As a budding entrepreneur foraying into retail, you would have weighed some options like personality, motivation, money and experience. After this, the question that comes to mind is how to get into retailing? The element that matters the most in retailing is the brand value, the customer satisfaction and loyalty. In this era of cut-throat competition, it is very difficult to establish a new brand in the market.

As a budding entrepreneur foraying into retail, you would have weighed some options like personality, motivation, money and experience. After this, the question that comes to mind is how to get into retailing? The elements that matter the most in retailing is the brand value, the customer satisfaction and loyalty. In this era of cut-throat competition, it is very difficult to establish a new brand in the market.

In a confab with a young budding entrepreneur, Mr. X, I asked curiously, ‘What are your qualifications? Are you an MBA? ‘Well I am not an MBA, neither do I regret not taking this degree’, was a cool response. ‘I see, but don’t you think an MBA helps you understand the very basics of business, marketing, finance, operations and’….’yes it does, but only to some extent,’ he interrupted. Getting to learn about all this is good, but running a business is a different game.

India is fast making a transition from a nation of corporate drones to a nation of entrepreneurs. Today, entrepreneurship has become a popular aspiration for well employed corporate stalwarts, who are ready to forgo their six digit income, a comfort zone that brings position and recognition, a financial stability achieved after many years of grit and struggle to change their career course to fulfill their financial, social aspirations unrequited in their corporate avatar.

History is a prime example that every 50 years or so all big countries have encountered an economic upturn which brings with it an opportunistic time opening new economic avenues for all kinds of business whether they are big, small, mid sized or home based. It is also the time where the chances of going right are far higher than those of going wrong.