Microbusiness

A microbusiness is a small business or enterprise with less than 5 employees and little access to commercial banking. Many microbusinesses are side-businesses run from the house or via the internet. Starting a microbusiness is often a possibility for many people, due to low start-up costs, however profits generated from many microbusinesses vary immensely.

Microbusinesses often employ inexpensive micromarketing techniques to promote their products, services, and microbrands within a specific microsegment of the market.

References

A microbusiness is a small business or enterprise with less than 5 employees and little access to commercial banking. Many microbusinesses are side-businesses run from the house or via the internet. Starting a microbusiness is often a possibility for many people, due to low start-up costs, however profits generated from many microbusinesses vary immensely. Although a microbusiness is small in organizational structure, there is no direct relation to revenue, meaning the amount a microbusiness earns does not move them into a different category of business, such as small business or medium sized business.

Microbusinesses often employ inexpensive micromarketing techniques to promote their products, services, and microbrands within a specific microsegment of the market. The owner of a microbusiness can be referred to as a micromagnate [mahy-kroh-mag-neyt] under certain criteria, similar to that of a magnate. A micromagnate is a person who engages in continuous improvement processes, especially in developing their core competency in business. They are experts in their field.