Urban Outfitter Case Study

1093 Words5 Pages
URBAN OUTFITTERS CASE STUDY The Urban Outfitters Case study is a great case to follow when learning the back log of starting a small business. The first thing when analyzing startup of a business is: Identify at least three challenges when setting up a business. Explain why they are challenges. The first challenge to overcome is what I call the Self Employment Trap. That’s when instead of creating a business, most entrepreneurs merely create a job for themselves. They have achieved the satisfaction that comes along with their own businesses, only to find that this freedom has its price: Daily attendance is mandatory in order for the business to succeed and be profitable. In a sense, rather than creating their own business these entrepreneurs have instead created their own jobs, with all of the responsibilities that go along with it. The second challenge successful entrepreneurs’ face is that while they have developed the business skills they need to grow their business; very few of them have cultivated the personal wealth skills they need to build their wealth independent of their business. This is extremely shortsighted and risky. They have all their economic eggs in the basket of their business. Plus, they lack the financial fluency to intelligently and effectively manage their wealth and invest it wisely. For this group, a lack of financial fluency often leads to poor decisions after they no longer have their businesses. They wake up one day without their business, and with nothing to show for their years spent building their business. To create the wealth you truly desire, you must understand that your business is a piece of the puzzle, an important piece, but not the only piece. You must develop your wealth skills in parallel with your business skills. The final challenge you face comes years into your successful business when you wake up one day and

More about Urban Outfitter Case Study

Open Document