector that has changed in complexion, composition, contribution and structure over 32 years” (Beaver, G & Prince, C...
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