Entrepreneurship is the study of how new companies are created in addition to the actual procedure for starting a new company — the term is used interchangeably. An entrepreneur is a person who has an idea and that works to create a good or service that people can purchase, by building a company to support those sales.
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Entrepreneurship is currently a popular college major, with a focus on analyzing new enterprise creation.
Starting a company generally requires:
- A business concept or idea involving a product, service, procedure, or new technologies
- Individuals to support the job, whether as employees, vendors, or advisers
- A procedure by which the Products or Services will be delivered, or the technology will be manufactured
- Enough money to encourage the development of the idea to the point that it generates revenue
Why New Businesses are Started
According to study by Cox Business, the main reasons entrepreneurs go out on their own, Instead of remaining employed, are:
- Control — to be their own boss
- Ambition — to start something from scratch themselves
- Financial — chance to make more money
In actuality, an Intelligent Office study reported that 65 percent of workers prefer to be entrepreneurs than work for somebody else.
What Kind of Business to Start
Finding a need or opportunity in the market and filling it’s at the heart of entrepreneurship and small business success. That doesn’t imply that starting a company like one already in existence can not be prosperous, however.
In contemplating what kind of business to start, assess:
- Your interests
- Your desktop and experiences
- Your financial resources
- Unmet market needs
- Issues you can solve
- Your network and relations
With an estimated 50 percent of new businesses failing in the first five years, entrepreneurs will also have to be dedicated, persistent, and flexible to beat the odds.
What is Retail?
A retail sale occurs when a company sells a product or service to a single consumer for their own use. The transaction itself can happen through several different sales channels, such as online, in a brick-and-mortar storefront, either through direct sales, or direct mail. The feature of the sale that qualifies it as a retail transaction is the end user is the purchaser.
Types of Retail Businesses
There are an estimated 3.7 million retail establishments in the U.S., from shops to restaurants to salons to gasoline stations, pest control suppliers, and automobile mechanics. Those companies employ near 42 million people, making retail the nation’s largest private sector employer.
There are four major categories of retailers:
- Hardlines — items that tend to last a long time, like appliances, automobiles, and furniture
- Soft products or consumables — items like clothes, shoes, and toiletries
- Food — items such as meat, cheese, produce, and baked products
- Art — items like fine art, and books and musical instruments
Within those categories you will also find unique kinds of retail stores. Some of the most common types include:
- Department Stores — the earliest, and frequently largest, place for customers to shop for many different merchandise under one roof. Target and Macy’s are examples.
- Big Box Store — major retailers that specialize in one kind of product, like electronics. Best Buy and Bed Bath and Beyond are examples.
- Discount Stores — department stores that stock discounted items and lower priced brands. Walmart and Kmart are examples.
- Warehouse Stores — these no frills warehouses often require you to be a member to get their low prices. BJs and Costco are examples.
- Mom-and-Pop Stores — smaller, often market stores run by small business owners. These are your corner shops and local storefronts.
- E-tailers — online retailers who sell through the internet and have goods delivered to your door. They typically don’t have physical stores. Amazon and etsy are examples.
The retail supply chain normally consists of four players: producers that produce the products, wholesalers or distributors who buy from manufacturers and resell to retailers, and retailers who buy from wholesalers and sell to consumers. At every step in the chain there’s a markup, or profit margin, built into the purchase. Manufacturers calculate their cost of earning a product and then add on a profit percent before selling to wholesalers. Wholesalers do exactly the same thing, including a profit percent to what they paid for these goods. And retailers add their own profit margin to the cost of the product before selling it to their end client, the user.
So a product that costs $1 to make, might be sold to wholesalers for $2. Wholesalers purchase it for $2 and then sell it to retailers for $4. And then retailers purchase it for $4 and sell it to buyers for $8. That is how everybody along the way makes money.
Point of Sale
To complete a sale, retail shops have traditionally had clients bring their purchases to a cash register, where a clerk tallies the complete cost and rings up the purchase. Nowadays, some supermarkets have self-check-out lanes, where clients can scan their items and check out with a credit card or money. Clients buying online store in their computer screens, click to pick the goods they desire, and then type in their credit card information to complete the sale.
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