Challenges Face by New Retail Shop
According to a survey on the retail market in Singapore, fashion industry has undergone rapid growth in the recent years and is expected to grow further. Despite the good factor there is also some challenges need to face by the company. A. Challenges that will be faced Firstly, the entrepreneur will face a challenge in finding a clothing designer who has enough expertise and skill, and at the same time has the willingness to take a risk in being part of a business arrangement.
This arrangement will have likely oopportunity costs for the designer because the designer will have to forge a salary, and instead invest in a start-up of the business. Secondly finding a suitable venture capitalist will be a problem also. If an investor with little expertise in start-ups comes into the picture, it will not be suitable for the company as the start-up will lose out on the expert knowledge of a professional capitalist.
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Finally the entrepreneur will face challenges in giving his ideas over to the scrutiny of the investor and in this manner the entrepreneur will feel that he is losing control over his plan. Other challenges that the new company can face are in terms of workers because finding good workers for a new company will be difficult. The salaries of the workers will have to be taken out of the capital initially. Another challenge will be from already established competitors. Moreover, Singapore is a sophisticated market and customers are demanding so the new company will find it difficult to cater to such customers.