Micro Economy Is On the Rise

Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Nowadays, due to the new technology, everyone can post micro blogs and has power in his/her hand to be the micro influencer in social network.  The same goes to micro business – self-employed business.

In the past, self-employed was somewhat of a derogatory term. People have a misconception that the self-employed people are social underdogs. How things have changed; Today, self-employment is the career aspiration of millions, who want to take back control of their lives.

There are several forms of self-employment.  The ultimate goal is to establish a company (or a startup, to be fashionable).  Most people start with working as freelancers without quitting the day time job.

What’s the difference between a freelance job and a micro job?

  • Freelance jobs mean the jobs that are outsourced to freelancers, freelance jobs can be on short-term or long-term base.
  • Micro jobs only apply to short-term tasks. 

To be simple, all the micro jobs are freelance job; but not all the freelance jobs are micro jobs.

So why do people not follow through with their ambitions to launch a business? Studio Graphene’s research revealed:

  • 46% of UK adults said they feel that they lack the skills and knowledge to be an entrepreneur.
  • Women (51%) are more likely than men (40%) to feel this way.
  • Furthermore, half (50%) of respondents said they would not know how to fund their business if they were to start one.
  • Finally, 13% of UK adults said that they want to launch a new technology product but do not know how to go about developing the tech.

We’ve seen a huge rise in the number of people starting their own businesses over the past five years. And this research shows that this trend is likely to continue for some time yet, with a significant proportion of people having ambitions to become their own boss. This should be celebrated – startups are driving innovation in our day-to-day lives while also contributing to economic growth.

However, we’ve also uncovered that many people are coming up with ideas for new businesses only to see that someone has beaten them to it. But competition shouldn’t be a deterrent –you must ‘pivot’ and create a new niche to win. And for those who fear they lack the required skills or know-how to launch a startup, it’s important to remember that they can approach for support from official channel and private sectors to kick off the business.

The ambition to start new micro businesses is clearly alive. Starting small with the resources you have available enables you to test your idea, service or product without committing vast quantities of time, money and other resources.

It doesn’t get you far if you stay in the same place and worry, you have to give it a go. If you don’t turn your dream into a plan and put your ideas out there, you’ll never know whether it could have changed your life.

Written by Micro Job Market staff.  Build your dream freelance business, work smarter on mJob Market.