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Entrepreneurship - Assignment Example

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Successful entrepreneurs seek better business opportunities, take risks beyond security expectations, select appropriate location, identify and apply effective business strategies and possess the tenacity of converting ideas into reality…
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Entrepreneurship
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"Entrepreneurship"

Download file to see previous pages No matter whether the business is manufacturing or supplying technology products or not, it has become extremely important that businesses in today’s rigorously competitive market landscape have to take in to account the technology especially when it decides on location. For manufacturing and retailing of fashionable household goods, communication, fashion designing and other technological factors seem to have greater significant roles in the business. The firm needs latest and advanced technology for manufacturing, designing, architecture, furnishing, layouts, developing electrical appliances, marketing etc and therefore accessibility and availability of technology seem to be critically important determinant while choosing the right location for the business. Mareno, Castillo and Masere emphasized that the location decision for a retail business largely depends on technology factors such as communication and network facilities too. The contemporary business environment is greatly influenced by competition for which technology is the leading factor and therefore technology is the most important factor that determines the competitiveness of a business (Dosi, Teece and Chytry, 1998, p. 3) 2- Retail Compatibility While choosing the location, it is important for a fashionable household retailer to foresee which out of the two options- being single-free standing and being one among a cluster of businesses in all the projected cities namely Bristol, Plymouth, Exeter and Bournemouth- will be profitable and successful. Shopping malls and shopping centers attract large numbers of customers but a single-standing shop attracts relatively less customers. Retail compatibility refers to the maximum advantages that a retailer is able to enjoy by locating its business near to other shoppers (Zimmerer, Scarborough and Wilson, 2008, p. 528). Two compatible retailers within a close proximity area will certainly show increased sale with a direct proportionate customer interchange between them (Akehurst and Alexander, 1996, p. 109). For a start up business, retail compatibility is an important factor to be considered while thinking about the location. Shopping malls or centers attract huge numbers of customers and have to spend less on advertising. 3- Competition and customer traffic A particular business location will be saturated by many competitors and the business ...Download file to see next pagesRead More
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