<p>I’m not sure if this is the right forum for this question, but here it goes. Is a degree in business crucial to succeed in retail or apparel? Say you want to be an entrepreneur in that area; is a degree in business needed? Also, do you need to be good at mathematics to succeed in the business of retail? I’m asking because I believe I can succeed as an entrepreneur in business, and I’m interested in retail, but I’m not good at math (algebra and FST, especially)?</p>
<p>Math and a business degree is absolutely not necessary, retail requires more hands-on type of knowledge. Retail companies recruit from any major it seems and to be honest, I don’t think you really need a degree to get into retail. I worked at an established retail chain during college and there were many managers (who were paid peanuts like everyone else there) who didn’t have a degree. Like I said, it’s more hands-on as far as the knowledge you acquire. Retail is really not that complicated.</p>
<p>What if you wanted to work in retail but become an entrepreneur in that area? For example, I know it’s a huge dream but I am interested in maybe pursuing starting a chain store or, once I have enough capital, gathering holdings of retail/apparel stores/companies. What knowledge would that require?</p>
<p>What knowledge would that require?
You would need to be familiar with at least basic financial mathematics (I=Principle x Interest x Rate, Compounding interest, annuities). This would help when you’re trying to calculate how you want to acquire the funds to start the business. You might want some basic knowledge of business. In general college coursework can only give you the basics for running your own business. The biggest thing is going to be spending some time working at an established retail chain and watching how they manage their business and where they could improve. Experience would be the most important factor. Out of curiosity, what kind of chain store might you be interested in setting up? Apparel by chance?</p>
<p>Well, a chain store that’s a bit similar to Amancio Ortega’s Zara. I don’t know if you’re familair with it but their business structure is amazing. Their logistics are fantastic when they get a new design into their store in two weeks. They also keep most of their production and manufacturing in Zara’s native Spain. That would be my inspiration. Feel free to tell me if I’m just crazy! ;)</p>
<p>Just realize succeeding in retail is no easy feat. Whatever ideas you might have of interesting or unique clothing, etc. your potential customers might hate.</p>
<p>Is Zara similar to H & M in its general appeal? (Obviously the actual business model will be different because Zara appears to be very quick in delivering its products). Is it aiming at a more youthful market with decent pricing (like H & M)?To me it seems like that model would be quite successful amongst certain segments of the youth because it creates “new” styles rapidly. As the August GQ notes, “The edit” is the most important part of fashion retail. You may want to read an article in The Harvard Business Review on breaking into established markets (which retail is). They use Red Bull as an example. The brand broke into a relatively established market (soft-drinks) and appealed to a niche market and exploded. They were able to do this with things like small can size (it takes up less space on the shelves so grocers can afford to put it on the shelf with other more recognizable drinks). They also served the drinks originally at night clubs so it helped it break into the younger market segments. Not to mention that delivering a load of caffeine in a soft-drink format has a certain appeal to youth who aren’t old enough to fancy coffee yet. It is a great article that would relate directly to your ambition.</p>
<p>It is somewhat similar to H & M, and does cater to the early 20’s-early 30’s market. Thanks for all the helpful advice everyone! Also, I’m going to get a degree, I just didn’t want it to be in business.</p>
<p>One more question; my background isn’t one with multitudes of money, so if I start a business I will have to do it myself. Would banks be friendly towards the idea of a chain store? How much money (just an estimate) would they need or be willing to lend me?</p>
<p>Barrons is somewhat correct. Getting loans is very hard for small businesses starting out. You can look into some small government loans a some other small private loans. However, it takes awhile for any small business to build up a line of credit.</p>