Retail Business Owners

The retail field is extremely competitive, and many businesses fail each year. The most common reason for failure is poor management. Thus people with some managerial experience or training will likely have the best chance at running a successful business.

The retail industry is directly affected by the economy and is negatively affected by financial downturns. In addition to overcoming economic slowdowns, retail businesses must also face increased competition from other retailers and direct-marketers, and the growth of Internet businesses in the next decade. Another factor to consider is changing social and technological trends. Even in a down economy, a business catering to a hot new device or market may thrive, while once-successful business based on past trends or technology may fade fast.