Giving Workable Business Systems to Micro-Entrepreneurs

httpvh://www.youtube.com/watch?v=sS-F0s5MdlQ

Micro-development is a concept that I’m actually excited about. It is creating new business ideas that are spread across the world. In my opinion micro-development is one way in which people, especially entrepreneurs in developing countries, can lift themselves up out of poverty. Particularly those who want to take initiative and that’s great especially for micro-development organisations worldwide.

Microfranchise & Its Roots in Microcredit

They support them in giving a hand-up to these people wanting to change their lives rather than handouts. One way of micro-development in action is through the idea of micro-franchises. Now micro-franchising is a concept that came about after the pioneering idea of micro-credit.

Micro-credit itself actually came from Muhammad Yunnus the Nobel (unknown word) in 2006, from Bangladesh. And micro-franchising builds on that idea, builds on the idea of micro-credit and micro-development. While micro-credit focuses on financing on a smaller scale to provide small loans to entrepreneurs in developing countries, micro-franchising builds on those smaller loans and builds on the business acumen of entrepreneurs in places such as South Asia and even Africa.

Microfranchise & Its Roots in Microcredit

I’ve actually included a link within this post to a university website (Microfranchise Wiki at the Marriot School of BYU) that I found which is a great source of micro-franchises worldwide. It includes examples of micro-franchises in the world and includes a toolkit for you to understand the concept.

Micro-franchising itself is similar to a conventional idea; the business idea of franchising, in that it looks at a smaller scale of franchising. It provides a successful business model but makes it smaller for people in developing countries to start up at a smaller amount of seed capital. And that’s great because then it allows entrepreneurs in developing countries to use a workable system and to use that business system along with their entrepreneurial spirit at a little amount of capital to make profit for themselves.

It’s great because where there are many risks for entrepreneurs in developing countries, micro-franchising can actually remove that risk providing a system that works.

Is Microfranchise Useful in Alleviating Global Poverty?

So I encourage you, social entrepreneurs worldwide to look into that concept of micro- franchises and build on the concept through new business ideas and share your ideas about what you think of it and how we can build on the idea of development in developing countries.