Micro-enterprise

A microenterprise is a type of small business that is often unregistered and run by a poor individual. Specifically a microenterprise is defined as a business having five or fewer employees a seed capital. Because microenterprises typically have no access to the commercial banking sector, they often rely on micro-loans or microcredit in order to be financed. 

Microfinance institutions often finance these small loans, particularly in the Third World. Those who found microenterprises are usually referred to as entrepreneurs. The terms microenterprise and micro business have the same meaning, though traditionally when referring to a small business financed by microcredit the term microenterprise is used. 

Similarly when referring to a small, usually legal business that isn't financed by microcredit the term micro business is used. Broadly stated, a micro-business is a business started with as little capital as possible, or less capital than would be usual for a business. 

More precisely, the term is often used in Australia to refer to a business with a single owner-operator, and no employees. Micro-Loans are a way for entrepreneurs to make small loans to those in poverty often in third world countries. The term micro-loans is more commonly referred to as Microcredit.