The term Micro entrepreneurs refers to the owners of small businesses which have lesser than five employees and have invested less than $35,000 with an annual revenue not exceeding $100,000. In the U.S, there are nearly 21.5 million micro entrepreneurs. Some of the examples of micro entrepreneurs include owners of bakeries, repair shops, beauty parlors, small-inventory trading businesses contracting businesses, auto body shops, child care facilities, arts and crafts shops, painting businesses, family-owned shops and small-scale restaurants.
There are a number of hurdles that micro entrepreneurs face with regard to startup financing, and they sometimes fall short of the skills required to manage the monetary issues of their business. As a consequence, several micro entrepreneurs find it difficult to grow and take forward their business beyond the status of a micro enterprise. A number of micro enterprise development programs are there that help micro entrepreneurs attain success and growth. Such programs have greatly helped micro entrepreneurs who do not have the collateral essential to get a loan or those who have low or no credit by giving them training and support and assistance in evolving a workable business plan, and help in developing their businesses. Most successful micro entrepreneurs have greatly contributed to the society by helping to create wealth, employment opportunities and economic assets.
Becoming a micro entrepreneur requires a thorough understanding of the nature and expectations of customers before deciding the type of service or product that would secure success. For this, micro entrepreneurs need to device a solid plan and conduct a wide and deep research besides taking the assistance from other established micro enterprise development programs. They must also undertake an elaborate market research and acquire the skills necessary for their field besides learning how to make use of the technology essential to run the business. After establishing the business, it is very important to sustain the interest of the customers to see that the success rate grows steadily.