All About The Micropreneur, The Smaller Business Opportunity - Fora Financial
All About The Micropreneur, The Smaller Business Opportunity
February 24, 2020
All About The Micropreneur, The Smaller Business Opportunity

All About The Micropreneur, The Smaller Business Opportunity

When you decide to start a business, you may consider yourself an entrepreneur. After all, an entrepreneur is an individual who runs their own business. Typically, they’re motivated, creative, and resourceful.

However, you may be more of a micropreneur than an entrepreneur. This is particularly true if you’re content with the idea of your business staying small for quite some time. So what exactly is a micropreneur and how can you succeed as one? Keep reading to find out. 

What Is A Micropreneur?

Do you work with less than five employees? Or, perhaps you don’t have any employees. Are you responsible for almost everything, including marketing, payroll, and budgeting? If so, you’re a micropreneur.  

Essentially, a micropreneur is someone who starts a very small business. This allows them to lead a balanced lifestyle while pursuing work they’re passionate about. If you’re a micropreneur, the success of your business depends entirely on you. Hiring help or delegating tasks isn’t on your radar because you’d rather do it all. 

Running a small business appeals to you, so you don’t plan to expand in the near future. Most likely, you work from home, rather than pay for a formal office space. In addition, you don’t invest a lot of money (or any money) into your venture. Once you start earning some money, however, you may invest it back into your business. 

If you rent your home through Airbnb, you may be considered a micropreneur. You may also be a micropreneur if you provide freelance graphic design services. Working as a blogger, life coach, tutor, or photographer can allow you to become a micropreneur as well. 

How Do Micropreneurs Compare With Entrepreneurs?

Both micropreneurs and entrepreneurs leave the 8 to 5 lifestyle behind them. They work on their own terms and enjoy perks like flexible schedules and unlimited income potential. Micropreneurs, however, focus on staying small rather than growing. 

They don’t invest a ton of money into their operations, hire employees, or purchase formal office space. The typical micropreneur works from the comfort of their own home and handles just about every aspect of their business. Unlike entrepreneurs who hire people to help them grow, they rarely delegate or outsource. 

In addition, micropreneurs are very productive because they often have a long to-do list each day. They can’t afford to waste time, as their entire business relies on their personal productivity . 

The Benefits Of Micropreneurship

When most people consider starting a business, their goal is to grow as much as possible. In their eyes, the bigger they become, the more money they’ll make.

Micropreneurs look at business ownership a bit differently. They stay and remain small as they believe doing so offers them a variety of noteworthy benefits.

1. Micropreneurs See Potential Opportunity Everywhere

Often times, micropreneurs spot business opportunities everywhere they go. For example, a freelance writer may visit a website and think “this content is outdated. I should email the site owner to find out whether he’d like some writing services.” 

Later that day, they may be at their son’s soccer game and meet a parent who owns a law firm. The parent mentions how they are struggling to find new clients. So the micropreneur explains how their freelance writing services may help. 

Next week, the same micropreneur may attend a fundraiser and learn that a local non-profit needs a new website. Once they do, they come up to the director and inform them of their website content services. 

A micropreneur thinks about their business venture 24/7. They know that they are the ones that are responsible for its success or failure. Therefore, they are always on the lookout for ways to promote their offerings and stay busy. 

Unlike an entrepreneur, a micropreneur does their own sales and marketing. They don’t have a team that can generate sales for them. Instead, they must work tirelessly to land new clients on a regular basis. 

Micropreneurs See Potential Opportunity Everywhere

2. These Businesses Are Created To Solve Small, Targeted Problems

When micropreneurs start businesses, they niche down. They don’t claim to be able to do everything under the sun. In most cases, they offer one or a few services and solve small, target problems.

For example, a freelance writer doesn’t offer web design, graphic design, or social media management as well. Writing is their specialty, so they use it to their advantage. 

By focusing solely on writing, a freelance writer can perfect their craft and market themselves as an expert in their field. In addition, they’ll have an easier time running and managing their business. If they offer a long list of services, staying small and managing their projects can become challenging.

Entrepreneurs differ, as many of them create and operate businesses that are geared towards multiple problems. Since their goal is often to become as big as possible, expanding their offerings is almost always in their business plan. It’s not uncommon for them to start with one or two products or services and add more over time.

3. The Business Process Is Unique To Micropreneurship

The way micropreneurs run their business is unique. While every micropreneur is different, many of them wake up every morning ready to tackle anything that comes their way. They’re fully committed  and know they must stay productive at all times.

The typical micropreneur may create a list of all of the tasks they wish to complete in a given day. A freelance writer, for example may respond to emails, create proposals, work on a project or two, and send some invoices. They don’t have a team that can take some of these off their plate so they are responsible for everything.

Also, a micropreneur is on the hook for all attracting and retaining their clients. So they spend a lot of their time getting their name out there.

Even when they believe they’ve met maximum capacity, they continue to put themselves out there. They know that a project can fall through at any time. Due to this, they don’t put all of their eggs in one basket.

Entrepreneurs approach their business process differently because they look at the big picture. They don’t spend time on small tasks because they have others that can take care of these on their behalf. 

4. These Business Owners Work Well In Small Teams And Alone

One of the qualities that differentiates micropreneurs from other business owners is their ability to thrive alone or in small teams. They’re highly self-motivated and have no issues staying on top of their everyday responsibilities. Many of them find great satisfaction in checking items off their to-do list.

Some small business owners need others to guide them toward the right direction or push them to stay focused. Working solo isn’t for them and they prefer to manage and collaborate with a larger team of individuals. 

Micropreneurs, on the other hand, enjoy being on their own or with a smaller team and often prefer it. In fact, they find that they are more productive and resourceful when they don’t have others to manage. They work well in quiet environments with minimal distractions. 

Therefore, it’s atypical for a micropreneur to rent or buy a large office space. Most micropreneurs get the most done while in the comfort of their own home. They have enough self control to complete their everyday tasks without turning on the television, cleaning their house, or doing laundry. A large office with many individuals overwhelms rather than motivates them.

5. Importance Of Curiosity for Budding Micropreneurs

There are many traits that are important for budding micropreneurs. However, curiosity is one of the most important ones. When a micropreneur is curious, they are constantly observing the world that surrounds them. This allows them to think of new ideas and opens the door to new opportunities. 

Curiosity also enables them to ask questions and receive answers that offer new insight and ideas. By being curious, micropreneurs can solve problems they may not have known existed otherwise. For example, a freelance writer may meet a florist who complains that nobody understands her business enough to write about it well.

So the writer may take the time to familiarize themselves with the ins and outs of owning a flower shop. Then they may reach out to local florists and offer their writing services. If the writer didn’t ask the florist any questions, they may have never known this opportunity was available.

In addition, being curious allows micropreneurs to become more productive. Curiosity forces them to analyze what they’re doing and how they’re doing it. It stimulates questions such as “Is this worth my time?” and “How can I do this more efficiently?”

Ride The New Wave Of Business Ownership

Micropreneurship is more popular today than ever before. More and more employees are realizing that they don’t have to invest a lot of money to work for themselves. They are quitting their day jobs to start their own ventures with the intention of remaining small and nimble. If you’re ready to leave the employer life behind you, becoming a micropreneur may be just what the doctor ordered. 

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Frequently Asked Questions

What is a micropreneur definition?

A micropreneur is an individual who starts and manages a very small type of business. They aren’t interested in growth and are attracted to the idea of staying small. 

How does a micropreneur differ from an entrepreneur?

While an entrepreneur hires employees, a micropreneurs works solo or with a few people. They handle all of the accounting, payroll, marketing, and other tasks on their own.

What are some examples of micropreneurs?

Micropreneurs offer a very niche product or service. The following are examples of micropreneurs:

  • A freelance content writer that focuses on a particular topic or medium.
  • An Airbnb host that rents out their basement
  • A life coach for single parents

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].