I

TBAssi
gnment
:

AsIwast heonl ysonofmyf atherso

afterhepassedawayIhadt olook
ov erhistextil
emi l
lalthoughmy
father’
sbusi nesswasn’ tatpeakdue
todear thofr esour cesandot hersetof
i
deas, smal lbusi nessar en’
ttoomuch
fruit
fulbecausesmal lbusiness
owner sof t
enf ocussomuchondayt o
dayr esponsi bi
lit
iesofr unninga
companyt hatt heydon’ tgivemuch
thought sast owhatwi l
lhappenaf ter
theyst epdownt heycanl eavehei r
sof
abusi nessinanuncer tainsit
uationit
waski ndadi ffi
cul ttomebecause
i
nher it
ingthef ami l
ybusinessmi ghtbe
somet hingt haty ou’vebeenpr eparing
fory earbutt oitcameasat ot al
surpr isesof orthatIgat heredmuch
i
nf ormat i
onasmuchIcoul di nor derto
i
ncr easet heexpansi onofmybusi ness,
asweknowmor ewet rytogr owt he
busi nesst hemor ewef acechal l
enges
asi twasnev eraeasyt ask,Bei ngin
thet extileindust r
ymeanshav ingcl ose
connect ionswi ththewor l
doff ashion
anddesi gningsi ncet extil
ebusi nesses
suppl yfabricstot hesesubsi diary
i
ndust ri
es.Ther earet wot ypesof
textilebusi nesses, onet hatincl udes
chai nsofst oresselli
ngal lsor tsof
fabricsandt heothert hatincl udes
smal lstorest hatsellonlyaf ew,
par t
iculart ypesoff abr i
cs.
SoherearesomestepsItookf
oran
expansi
onoftext
il
ebusi
ness
Adv
icef
rom t
heexper
ts:
Itookanadvicef r
om t
hosewhohav
e
al
readyexperiencedt
hebusi
ness
chall
enges.

Demandoft
hepr
oduct
:
Iti
simportanttounderstandthenatureof
demandf orthepart
icul
art y
peoff abr
ic
you’r
eplanningtosell
.Demandmaynot
besameev er y
wheresoIcar ri
edoutan
area-
wisesur veyt
odet ermineit
.

Compet
it
ion:
I
fthereisanotherstoreinthesame
l
ocalit
ysell
ingsimilarpr
oductsthat
y
oui ntendt
osel l
,thenItri
edto
 discov
erwhaty
oucandot
oout
play
them.

Pr
ici
ng:
Prici
ngisani
mpor t
antfactori
nany
ki
ndofbusiness.Tr
ytopr i
ceyour
product
sascompet i
ti
velyas
possibl
e.

Chal
lengesIf
aced

Hi
ri
ngandRet
aini
ngat
eam:

Getti
ngpeopl
et oseeapath,afuture
thataCEOseesi st
ogetthe‘ri
ght’set
ofpeopl
et oj
ointheteam.Thi
sis
probabl
ythemostdiffi
cul
taspectsince
thi
sisi
ntangi
bleandisnot
hingbut
sel
li
ngsomeoneadr eam.

I
nvest
ingi
nTechnol
ogy
:

Oftenhi
ghgrowthcompani esmoveat
suchafastpacethatmostt hi
ngsbe
l
eftbehi
ndincl
udingtheabili
tyofaCEO
tobeabletotr
ackthebusiness.

Focusoncli
entsasi
fyourl
if
e
dependsonthem:

LikeIcan’askcustomerswhatthey
wantandt ryt
ogivethattothem,by
theti
meIgett hatbuil
ttheywil
lwant
somethingnew.
HowIpossibl
yrespondedt
othe
chal
lengesf
aced:

Understandingwhaty ourcustomers
wantandr eact i
ngtothei
rneeds
quickerthany ourcompeti
torscan
giveyouacr ucialadvant
ageina
toughmar ket.Tobecompet iti
ve,
youmustensur ethemainfocusof
yourbusinessi sonyourcustomers.
Youmustal sounder standyour
competit
or s'strengthsand
weaknessesandhowt heywill
reactt
ocust omerneedsand
changesint heindust ry,
soyou
canstayonest epahead.Att he
samet i
mey oumustmakesur e
yourbusinesscompl ieswit
h
rel
evantcompet it
ionlaws.
Thi
sgui
dewi
l
lexpl
ainhowt
ouse
yourcompeti
ti
vest
rengthsto
r
espondquickl
yandeffecti
vel
yto
markettr
endsandcompet i
tor
s.