This research assignment is about my choice of industry which is the retail industry that been started since 1900’s from a corner store to an e-commerce where the retailers sells their products to the public people. The data that I collected will assist us to understand on how entrepreneurship applied to this particular industry and information regarding this industry will further down to its entrepreneurial activity then to its new venture sector that will be part of the main body of this research paper. II. Retail Industry
This retail industry is about selling products and services such as foods, consumable products and durable goods to their customers through different distribution channel like supermarket, department store, …show more content…
For small retail shop their usual problems are the expensive rental of their space area, limited inventory or product range that they can display in their shop because of small place area and as they only spend less to the supplier so they can’t reduce the retail price unlike the large retailer shops.
2. As for this modern days, new technologies are keep coming out that can make the work more faster and convenient for both sides (buyer and seller) but it is also one of the problem that a retailer facing where they need to constantly updates their technology equipment. Like their consumer having smart phones now a days that they use to be more knowledgeable about the products as they have more access to its information to easily compare each different products and they want to consume it in more convenient way.
3. For those who will start a new retail shop the first and most problem that they are facing is about finding a good location where they can easily attract their target customers. Once they find a good location there are still some possible risks that they may face to that particular location for example there are many competitors that are already in that place or once their business keeps growing they might want expand or to target more customers in different …show more content…
Retail industry is about having a physical store where it’s not only involves selling your products but also about having your staffs to serve and assist your customers. Having a staff that will support you in handling your shop will also cause some problems like employees turnover as this create problem to your human resource department they need to keep recruit new staffs and also train them as well that’s is why it cause of inefficiency.
IV. Entrepreneurial Activity
The level of entrepreneurial activity is about the measurement of the success or opportunities that public people sees to the new products, services, and job that been created to solve the problems in a particular business in a certain industry or to help to temporary start-ups. It is also about the marketing strategy of advertising their new come out solution to be able to make customer aware about