Micro entrepreneurs are owners of small businesses with fewer than five employees and startup costs of less than $ 35,000 and an annual income of less than $ 100,000. There are nearly 21.5 million micro entrepreneurs in the example of micro entrepreneurs are owners of bakeries, beauty parlors, child clinics, workshops, arts and crafts shops, painting companies, contracting companies, family-owned shops, auto body shops, small -scale restaurants and small stocks trading company.
micro entrepreneurs face many obstacles in getting startup funding, and they sometimes lack the skills needed to manage the financial aspects of their business. As a result, many micro entrepreneurs can not grow and develop their business outside the micro enterprise. Various micro enterprise development programs have helped micro entrepreneurs achieve great success and growth. These micro enterprise development programs have enormous help micro entrepreneurs who lack the collateral needed to secure loans or those with low or no credit by providing them with training, support, help in developing a solid business plan and assistance to build their business . Successful Micro entrepreneurs have contributed a lot to society by creating wealth, economic and jobs.
How will the Micro Entrepreneur
It is necessary to study the market well and understand customers the market before the decision making and the type of goods or services offered
Here are some suggestions :.
Working out music business by doing extensive research and seek help from the various micro enterprise development programs.
take steps to startup capital by using savings, opting for a micro loan program, or applying for a grant.
not much market research, get the necessary training and skills required, and learn how to use technology to help run your business easily.
Unless competition and analyze how you can better them.
Get a good retail space to run your business as well as decide on the price, make sure it is correct and has a margin; decide how to take profits, whether you want it or reinvest and expand micro business.
Make sure that the product quality is never compromised and that customers are satisfied, ensuring customer retention.
Aid Micro entrepreneurs
micro entrepreneurs in the United States are in need of training and skill development courses as well as help in using technology to help run their business. Some micro entrepreneurs have access to easily available capital to start-up and growth. In order to encourage more people to become micro entrepreneurs, STATE, federal and private sector should provide sufficient funding for such companies.
With a little effort, you can find companies that sell their services and products to help run a successful business. You can even seek help to arrange business credit for micro-enterprises.