Profession retail entrepreneur

Retail entrepreneurs organise business processes and concepts in his/her personally owned business.

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Personality Type

• Enterprising / Conventional

Related professions shopkeeper

• Baker
• Butcher
• Confectionery maker
• Fishmonger
• Greengrocer, fruit trader
• Grocer
• Milkman
• Pharmacist, pharmacy manager
• Shop keeper/supervisor supermarket
• Shopkeeper agricultural retail, pets and flowers
• Shopkeeper clothing, textile, leatherwear
• Shopkeeper construction equipments or components
• Shopkeeper consumer electronics, household equipment
• Shopkeeper drugstore
• Shopkeeper food, beverages, tobacco products
• Shopkeeper jewellery, luxury goods
• Shopkeeper newspapers, books, music, videos, games
• Shopkeeper sporting equipments, leisure products
• Shopkeeper, all other

Knowledge

• Commercial law

  The legal regulations that govern a specific commercial activity.

• Law of obligation

  The legal procedures that regulate the rights and duties arising between individuals.

Skills

• Control of expenses

  Monitoring and maintaining effective cost controls, in regards to efficiencies, waste, overtime and staffing. Assessing excesses and strives for efficiency and productivity.

• Implement marketing strategies

  Implement strategies which aim to promote a specific product or service, using the developed marketing strategies.

• Manage staff

  Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.

• Identify suppliers

  Determine potential suppliers for further negotiation. Take into consideration aspects such as product quality, sustainability, local sourcing, seasonality and coverage of the area. Evaluate the likelihood of obtaining beneficial contracts and agreements with them.

• Study sales levels of products

  Collect and analyse sales levels of products and services in order to use this information for determining the quantities to be produced in the following batches, customer feedback, price trends, and the efficiency of sales methods.

• Plan marketing campaign

  Develop a method to promote a product through different channels, such as television, radio, print and online platforms, social media with the aim to communicate and deliver value to customers.

• Perform customers’ needs analysis

  Analyse the habits and needs of customers and target groups in order to devise and apply new marketing strategies and to sell more goods in a more effective way.

• Handle financial overviews of the store

  Monitor the financial situation, analyse the store's sales figures.

• Analyse data for policy decisions in trade

  Analyse data about a specific company, retailer, market or store formula. Process all gathered information into a corporate plan, and use it to prepare upcoming policy decisions.

• Provide customer follow-up services

  Register, follow-up, solve and respond to customer requests, complaints and after-sales services.

• Manage financial risk

  Predict and manage financial risks, and identify procedures to avoid or minimise their impact.

• Perform project management

  Manage and plan various resources, such as human resources, budget, deadline, results, and quality necessary for a specific project, and monitor the project's progress in order to achieve a specific goal within a set time and budget.

• Monitor company policy

  Monitor the company's policy and propose improvements to the company.

• Develop business case

  Gather relevant information in order to come up with a well-written and well-structured document that provides the trajectory of a given project.

• Organise product display

  Arrange goods in attractive and safe way. Set up a counter or other display area where demonstrations take place in order to attract the attention of prospective customers. Organise and maintain stands for merchandise display. Create and assemble sales spot and product displays for sales process.

• Ensure compliance with purchasing and contracting regulations

  Implement and monitor company activities in compliance with legal contracting and purchasing legislations.

• Supervise sales activities

  Monitor and oversee the activities related to the ongoing sales in the shop to ensure that sales goals are met, assess areas for improvement, and identify or solve problems that customers could encounter.

• Set up pricing strategies

  Apply methods used for setting product value taking into consideration market conditions, competitor actions, input costs, and others.

• Recruit employees

  Hire new employees by scoping the job role, advertising, performing interviews and selecting staff in line with company policy and legislation.

• Negotiate sales contracts

  Come to an agreement between commercial partners with a focus on terms and conditions, specifications, delivery time, price etc.

• Guarantee customer satisfaction

  Handle customer expectations in a professional manner, anticipating and addressing their needs and desires. Provide flexible customer service to ensure customer satisfaction and loyalty.

• Build business relationships

  Establish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the organisation and its objectives.

• Implement sales strategies

  Carry out the plan to gain competitive advantage on the market by positioning the company's brand or product and by targeting the right audience to sell this brand or product to.

Optional knowledge and skills

Source: Sisyphus ODB