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Using the textbook's criteria for defining a small business, a new venture is a small business if it has all of the following EXCEPT for

Using the textbook's criteria for defining a small business, a new venture is a small business if it has all of the following EXCEPT for which characteristic?
a. equity financing provided by no more than a few individuals
b. fewer than 100 employees
c. may have started with a single individual but has the potential to grow
d. engaged in geographically dispersed operations
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