Economy is too stupid; finance in doghouse; most families are struggling to make ends meet; gloom all over; some 45 Million Americans have slipped into poverty; recession is not abating. Endless media outbursts on state of economy paint a picture of gloom. But there is light at the end of the tunnel: despite all these concerns you can still make money by moving into a microenterprise. Here are details:
Do a quick Test:
If you are in one of the following situations, you are the suitable candidate to start a microenterprise:
1. You are unemployed or under-employed, the latter means you are not in a full time job or working below your level of qualifications
2. You are a housewife having spare time but without any individual earnings
3. You are an immigrant
4. You are member of minority community lacking social mobility
5. You have individual talent and creativity but lack economic opportunity
6. You are unable to budget as income is less and expenses have spiralled
7. You have no collateral to approach mainline banks for finance
8. Finally, you are in one of the growing pools of people who have slipped below the poverty line
What is Microenterprise?
A microenterprise is the smaller version of a small business; hope you do not get confused by my using the word small twice. It is simply a low scale business that you can start with least amount of capital and without many assets. While Government administrators do not specify any minimum capital, asset or employee levels for microenterprise they have come up with some kind of ceiling where microenterprise gets elevated to small business. The most recurring ceiling comprises the following:
1. Maximum 10 employees
2. Maximum capital about 50,000 U S Dollars
3. Maximum Assets about One Million U S Dollars
The concept of microenterprise was originally founded by Dr. Mohammed Yunus, a Bangladesh Social Reformer in 1976 and accepted by the U S Small Business Administration as a distinct type of business in 1991. Association of Enterprise Opportunity (AEO) of USA is promoting the concept in America hard resulting in more than 2 million such microenterprises operating successfully.
Distinct Advantages
Microenterprise gives results in quicker time compared to other business types. Some of the key benefits that arise are:
1. Creating jobs opportunities to you and others much faster
2. Jacks up your income earning capacity in short time
3. Takes out your financial worries immediately
4. Gives you a social status as a business person with least amount of capital
5. You are back in form with the purchasing power that eluded you for sometime
6. You are engaged in something, which itself is a relief for you
7. You provide goods and service in improving convenience of your locality
8. Your output is priced competitively as the cost of producing it is much smaller compared to other types of business
Where you can Pitch
You can pitch in any sector where there is opportunity for you to use your talents and turn out goods or services that are pretty saleable. I am suggesting few areas in the following list, which however is not exhaustive:
1. Boutiques or corner shops
2. Home-based kiosks
3. Skilled operations such as carpentry, plumbing, welding etc..
4. Specialized farming of grains or exotic fruits
5. Craftsmanship that can be provided in a localized set-ups, such as garages, picture framings, etc..
6. Creative products including painting, music, dancing and entertainment
7. Providing management services such as event management, security, maintenance and others
Caveat
Before embarking on a microenterprise you must pause for a while and think whether you have a key driving force in you. That is your cosmics. You know that, cosmics are aspects residing within you shaping and influencing your business throughout. If you are not going to evaluate your cosmics and find the suitable microbusiness for you, your chance of making it a success is doubtful or call it micro.
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