Challenges Faced while Creating a New Business: Urban Outfitters Case Study
Running head: Urban Outfitters Continuing Case Study Part 2 1
Urban Outfitters Continuing Case Study Part 2: Creating a Business
Introduction to Business 100
October 29, 2011
Urban Outfitters Continuing Case Study Part 2 2
Abstract
My paper explores five published articles that report on results from research conducted online (internet). My articles various from definitions and answers to multiple questions. I am going to identify three challenges and explain what accuses when starting a new business and define what a niche product is, examine why niche companies might have an advantage in the market. I am also going to identify and explain three reasons why customers pay more for exclusivity. My paper will even explain how a niche player chips away at a larger competitor’s base and I am going to show examples.
Urban Outfitters Continuing Case Study Part 2 3
Urban Outfitters Continuing Case Study Part 2: Creating a Business When starting up a small business you will face many challenges. Every business starts small but in time and with hard work it will grow into a bigger enterprise. The challenges when setting up a business makes themselves felt intensely. I am going to discuss three challenges you will face when setting up a business. Capital is one of the most difficult challenges when sitting up a business. A small business usually runs into a lot of difficulties when getting loans from an external source, and that is why some people have to usually depend on their own savings or end up borrowing money from friends. Limited funds have a direct effect on the growth of your business because there are not enough funds to expand your business immediately and there is pressure to pay off your debts. Many people who get into starting up a small business do so without having any experience and skills to start the business. They don’t research the business strategies nor the
Urban Outfitters Continuing Case Study Part 2: Creating a Business
Introduction to Business 100
October 29, 2011
Urban Outfitters Continuing Case Study Part 2 2
Abstract
My paper explores five published articles that report on results from research conducted online (internet). My articles various from definitions and answers to multiple questions. I am going to identify three challenges and explain what accuses when starting a new business and define what a niche product is, examine why niche companies might have an advantage in the market. I am also going to identify and explain three reasons why customers pay more for exclusivity. My paper will even explain how a niche player chips away at a larger competitor’s base and I am going to show examples.
Urban Outfitters Continuing Case Study Part 2 3
Urban Outfitters Continuing Case Study Part 2: Creating a Business When starting up a small business you will face many challenges. Every business starts small but in time and with hard work it will grow into a bigger enterprise. The challenges when setting up a business makes themselves felt intensely. I am going to discuss three challenges you will face when setting up a business. Capital is one of the most difficult challenges when sitting up a business. A small business usually runs into a lot of difficulties when getting loans from an external source, and that is why some people have to usually depend on their own savings or end up borrowing money from friends. Limited funds have a direct effect on the growth of your business because there are not enough funds to expand your business immediately and there is pressure to pay off your debts. Many people who get into starting up a small business do so without having any experience and skills to start the business. They don’t research the business strategies nor the
References: Polly, (2010) Challenges Starting Small Business. Retrieved from www.smallbusinessforum.com/showthread.php?16411 Profitable Niche: 7 Tips to Find and Market a Profitable Niche www.internethomebasedbusiness.startup-internetbusiness.com/advantages-of-niche- marketing/ Why (2011) Why do Customers Pay More for Exclusivity? www.knowswhy.com/why-do-customers-pay-more-for-exclusivity (2010) www.blurtit.com/q3379023.html