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/
~Rosalyn W.
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