A global business plan is required by those entrepreneurs, who are seeking business opportunity internationally. Any unexpected hazard or devastating incident interrupts the activities of an ongoing business. At these times, it is difficult for the workforce to generate business in the form of production of goods and services, selling products, making calls, fail to come to the office, etc. which will further lead to loss of income and finally business management a huge loss to the company. This is mostly required for the business that is located in natural areas like e.g. commercial outlets. Business interruption insurance will be efficient in those cases. Another difference is how innovative are you. Small business owners are not the type to “think out the box”; whereas, entrepreneurs come up with new ideas, innovations, and products, as well as construct creative, strategic marketing plans.
Micro entrepreneurs face many hurdles in getting startup financing, and they sometimes lack the skills necessary to manage the financial aspect of their business. As a result, many micro entrepreneurs cannot grow and develop their business beyond a micro enterprise. Various micro enterprise development programs have helped micro entrepreneurs achieve great success and growth. These micro enterprise development programs have immensely helped micro entrepreneurs who lack collateral needed to secure a loan or those who have low or no credit by providing them with training, support, help in developing a solid business plan, and assistance in building their businesses. Successful micro entrepreneurs have contributed much to society by creating wealth, economic assets, and jobs.