Acct 500 Case 7.3
Vaneza Fadonougbo
Professor Strickland
Liberty University
GRST 500
Practice 7.3
To identify and evaluate why a new venture would be less successful . What are the causes behind the chances of failure of a new enterprise? To explore what are the advantaged for the entrepreneur in the retail industry .
To suggest the role of innovativeness in a success of the retail firm .
To analysis the characteristics that would allow a retailer to use knowledge resources and convert them into competitive advantages .
To evaluate the role of different dimensions in the context of an entrepreneur .
To recommend how the organizational resources can be positively associated with a retailers ability to …show more content…
The author says that in the retail industry, 90% of retailers failed to get success in their venture. Along with this, the author explains that, in order to be successful in this competitive era; the retailers must be capable to display greater innovativeness, increase risk-taking power and must become more independent. The author also describes that retailers should develop unique product and to be more opportunistic in their expansion strategies. On the other hand, the author argues that, retailer must focus on dimensions of knowledge resources such as: customers, suppliers, competitors, and regulatory agencies. The author explains that if retailers would distinguish the importance of these dimensions then they would be able to perform their ability in this changing as well as challenging environment. In the same manner, the author speculates that, a retailers knowledge of suppliers permits the firm to be more practical, proactive, and competitively hostile. Furthermore, he says that, superior knowledge of policies as well as regulations in fact restrains the ability of retailers to be more
Professor Strickland
Liberty University
GRST 500
Practice 7.3
To identify and evaluate why a new venture would be less successful . What are the causes behind the chances of failure of a new enterprise? To explore what are the advantaged for the entrepreneur in the retail industry .
To suggest the role of innovativeness in a success of the retail firm .
To analysis the characteristics that would allow a retailer to use knowledge resources and convert them into competitive advantages .
To evaluate the role of different dimensions in the context of an entrepreneur .
To recommend how the organizational resources can be positively associated with a retailers ability to …show more content…
The author says that in the retail industry, 90% of retailers failed to get success in their venture. Along with this, the author explains that, in order to be successful in this competitive era; the retailers must be capable to display greater innovativeness, increase risk-taking power and must become more independent. The author also describes that retailers should develop unique product and to be more opportunistic in their expansion strategies. On the other hand, the author argues that, retailer must focus on dimensions of knowledge resources such as: customers, suppliers, competitors, and regulatory agencies. The author explains that if retailers would distinguish the importance of these dimensions then they would be able to perform their ability in this changing as well as challenging environment. In the same manner, the author speculates that, a retailers knowledge of suppliers permits the firm to be more practical, proactive, and competitively hostile. Furthermore, he says that, superior knowledge of policies as well as regulations in fact restrains the ability of retailers to be more