An entrepreneur must remember that opening up a sneaker boutique is the same as starting any other business. According to this Complex article, there will be many obstacles along the road. But the key to success would be to acquire as much knowledge from these challenges as possible and then use that to their advantage. Through the use of that knowledge, they will know which areas to improve upon. As stated by Complex, the process of opening up a store requires a lot of hard work, long hours, along with various days of headaches. Many sacrifices must made. It takes true dedication to stay in the game in order to become or remain relevant. Entrepreneurs must also take advantage of the latest advancements in technology to try and seek out competitive advantages within the industry. By remaining stagnant, any business would be lagging behind their rivals.
One mistake that some store owners make is when it comes stocking their inventories. These individuals become so consumed with the types of sneakers they have high personal interest that they tend to forget about their consumer market. If customers are not in favor of the the products being sold, you will just have a fully stocked inventory going to waste. Owners should try to avoid such a tragic thing as much as possible. They can do this through assessments of their target markets. Some stores even use social media or in-store surveys to see what consumers are looking for. Social media platforms that are often used include Facebook, Instagram, Twitter, and Youtube just to name a few. By having this information readily available, an entrepreneur can then know which products to place within the store. Taking all of these into account will place an entrepreneur in a better position for the success of their boutique.
So we have finally approached the end of my blog series. I just want to thank everyone who has taken the time to read these past few months! Many of the insights that I’ve given here have been from information that I’ve acquired this semester through my professors at Muhlenberg. These include my entrepreneurship course instructor Professor Rita Chesterton, marketing instructor Professor Mike Stehlin, and finally my management course instructor Professor Joseph Kornfiend. Just wanted to say thank you to them as well!
