Small business

Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. What businesses are defined as "small" in terms of government support and tax policy varies depending on the country and industry. Small businesses range from 15 employees under the Australian Fair Work Act 2009, 50 employees according to the definition used by the European Union, and fewer than 500 employees to qualify for many U.S. Small Business Administration programs. Small businesses can also be classified according to other methods such as sales, assets, or net profits.

Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online businesses, such as web design and programming, etc.

Characteristics

Researchers and analysts of small or owner-managed businesses generally behave as if nominal organizational forms (e.g., partnership, sole-trader or corporation) and the consequent legal and accounting boundaries of owner-managed firms are consistently meaningful. However, owner-managers often do not delineate their behaviour to accord with the implied separation between their personal and business interests. Lenders also often contract around organizational (corporate) boundaries by seeking personal guarantees or accepting privately held assets as collateral. Because of this behaviour, researchers and analysts should reject the relevance of the organizational types and implied boundaries in many contexts relating to owner-managed firms. These include analyses that use traditional accounting disclosures, and studies that view the firm as defined by some formal organizational structure.

Business marketing

Business marketing is a marketing practice of individuals or organizations (including commercial businesses, governments and institutions). It allows them to sell products or services to other companies or organizations that resell them, use them in their products or services or use them to support their works.

Business marketing is also known as industrial marketing or business-to-business (B2B) marketing. Despite sharing dynamics of organizational marketing with marketing to governments, business-to-government marketing is different.

Origins

Broadly speaking, the practice of a purveyor of goods trading with another is as old as commerce itself. In relation to marketing today, its history is more recent. Michael Morris, Leyland Pitt and Earl Dwight Honeycutt say that for several years business marketing took "a back seat" to consumer marketing. This entailed providers of goods or services selling directly to households through mass media and retail channels. David Lichtenthal (professor of marketing at Zicklin School of Business) notes in his research that business marketing has existed since the mid-19th century. He adds that the bulk of research on business marketing has come in the last 25 years.

Business

A business, also known as an enterprise, agency or a firm, is an entity involved in the provision of goods and/or services to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social not-for-profit enterprises or state-owned public enterprises targeted for specific social and economic objectives. A business owned by multiple individuals may be formed as an incorporated company or jointly organised as a partnership. Countries have different laws that may ascribe different rights to the various business entities.

Business can refer to a particular organization or to an entire market sector, e.g. "the music business". Compound forms such as agribusiness represent subsets of the word's broader meaning, which encompasses all activity by suppliers of goods and services. The goal is for sales to be more than expenditures resulting in a profit.

Gary Vaynerchuk

Gary Vaynerchuk (born November 14, 1975, in Babruysk, former Soviet Union now Belarus) is an entrepreneur, investor, author, public speaker, and internet personality.

Background

Vaynerchuk immigrated to the U.S. in 1978, and moved with his family to Edison, New Jersey. After graduating from Mount Ida College in Newton, MA, he transformed his father's Springfield, Union County, New Jersey liquor store into a retail wine store named Wine Library, and in 2006 started the video blog Wine Library TV, a daily internet webcast on the subject of wine.

In August 2011, Vaynerchuk announced he would be stepping away from his daily wine video series to focus his attention on VaynerMedia, the social media brand consulting agency he co-founded in the Spring of 2009. Vaynerchuk describes social media as a cocktail party, where brands must be a part of conversations that people have.

Career

Wine Library

After graduating from college in 1998, Vaynerchuk assumed day to day control of his father's liquor store, then called Shopper's Discount Liquors. Through a combination of ecommerce, email marketing, and aggressive pricing, Vaynerchuk grew the business from $3 million to $50 million a year by 2005.