Question

List some examples of the types of objectives that entrepreneurs might have for a retail business they are launching.

Answer 1

Objectives for a retail company launched by an entrepreneur.

(i) Establishment of matrices related to number of prospective customers to be contacted, traget footfalls over definite time, sales conversion ratio to achieve sales targets.

(ii) Establishing strategic partnerships to improve the service capabilities, customer outreach and product / service portfolio. These partners can be suppliers, distributors, market research agencies, commission agents and sub dealers.

(iii) Establishment of short and long term growth targets ( in terms of market share, financial performance or number of customers served) keeping in mind the capabilties of the company and internal - external challenges.

(iv) Strategic planning related to expansion, introduction of new product / service lines and new business models.

(v) Establishment of an ethical code of conduct for business operations, an employee policy and customer service standards.

(vi) Plan for sustainable business practices, CSR and community relationships.