Managing Communications, Knowledge and Information Introduction Starting a business require preparation, research and a lot of hard work. There are many decisions to be taken like type of business, financial support, location and so on. This decision has to be taken with a lot of care so they can overcome difficult stages of the business. New business also requires a strategic planning for future growth including products, partners and goals. Starting a business in the retail industry is a huge challenge facing a lot of competitors and variety of products. The report examines the methods for starting new business, the decisions to be taken, the internal and external sources of information to be assess, identify the stakeholders and methods to contact and develop business relationship with them. Starting up a Business 1. Examination of Information and Knowledge needed to make Decisions in Starting Business Brick-and-mortar or Online: The advantage of Internet changed the retail industry in the past few decades with the opportunity to create online stores where customers easily can compare and buy products online and get them delivered in convenient time. Choosing to build the business completely online will also avoid the cost of setting a shop and rents for it. Product or Services: After decision has been made to develop online business the product or services that will be provided has to be carefully considered. There is plenty external information and statistics for most selling online products. Investments and Reserves: Finding financial sources is key point for new businesses. The decision could be a bank loan, if eligible, personal or family saving and government agency providing start-up loans for entrepreneurs. It ... ... middle of paper ... ...he right working relationship - Transparent process of policy and strategy making - Engage the Stakeholders in every step of planning Conclusion The above report present the most essential factors for a start-up business. Key decisions like investments, pricing, planning and so on has to be taken before the start up. Lots of information from internal and external sources has to be collect for making the right decisions and strategies. List of Stakeholders to be contact has been made, also a strategy to engaging them in decision making process.
determine the form of business to start. The form of business we choose to establish new
The primary concern for a business such as Brooke and Ridge in the early establishment stage is undercapitalisation with erratic, inconsistent cash flow shortages. This negatively impacts a business hindering its ability for development as well as its performance in a competitive market. In addition, financial aid is often not provided by large financial institutions as a result of their cautious nature towards new businesses. With ...
In retail industry, the barriers to entry are always high. As we know it need high investment, research and development of the production and innovation is essential. There will also be fixed cost by existing industries so there is preventive economic of scale for new comers. They also buy large volume of product in cheap price and sell it. Thus, any new industry coming as new entrant should be aware of this fact.
Following a thorough examination of your situation I have some suggestions for the establishment of your business. However, prior to any capital being earned, we need to review a few key topics.
In the recent years the development of the retail market has been greatly changed by external factors such as; political, economical, social, technology and legal (PESTL). This is also known as external macro environment, which concerns all businesses. This report will show what impact it has caused the retail business in the last forty years through these factors.
In business, risks are inevitable. This means that for a business idea to flourish, one is expected to put extra energy into it including and not limited to injection of adequate capital as well as engage in limitless advertisements. The authors point out that making an investment is an indelible ingredient to ensure that business survives harsh economic
There is a range of criteria relevant for a decision of financing a new venture. To construct my list for the evaluation of a new company as an opportunity I have selected to refer to t...
At present, the large cross-category physical retailers occupy a large percentage of market. For example, Walmart and Target who have more awareness of brand and more convenient network of the retailer stores. In the beginning, Bed Bath & Beyond does not provide an online shopping service to customers. Because the online shopping can help someone who is lazy to buy things in the physical stores and does not own a car to the stores shop. Under the pressure of Walmart, Target and etc., Bed Bath & Beyond started to open online shopping website. However, many pure online retailers are also a big threat of Bed Bath & Beyond especially Amazon.com which will have better price and no tax. Because Amazon has the lower cost of their products, they have
Adelman, P. J., & Marks, A. M. (2010). Entrepreneurial finance. (5 ed.). Bedford, Texas: Prentice Hall.
The growth in retail sector also comes through innovative ideas. As retailers are providing the innovative buying options at different store like as cash & Carry, lowest price day (Sabse Sasta din) which help to increase the customer base. Initially organize retail was involve in the apparels and footwear. Now retail has included the food chains, book & CD store (landmark) and electronics (CROMA store a Tata retail chain). These all changes occurred at a passage of time so; it is an evolution rather than revolution. This paper help to give information about the journey of retail in India, different formats of retails chains, drivers of the retail industry, and finally the barrier in the growth of Indian retail.
The retail sector is very crucial to the health of any countries economy. In the United States the retail sector is huge and is the biggest contributor to the country’s economy. As per 2013 census bureau report, the sales revenue from retail business in US is accounted for more than 4 trillion. The retail industry is a sector of the economy that is contained of individuals and businesses engaged in the selling of finished products to end user buyers. They purchase commodities from manufacturers for resale it to consumers for profit. The domestic retail industry is well established and extremely competitive. The retail industry has several categories which includes discount store, warehouse store, Boutique, mall, Specialty store, department store etc. Fragmentation of the retail industry depends on the type of business, for example pharmacies are greatly concentrated, while convenience stores are greatly fragmented (Jeffrey & Mark, 2007). In US, retail industry is the top contributor to countries gross domestic product and it is estimated that two thirds of the countries gross domestic product comes from retail industry (Source: U.S. Census Bureau). Hence, any new business openings and closings is the one of the indicator of the performance of the country’s economy is.
Online shopping is set to radically change the dynamics of the retail industry with increased consumer reach. It is expected to continue flourishing with mobile transactions increasing and online retail sales projected to reach $434 billion over the next four years. Even big box retailers are entering in to the e-commerce market. Online shopping will be disruptive for the following reasons:
Start up Businesses website n.d., EStartup business blog and contributors, accessed 19 August 2011, .
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
The retail business is by and large an extremely powerful, quick evolving area. It constitutes one of the fundamental segments in the economy, as far as exchanges and turnover; as an outcome, it is an exceptionally focused and sophisticated industry. Companies must be continually observing the business sector, to recognize any new trends on an auspicious style and, most importantly, they need to stay aware of the client 's expanding desires and evolving tastes. These days, it is turning out to be more troublesome and testing to keep the client fulfilled and steadfast clients ' inclinations change rapidly.