Microenterprise

A microenterprise is a very small business, often run by a single person or a small team. It typically has fewer than five employees and generates modest annual revenue. Microenterprises can include local shops, home-based businesses, or service providers. They play a crucial role in the economy by creating jobs and fostering entrepreneurship, especially in underserved communities. Microfinance institutions often support these businesses by providing small loans, helping entrepreneurs start or grow their ventures. Overall, microenterprises contribute to economic diversity and empower individuals to improve their livelihoods.