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Microenterprise

WorkFirst Microenterprise development assists individuals to design a step-by-step plan to create and run their own business. The Association for Enterprise Opportunity (AEO) defines a microenterprise as a business with five or fewer employees, requiring $35,000 or less in initial capital. These businesses may be relatively small, but they are making a very large difference when it comes to job creation.

WorkFirst Microenterprise development:

• Provides guidance in the form of business planning, feasibility studies, breakeven analysis and budgeting.
• Pairs individuals with a vocational specialist to develop a solid plan and find funding to own and operate their own business.
• Provides support in managing the business at any level needed.

Businesses already established through Easter Seals and WorkFirst include: Tim Lulejian’s Papa Lu’s Flowers and Kara Proffitt with Kara’s Handy Helper Service. Others are in the process of researching, planning, and designing their own enterprises.

Here are ten facts about microenterprises that you may not be aware of:

1. There are an estimated 24 million microenterprises in the US today, representing 18% of all private employment in the country;
2. More than 87% of all businesses in the US today are microenterprises;
3. One out of every six US private sector employees works for a microenterprise;
4. More than 4.5 million new jobs were created in the United States by microenterprises between 2000 and 2005;
5. On average, microenterprises are responsible for 900,000 new jobs created per year;
6. Small businesses employ just over half of the country’s private sector workforce.
7. Between 1990 and 1994, microenterprise (businesses employing 1 to 5 workers) generated 43% of all new jobs in the United States;
8. In the past decade 60% of microenterprises were owned by women;
9. Microenterprises have created more jobs than the entire Fortune 500 combined;
10. Small businesses generate a majority of the innovations that come from United States companies.