URBAN OUTFITTERS

Case Study: Urban Outfitters



Case Study: Urban Outfitters

1. Identify at least three challenges when setting up a business. Explain why they are challenges.

The challenges will vary depending on the business. In some businesses the biggest challenge is acquiring adequate capital. For others, the biggest will be establishing a customer base and/or name recognition. Others still, get the required permits from the interested governments. Perhaps in your case, getting the skills and/or employees necessary to succeed is the most difficult. Often the set-up work - including market survey, location decision, scope of work, legal paperwork, etc - is the most important in determining whether a new business will be successful. Offering the best service in the wrong location can lead to failure for example.

The main challenge to starting a small business has to do with your motivation. Your motivation to start a business must be consistent with your passion and enthusiasm for what you are doing. I have watched many good people fail over the years because they started a business more often than not for the money. Don't get me wrong. Money is a good thing and a wonderful tool. But, to earn money without enthusiasm and passion is more difficult. And, if you are successful in earning the money in a business that you ultimately do not like then this will lead to burnout and failure.

2. Define what a “niche” product is. Give at least three examples of niche products.

Niche Product Marketing (also known as niche marketing) is one of the most straight forward ways to get started on the internet. Niche product marketing is, to put it simply, taking a product and marketing that product to a specific relevant niche. The key to niche product marketing is understanding the definition of a niche as it relates ...