The influence of scale factor (tensile specimen geometry and dimensions) on mechanical test results was investigated for different widely used types of small specimens (SS-1, SS-2, SS-3, and SS-J3) and a set of materials. It was found that the effect of scale factor on the accurate determination of yield stress, ultimate tensile stress, and uniform elongation values was weak; however, clear systematic differences were observed and should be accounted for during interpretation of results. In contrast, total elongation values were strongly sensitive to variations in specimen geometry. Modern experimental methods like digital image correlation allow the impact of scale factor to be reduced. Using these techniques, it was shown that true stress-true strain curves describing strain-hardening behavior were very close for different specimen types. The limits of miniaturization are discussed, and an ultra-miniature specimen concept was suggested and evaluated. This type of specimen, as expected, may be suitable for scanning electron microscopy and transmission electron microscopy in situ testing.