DEFINITION of 'Microenterprise'
A Microenterprise is a small business that employs a small number of employees. A microenterprise will usually operate with fewer than 10 people and is started with a small amount of capital. Most microenterprises specialize in providing goods or services for their local areas. . Many of these men and women and their employees are poor and have limited access to services. But they do not lack potential.
These businesses can be run from home and various locations. Products can be made at home and sold online, in local stores, or at local markets. There are local markets in Greensboro that will sell the products that our program participants produce.
For example, a woman may take out a loan and purchase a sewing machine and basic supplies. She could use the machine to establish a microenterprise that specializes in sewing, tailoring, alterations, sewing classes and more. The woman would increase her wealth and help her community by providing a service.
Street vendors, carpenters, machine shop operators, seamstresses, butchers, bakers, roofers, metal workers hair stylists, barbers, nail technicians, make up artists and photographers are examples of microentrepreneurs. This diverse group requires a variety of support to grow and improve.
Microenterprises contribute significantly to economic growth, social stability and equity. The sector is one of the most important vehicles through which low-income people can escape poverty. With limited skills and education to compete for formal sector jobs, these men and women find economic opportunities in microenterprise as business owners and employees.The people that start and run these businesses are micro entrepreneurs.
If this sounds like something that you may be interested in, check out my program blog at http://passiontopurse.blogspot.com/