A micro business has a different set of challenges from a solopreneur business.
What is a micro business anyway? Well it's a step further up the road from a solopreneur business size, and if you want to know officially what the definition is then jump down to timecode 2:04 and I give you both the official breakdown and how I'm referring to it in this video.
At every stage of a new business there are different challenges and all are equally important to the growth and scaling of your business. One of the keys is to try from the beginning to define each function within the business this helps to ease the growing pains.
Once you break into the micro business stage you might be thinking you're on your way, and indeed you are, however, there are pitfalls and other obstacles in this stage of business growth.
Before we get to tackling the challenges in the next video of this series, lets first take a look in detail at the business structure of the micro size business organisation and what the essential functions are within it.
0:00 - Introduction to the business structure and essential functions of a Mirco business.
1:01 - What is a micro size business
1:45 - How many businesses are micro in the UK?
2:04 - Definition of 'Micro' business for this video.
4:25 - Product Pillar, who are you likely to be hiring in this area?
6:15 - The Business Pillar, lots of areas here, typically the first is accounting and potentially bookkeeper but warning you still have to be very in touch with your finances.
7:10 - Admin and possibly legal services are also part of your outsource team of a micro business structure.
8:09 - What are the challenges of a Micro business?
8:20 - Time is one of the biggest challenges because you are still doing to much.
9:15 - Other challenges of a micro business, Communication, Systems and Processes are not properly functioning.
9:34 - Not delegating accountability, authority or ownership.
10:09 - Work culture? What if I only have 3 people? Yes you need to.
Next video looking at the Micro business challenges.
If you missed the other videos in this series go watch them here:
🎬 Business Structure And Essential Functions For Small Businesses Part 2 Solopreneurs - • Understanding The Role...
🎬 Business Structure And Essential Functions For Small Businesses | Part 1: Solopreneurs - • What Are Business Stru...
❓ QUESTION ❓
Are you ready to make your org chart? Gimme a 'hell yeah' in the comments.
📌 I post a new video every Wednesday, so please subscribe to this channel (CEO Entrepreneur by Tamer Shahin) NOW
/ ceoentrepreneur...​
Don't forget that you can also read the blog post on this topic if you prefer, just head over to ceoentrepreneu...
Today you have been watching Business Structure And Essential Functions For Micro Businesses | Part 1: Micro Business - • Scale your Micro Busin...
Check out these other videos in similar areas of entrepreneurship:
🎬 10 Rules For Adopting A CEO Mindset In Your Small Business - Scale Your Business Fast In 2021 -PART1 - • 10 Rules For Adopting ... ​​
🎬 10 Rules For Adopting A CEO Mindset In Your Small Business - Scale Your Business Fast In 2021 -PART2 - • CEO Mindset: The 10 Ru... ​​
🎬 The Missing Link For Your Business To Succeed Tomorrow While Surviving Today - PART 1 - • Build your Business fo... ​​
🎬 The Missing Link For Your Business To Succeed - Succeed Tomorrow While Surviving Today - PART 2 - • Build your Business fo... ​​
ABOUT ME
Hi! I'm Dr. Tamer Shahin, the Founder & CEO of CEO Entrepreneur, where we help small business owners scale their businesses, without sacrificing their lifestyle, wellbeing, or freedom. I'm also a Serial Entrepreneur, TEDx speaker, Executive Coach, Consultant, Author, Speaker, Investor, and now… I'm a 'KZfaqr.'
I've grown several multi-million-dollar businesses from scratch. Some of these businesses were massively successful and others turned out to be catastrophic failures! Nonetheless, I picked myself up and learned a lot from all of my extraordinary success and catastrophic adversity.
Now, I'm taking everything I've learned and leveraging it to create this KZfaq channel and help people like YOU scale your business to astronomical heights. Each week, I'll be sharing tactics, tips, tools, and insights to help transform you into a "cool as a cucumber" CEO.
*Disclaimer*
Results are not typical nor guaranteed. You are responsible for your own actions and decisions. Neither Tamer Shahin nor CEO Entrepreneur can be held liable for any results you may or may not get as a result of decisions you take during or after watching these videos.
#BusinessStructure​​ #BusinessEssentialFunctions​​ #MicroBusiness​​ #CEOEntrepreneur​​ #ScaleYourBusiness​​ #HowToScaleYourBusiness