Urban Outfitters
Running Head: URBAN OUTIFTTERS
Urban Outfitters Continuing Case Study
Introduction to Business- BUS 100
24 October 2010
1. Identify at least three challenges when setting up a business. Explain why they are challenges.
First off you should consider "Is there really a need for your new business?"(McNamara, 2002). Market research should first be conducted even at the lowest level. If I drive around my neighborhood and there are already several Mexican food establishments, do I really need to open up a Taco Bell? My wife once had the idea of putting an outdoor mat under the BBQ on our deck to catch all the drippings and such. It worked and she was so pleased until we went to Home Depot the following weekend and there were already several manufactures carrying the same type product!
Another challenge is finding the right staff. As Snyder (2009) stated "Staffing is difficult- trust your instincts when hiring, then train, train, train. Ignorance costs more than training." I would see it every day in the Navy. My last job was at a command where we taught either new pilots how to fly helicopters or gave older pilots refresher training on the helicopters they used to fly. It is very fast paced and not the best environment for training the younger personnel who fix the helicopters the pilots learn on. We would naturally prefer to be able to get already qualified personnel but that doesn 't happen as often as we would like. You always have to have the "new guy" that just doesn 't know enough and you spend more time training him then you would like. Once they "new guy" is trained up they become a valuable part of the command. Unfortunately, that can take up to a couple of years and then it 's time for them to move on to another command and you have to start all over! In your own private business you have the luxury to hire only skilled people who would then only need to be trained in the new innovations as they come along.
In my opinion, the biggest challenge of
Urban Outfitters Continuing Case Study
Introduction to Business- BUS 100
24 October 2010
1. Identify at least three challenges when setting up a business. Explain why they are challenges.
First off you should consider "Is there really a need for your new business?"(McNamara, 2002). Market research should first be conducted even at the lowest level. If I drive around my neighborhood and there are already several Mexican food establishments, do I really need to open up a Taco Bell? My wife once had the idea of putting an outdoor mat under the BBQ on our deck to catch all the drippings and such. It worked and she was so pleased until we went to Home Depot the following weekend and there were already several manufactures carrying the same type product!
Another challenge is finding the right staff. As Snyder (2009) stated "Staffing is difficult- trust your instincts when hiring, then train, train, train. Ignorance costs more than training." I would see it every day in the Navy. My last job was at a command where we taught either new pilots how to fly helicopters or gave older pilots refresher training on the helicopters they used to fly. It is very fast paced and not the best environment for training the younger personnel who fix the helicopters the pilots learn on. We would naturally prefer to be able to get already qualified personnel but that doesn 't happen as often as we would like. You always have to have the "new guy" that just doesn 't know enough and you spend more time training him then you would like. Once they "new guy" is trained up they become a valuable part of the command. Unfortunately, that can take up to a couple of years and then it 's time for them to move on to another command and you have to start all over! In your own private business you have the luxury to hire only skilled people who would then only need to be trained in the new innovations as they come along.
In my opinion, the biggest challenge of
References: Kumar, D. (2009, October). Top 3 Challenges You May Face When Starting Your Business. Retrieved from http://www.saching.com/Article/Top-3-challenges-you-may-face-when-starting-your-business/4376 McNamara, C. (2009, June). Preparation For Planning A Business Venture. Retrieved from http://managementhelp.org/strt_org/prep.htm Snyder, S. (2009). Challenges In Starting A New Business. Retrieved from http://www.helium.com/items/1869951-business-challenges-today Webster 's On-Line Dictionary. (2010) Retrieved from http://www.websters-online-dictionary.org/definitions/niche?cx=partner-pub-0939450753529744%3Av0qd01-tdlq&cof=FORID%3A9&ie=UTF-8&q=niche&sa=Search#922