Why the Future (and the Present) Belongs to Microentrepreneurs
Gone are the days where the big wigs reign the physical (and digital) world.
Microentrepreneurs are barging their way into the entrepreneurial landscape, and they’re gaining traction from reputable sources worldwide.
(Take here, here, or here for instance.)
Truth is, we can’t ignore them any longer... They’re kind of a big deal 🤷🏽♀️
But, you might be wondering 🤔 Who exactly are microentrepreneurs, and what’s the big fuss over them?
Well, you’ve come to the right spot.
We’re gonna dive into why the future (and the present) belong to microentrepreneurs so you can decide for yourself if it’s a business venture worth undertaking 🤓
(We obvs can’t choose for you, but spoiler alert: We think it is! You’ll see why soon.)
First Off, What are Microentrepreneurs?
In case you didn’t catch our blog What the Hell is a Microbusiness? (And Why You Should Start One?), we’ll do you a solid and go over the basics again.
Pretty much what we said over there still holds true here…
There’s no exact definition for microbusinesses, or microenterprises if you will.
Because of this, there’s no exact definition for microentrepreneurs (a.k.a. those who run microenterprises).
You’ll get different answers whichever way you look 👁
For example, over at Investopedia, they define microenterprises as those that employ less than 10 people and get started with “a small amount of capital.”
On the other hand, our home boys in Cambridge say microenterprises are companies that employ up to five people and need up to $35,000 in startup capital.
Even local newspapers are giving their two cents, like North News from Northern Minnesota.
They define microentrepreneurs as small business owners who employ up to 10 people and work with small amounts of capital, typically working locally.
And if that wasn’t enough for you, here’s another to throw into the mix 🥗
The ole faithful Merriam-Webster defines a microenterprise as “a very small business.”
Anyways, there’s a bit of a disconnect on what they are.
But you’ll see a pretty consistent theme no matter where they pop up in the media…
Why The Future (And The Present) Belongs To Microentrepreneurs
There are eight reasons why microentrepreneurs are killin’ it in this day and age - and will be for a while.
(We suggest you catch the train before it’s goneeeee 🚅)
1. Microentrepreneurs are fueling the economy
Did you know that 92% of U.S. businesses are microbusinesses, and they’ve created 41.3 million jobs in the nation?
It’s a stat we shared in our other blog, yes.
But no matter how many times we say it, it continues to blow our minds 🤯
I mean, just THINK ABOUT IT.
All the big wigs account for LESS THAN 10% of all U.S. businesses.
We’re talkin’ Target, Wal-Mart, McDonald’s, Best Buy, and the like.
Less than 10%!!!
While microbusinesses are packin’ the punch 👊🏽💥 and carrying the economy on their backs.
Plus, a lot of the time, these microbusinesses are a one-man or -woman show.
To that we say: Microentrepreneurs, ya’ll are da real MVPs.
2. Microentrepreneurs can weather the storms
2020 was the year everything changed… for obvious reasons.
Needless to say, small business owners got hit HARD.
A new study found that 22% of small businesses had to close up shop between February and April 2020.
(Just droppin’ like flies on a hot summer day 🌞)
Whereas, microbusinesses stood their ground, only falling 1.8%.
The same study also mentioned that communities with more web-based microbusinesses usually lost fewer jobs in the heat of the unemployment crisis.
(Psst - Our blog 21 Ideas for Your New Freelance Business in 2021 covers a plethora of ideas to start a web-based microbusiness. Check it out.)
So, what do these fancy stats mean?
Unpredictable crises like COVID-19 can’t take you down as easily when you’re a microentrepreneur.
I smell job security.
3. Programs for microentrepreneurs improve quality of life, especially in developing countries
The microentrepreneur boom - or lack thereof - is felt around the world 🌎
Not having business skills, good information, or money are main obstacles to microentrepreneurs trying to move up in life, specifically those in developing countries.
This is where companies of every level step in to 🔓 unlock their potential for growth (in the form of programs).
For example, let’s take Sunny-Girl Huawanga.
She’s in the Accelerating Women-Owned Micro-Enterprises program from the partnership of De Beers Group and UN Women.
The program teaches business management skills to women in Botswana, Namibia, and South Africa so they can grow their ventures 🌱
Or, take the entrepreneurial scene in the Philippines since almost a decade ago.
Institutions and enterprise networks have been working hard to change microentrepreneurs’ mindsets from “survival” to “opportunity and innovation driven.”
#levelup #upgradeya (*cue Beyonce*)
This leads us nicely to our next point…
4. Microentrepreneurship can lead to social mobility
A recent study found that microenterprises provide around 38 percent of owners’ household incomes.
Though it may seem small, the 💵 adds up, and the extra cash helps families exit poverty.
👆🏽 This is just in the States.
Meanwhile, in Africa, microentrepreneurs in the informal sector are seizing opportunities to leave poverty, moving from selling to markets in the bottom of the pyramid to those in middle-class.
Think about it: Better paying customers = more 💰 in their pockets
No matter where microentrepreneurs are in the world, they seize opportunities around them for their financial gain.
That is, as long as they’re willing to pivot deftly and roll with the punches 😏
5. Microentrepreneurs have better work/life balance
We really shouldn’t have to explain this one to you because it’s kind of obvious.
But we will anyways… so it really hits home 🏡
Full-time microentrepreneurs - that is, those whose side gigs are their MAIN gigs - can do whatever the h*** they want, when they want.
None of that 9-to-5 bs that’s got everyone counting down the days ‘til Friday...
… And dreading Sunday nights 😫
As a microentrepreneur, if you wanna head to Starbucks at 11 a.m., you just do it.
Or, if you’re just really over the week and want to rewatch your fav Netflix series on a Tuesday, cool.
More power to you 👊🏽
You just schedule your work around the rest of the days - even weekends, if that’s your thing - and that’s that.
It’s your life, your schedule, your business.
How strong the work/life balance game is among women microentrepreneurs has even been scientifically studied (in the middle of ‘rona!).
No joke. 👉🏽 Here’s the study.
6. Microentrepreneurs are happier at their jobs
Currently, we are moving from the gig economy - which is exchanging time for money - into the Passion Economy.
As the name suggests, the Passion Economy favors getting compensated for pursuing your passions.
In other words, you get paid for doing what you like to do 🤗
It also gives you the freedom to work when you want (eh-hem… what we just finished talking about).
So naturally, you’d feel happier at your job, right?
This is where you say “Right!”
Again, this leads nicely into our next point...
7. Microentrepreneurs make more money
OK, going back to the Passion Economy quickly on this one...
Basically, it’s all about praising entrepreneurs for their individuality ✨
Entrepreneurs can make money from their uniqueness and personality, instead of just being another 🐟 in a sea of workers, fighting tooth and nail to stay afloat (a.k.a. the gig economy we referenced earlier).
Because the Passion Economy is challenging the social media giants, those with niche, differentiated products and services are being rewarded.
We’ve said this before, and we’ll say it again…
The riches are in the niches 🤑
Plus, Passion Economy microentrepreneurs are finding how to create an audience at scale 🚀 (= more money, quicker).
But taking the Passion Economy out of the equation, it’s no secret that microentrepreneurs - and all entrepreneurs for that matter - rake in the dough.
If you want to build wealth, a typical 9-to-5 isn’t gonna cut it 🙅🏽♀️
(Inc. and Forbes are just a couple people who agree with us here.)
When you’re a microbusiness owner, you make the rules.
What does this mean?
You pick your niche. You pick your products or services. You set your prices. You choose your clients.
There’s no cap on how much you can make 📈
Also, grab the 🐂 by the horns, go out, and build wealth as a microbusiness owner, for heaven’s sake.
Sure, it takes some planning, but the rewards reaped will be oh, so sweet.
8. Microentrepreneurs inspire others
This is one of the reasons why microbusinesses are critical resources to communities.
People look up to their owners as their role models 🤩
Basically, when you do this thing called microentrepreneur-ing, and you do it well, you are living proof that SUCCESS IS POSSIBLE!!!
Your background, race, religion, skin color, or any other thing they try to use to divide us these days doesn’t matter ✊✊🏻✊🏼✊🏽✊🏾✊🏿
YOU rose up. YOU stepped up to the challenge. YOU are the living embodiment of dreams coming true.
Get out there and shine your light 🕯
Aaaaannnnnddddd, this seems like a nice note to end on 😊
So, I guess what we’re tryna say is…
If there ever were a time to get started as a microentrepreneur, it’s NOW!
The current instability of the economy (kind of post-COVID?) gives you the perfect environment to put your creative cap on and get making 🎓
I know we sound sappy saying this, but truly, the opportunities are only as limited as your imagination.
Plus, if you need some inspo on where to begin, we’re already two steps ahead of you.
Here are 21 Ideas For Your New Freelance Business In 2021.
And when you’re done with that, we’ve even put together comprehensive guides on How to Start Freelancing and The First Year of Your New Small Business.
(Helping you out warms our hearts 🥰)
Anyways, time’s a wastin’!
Get going on building your empire.
Also, if you’re interested in joining our mission to help the next generation find and keep meaningful work, get early access to Boost. It’s the only work platform you’ll need to build a worthwhile business.