Financial freedom through Micro Entrepreneurship: 4 key sectors
Are you renting apartment services? Well, if you are monetizing by outsourcing your assets then you are a Micro-Entrepreneur. Micro-Entrepreneurs handle small and medium enterprises with an investment starting from 10 lakhs and do not exceed 25 lakhs. Micro-Entrepreneurs are becoming an important factor in driving the world’s economy and bringing out a change in various sectors. In the developing countries, it is being considered as a way of providing financial freedom by alleviating poverty in the middle and lower sections of the society. In this article, we are discussing various sectors in which micro entrepreneurship has become a medium of income generation.
Well, we must agree that service sector is the fastest growing sector for micro-entrepreneurship. Many small scale service professionals such as tutors, plumbers, trainers, electricians, etc. are seen to start their freelance micro enterprises. They require a minimal amount of investment and resources to start their own business especially now when new government policies are aiming to encourage this section towards financial security. They can achieve financial freedom by creating a plan and getting the advice of financial experts to determine how much investment they require towards creating a growing micro venture.
Transport is another sector in which people have been diverting their attention to flourish financial freedom through micro entrepreneurship. The increasing need for adequate transportation in metropolitan cities and big cities has opened up the path for entry of start-ups such as Ola, Uber, etc. Several drivers have attained self-sufficiency by taking complete possession of the car by availing schemes through several Ola partnership programs which require as low as Rs.25000 down payment. The cab owners run their cars achieve livelihood by devising their strategies and plan towards profit. It has even given them flexibility in their schedule, and they can now focus on other important parts such as family, health which is the most important aspect of financial independence.
Textile and Handloom
The textile and handloom industry is a highly dispersed sector dominated by women which are proven to provide livelihood through self-sufficiency in many parts of the world. This segment is categorized by small enterprises which consist of as few as three people also. Several businesses in Andhra Pradesh are exempted from taxes by the government to foster the growth of textile and handloom micro-enterprises. People manage to work from their traditional workplaces and homes and thus saving capital for building factories and industries. Around one lakhs people in India are believed to have attained financial freedom through these micro ventures of textiles in national and international front.
Tourism is the significant sector where micro-entrepreneurship can flourish. Several start-ups work by managing all the important aspects of tourist activity such as booking tickets for transport, accommodation, tour guides and other commodities. The government has made several policies to train the local people of tourist friendly areas and teach them to convert this opportunity into employment and income generation. Kerala is the first state in India to have implemented the model of achieving self-sufficiency through micro enterprises in the tourism sector.
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