The term micro-enterprise is used for a small business that appoints a very limited number of individuals as employees. To be more precise, these businesses usually have less than ten people working for them. This makes the very basic definition of a micro-entrepreneur pretty simple; he or she is a person who runs or sets up a micro-enterprise.
Read on to know more about these business owners and their role in the growth of developing nations.
In this particular entrepreneurship type, the value of independence and autonomy is equal to that of the financial drivers. A large number of business owners prefer keeping the scale of their business low to ensure that the entire process can be managed without help from any third party.
This has given birth to micro-enterprises and hundreds of thousands of micro-entrepreneurs around the globe, especially in the developing nations of Africa and Asia.
The most prominent characteristics of these business owners are as follows:
- They keep the size and scope of their business manageable and accomplish all business-related responsibilities by themselves.
- They prefer completing tasks without hiring too many employees; even the most thriving micro-enterprises of the world have less than 10 people working for them.
- Micro-entrepreneurs can begin trading even without any infrastructure, funding, as well as a business plan.
- These entrepreneurs often develop business skills while running their business.
- Micro-entrepreneurs measure their business’ growth in an unconventional manner. For instance, they tend to balance income generation with factors like flexibility, business autonomy, personal wellbeing, and self-reliance.
Micro-Entrepreneurship in Developing Nations
These small businesses have had a strong impact on the quality of life of people living in developing nations. People in these countries get loans via micro-finance schemes, which have provided them with the much-needed capital for setting up businesses. These schemes have allowed families or individuals to begin businesses of their own. This kind of self-employment has started to benefit the entire community of business owners.
An inspiring success story:
One of the most inspiring stories has to be of Monica Masiga of Kenya. A mother of 12 children, a grandmother to another 12, and a great grandmother to 2, she is currently one of the most successful micro-entrepreneurs of her region.
Since being widowed in 1995, she has successfully looked after her family and helped her children to successfully complete secondary school and some even through university. With no formal job or a steady income in the past, Monica started out by running a small farm to meet her daily household food needs. Now at the age of 59, she is well and truly taking charge of her destiny and the future of her children as a micro-entrepreneur.
Today, Monica is a pioneer in Kenya having graduated as a first-class member of the Living Goods Community of Health Promoters and earning a regular income through this initiative.
She says: “I heard about Living Goods, and decided to join because it seemed like something good, something that can get me somewhere. I like what we do, treating people in their homes, helping the communities. That makes me happy.” Thanks to Monica and many like her, Kenya has much-improved circumstances as far as health awareness is concerned.
If you are looking to control your destiny, you can also look to set up a micro-enterprise and establish yourself as a successful micro-entrepreneur.