Which statement accurately defines a small business? $*$ A small business is any independently owned and operated business that is not dominant in its competitive area and does not employ more than $500$ people $1$ point O A small business is one that is owned by the federal government for the promotion of social welfare. A small business is any firm that is owned by at least $5,000$ shareholders who have partial ownership of the business. Which statement accurately defines a small business? $*1$ point A small business is any independently owned and operated business that is not dominant in its competitive area and does not employ more than $500$ people A small business is one that is owned by the federal government for the promotion of social welfare. A small business is any firm that is owned by at least $5,000$ shareholders who have partial ownership of the business.