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Urban outfitters: assignment#1- urban outfitters continuing case study part 2: creating a business
1. Identify at least three challenges when setting up a business. Explain why they are
Challenges.
One of the challenges to start up a new business is choosing the kind of business to start.
Most of the time business begins with simple idea and challenges to reality. But before we
Invest on our idea to a new business we need to consider what kind business we try to establish.
Also we need to consider what kind of business will be effective in a particular location and
society. For example in small village with less potential buyers opening to supply the same kind
of product with the rest of the retailers may not be good idea. This kind of business most likely
has week chance to compute with rest of retailers which have strong tie with the society.
The second challenges to start up business are the form of ownership to choose. According
to Kelly I McGowan (2010), introduction to business “The form of ownership they choose will
affect virtually every aspect of establishing and operating the business” (p.68) before involving
in business it need to be consider the most effective form. Capital is one of the factors to
determine the form of business to start. The form of business we choose to establish new
business also affects the amount of profit gain, owners liability and kind of tax we have to pay.
According to Steve Jobs, article of urban outfitters article the business start up with the three
persons as partnership change to sole proprietorship due to personal case. This will affects the
business financial capacity and personal liability sta...
... middle of paper ...
...ather over coffee, and they were one of the first retailers to offer internet access.
Another niche player would be Best Buy. Although this store is of a large scale, it has a focus
on providing entertainment and computer products and their employees can answer questions
about the products.
The third niche player would be Wal-Mart is that might have more limited offering in the
entertainment and computer areas, and the employees are not as knowledgeable about
entertainment computer products, it is more of a self-serve preposition when you go into
Wal-Mart. Unlike other specialty stores that focus on this same target market, Best Buy does not pay
their employees based on commissions. Rather, the employees are paid a wage and are not as
high pressure as sales people in other store, so the shopping experience is more pleasant for
customers.
You have asked me to analyze your plans for future growth and recommend the best form of business organization to accommodate that growth. I have also taken into consideration you’re your two main concerns of increased liability and ability to add investment in capital assets.
Case Study of Best Buy, Inc. Best Buy’s History & Main Characters: Best Buy is Minneapolis-based and is North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances. Throughout Best Buy's 37-year history, the company has maintained the tradition of making life fun and easy for customers and employees, while providing a significant return to partners and investors. It has 80,000 employees and over 550 stores in the U.S., in addition to the brands Best Buy Canada, Future Shop and Magnolia Hi-Fi. Their leadership is led by Dick Schulze, Founder and Chairman, Brad Anderson, Vice Chairman and CEO, Al Lenzmeier, President and COO, and Darren Jackson, Executive Vice President of Finance and CFO. Chairman Dick Schulze founded Best Buy in 1966 with the Sound of Music, an audio component systems store in St. Paul, Minn.
Business has been in charge of the upgraded innovation that has generally supplanted the drudgery of most physical work, an outcome in part of the innovativeness of business and its readiness to take and bear the weight of money related hazard. Besides, maybe no establishment in our regular life is more proficient in its operations and more discerning in its association than business. No foundation is more receptive to the requests of its constituents than business.
Pride, William M., Hughes Robert J., Kapoor Jack R. Business. Publisher: Boston: Houghton Mifflin Co. 8th edition.
One of the most important areas to consider is customer service. The atmosphere of a store
Dunnes Stores is an indigenous, family owned Irish Company. The Company is a retailer in both the food and textile market who work around the principle of providing competitive prices, high quality products and a vast variety of choices. The company’s motto of “Better Value” looks to draw in all these principles together.
well as digital retail. The company relies heavily on their Every Day Low Price (EDLP) strategy which seeks
Nevertheless, opportunities are flowing everywhere for retailers. They’ll focus on their stores to attract more customers by updating their appearance, staff, merchandise, and staff. I also found it highly interesting about how B8ta has merchandise out for use with expectation that those who come into the store that they’ll order it online or the store will ship it to them. It brought up the point that the staff will be more approachable to consumers since their won’t be the pressure for the customer to buy something from the store. I agree with this considering for my line of work that would usually be by commision.
Pruett, M., & Winter, G. (2011). Why do entrepreneurs enter franchising and other share relationships?1. Journal of Small Business and Entrepreneurship, 24(4), 567-581,603-604. Retrieved from http://search.proquest.com/docview/923419785?accountid=39476
In this highly competitive industry which is extremely sensitive to the level of discretionary consumer income and the subsequent impact of the type of good purchased, competitors include foreign and domestic guild and premier luxury jewelers, specialty stores, national and regional jewelry chains, and department stores. To a lesser extent there exist catalog showrooms, discounters, direct mail suppliers, televised home shopping networks, and jewelry retailers who make sales through internet sites.
"Advantages and Disadvantages of Sole Proprietorships ." New York Times 5 June 2007: Web. 6 Dec. 2013. .
find it difficult to set up a business and make it a success. This is
The path to achieving great success is not easy. Whereas there are many shortcuts, the long and patient walk is what takes a person many miles ahead. This concept applies to any individual who aims at becoming a successful businessman. The process of becoming a successful businessman requires a person to attain several accomplishment levels. Each of the level takes energy and time, as well as the ability to recognize the things that make a person truly successful in the business world and life. Becoming a successful businessman requires measurements that take into account not only the monetary and material gains but also the greater scheme of things. Therefore, true success measure achieves in light of creating wealth and value. These factors are vital in the lifetime of success as they present an intangible worth and measurable profit. This essay discusses the way a person can become successful as a businessman.
Owner’s capital means the resources that the entrepreneur put when he starts the business. That capital can be many different things, for example machineries, equipment and money. In different forms of business ...