Business from every direction, every possibility

 Though microentrepreneurship works on a solo business model that includes limited products and services, its vision to pull businesses from 360-degree makes it a unique idea. Microentrepreneurs are experts in scanning business opportunities from multiple events they encounter.

For instance, a travel vlogger may find a chance to shoot the making of a street food dish, which is common to the locals but unique to international audiences.

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Ashish Shrivastav, an Instagrammer, for instance, had shared a street food vendor’s video from Surat, India about making a local crispy egg dish (called Egg Golgappa). Though the dish was known to locals, it created a national interest to foodies all across and fetched him hundreds of thousands of views in a very short period.

Better work-life balance

Microentrepreneurship offers customized work-life balance which is found to be better and easier as compared to other enterprise ideas. The small-business experts are their own bosses and hence they fix their own roles and responsibilities including working hours, leisure time, and even selecting the clients to work and deal with.

The best part of microentrepreneurship is to have the freedom to stay occupied for certain hours and expand the business at their own pace. Such liberty helps control physical and mental burdens, and ultimately reduces stress.

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Reduced overheads

The overhead costs in microentrepreneurship are markedly reduced because of the smaller team size, services, and products. The expenses of salaries and wages, office space rents, supplies, and maintenance eat up a large chunk of the budget to any enterprise, which, in the case of small businesses, is reduced to a negligible amount.

Flexible association, best results

Microentrepreneurs often associate with functional consultants who can be brought in at any time.

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The creative partnership with other domain experts from different niches or even companies can help them execute their projects smoothly without bothering them to maintain the professional relationship for a longer period.

The project-based collaboration can help microentrepreneurs choose the cream of the market without being stuck or depending on them for the forthcoming projects.

Technology solutions for Microenterprises

Microentrepreneurs have a limited budget, and therefore, they have no scope for spending much on enterprise IT solutions such as CRM and ERP. The software tool with minimal features and micro-data management would do a wonderful job for small businesses with under ten employees.

The IT solutions for microentrepreneurs would be highly customized. In fact, most very startup owners would opt for free software tools with limited features and functionalities. Not-so-bothered about data privacy, such businesspersons would be okay with local servers or even third-party web and mobile app development service providers for their business operations. Readymade IT solutions for small businesses are generally the first and preferred choice for microentrepreneurs.

Another best bet for microenterprise technology solutions is to hire a freelancer developer for customized solutions, if at all they want. Technology and business consultation would cost them more and hence can be avoided because the microenterprises can often be compared with some existing enterprises for the type of business.

The microentrepreneurs can show samples or prototypes of software tools that are already in the market. Outsourcing IT solutions to freelancers with negotiation to get the best prices is possible and should be done.

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Microenterprise forecast

Indeed, across the business verticals, microentrepreneurs face several challenges such as tough competition from enterprises and MNCs, lingering economy, and highly volatile market; nevertheless, they are at the least risk.To overcome all the barriers to reach a larger and global market, microentrepreneurs have begun to leverage the latest Startup Enterprise Tools and startup technology stacks. Giants like Amazon and Alibaba promise stupendous growth to microentrepreneurship ideas irrespective of regions and markets.

On the other hand, outsourcing IT solutions to freelancers and small offshore startup companies have grown manifold in past years. There shall be an increase in the number of small-business owners collaborating with remote developers with a win-win deal to achieve targeted results. A lot is happening in small-scale industries across the globe with third-party applications and business platforms backing them.