Professional Documents
Culture Documents
Job Description
For this paper I found several interviews with founders, CEOs, presidents, and industry
leaders that will give me insight into what it is like to run a start-up retail company. The first, and
probably most important thing that I have learned while researching is that a start-up especially a
retail one takes a lot of work.
Lindsay Gaskins, CEO of Marbles: The Brain Store has memories of being at the mall at
2.a.m. when they opened the first kiosk doing rearranging and trying to make the idea work.
(Ding) And then there is Vivien and Fernanda Bohme sisters and founders of their namesake
boutique who hauled a ladder and 8 lumber in their Honda Accord in order to get their first
space remodeled. (Weist) The other interesting thing about these two companies in particular is
that they both started in 2008, when the United States was in the midst of the Great Recession.
So, from this we can conclude that as an entrepreneur during this time then you must have a
strong drive, and desire for what you are trying to accomplish.
Average Salary
Initially when starting a new business, the owner can be expected to not earn any income
for at least two to three years. According to the website Payscale
(http://www.payscale.com/research/US/Job=Small_Business_Owner/Salary) the average salary
is just over $71,000 per year. While it is said that it takes some time for a new business to
become profitable it is also important to set some sort of compensation so that you dont feel
frustrated in working for free.
Career Outlook
According to a January 2016 survey, a majority of those surveyed indicated that 2016
would be better than 2015. (PR Newswire) It is estimated that 543,000 new businesses get
started each month (Nazar), however more employer businesses shut down every month. With
that said, there is always someone who can build a better mousetrap and go their own way and be
able to add to the entrepreneurship ranks.
Business Leadership
The cost to start up a retail business is expensive to say the least. The Bohme sisters
explain that Were self-funded, Bootstrap is our middle name (Weist) The sisters had maxed
out credit cards, and received a $20,000 AMEX card so they had enough inventory to open the
first store.
Marbles, on the other hand was funded by Sandbox Industries, a Chicago based business
incubator. Although at a cost of $200,000 to build out each store, they are concerned with
expansion and therefore have yet to turn a profit. (Ding)
Once the business is open and operating, as a CEO or business leader you need to be
prepared to do anything. From answering the phone about an incoming delivery to delivering
product to a store then having to jump on the sales floor and helping out customers. I feel that
these actions help to make a great business leader. You need to have the knowledge and ability to
jump into any situation at a moments notice.
Successful business leaders need to know how to delegate but also need to have
knowledge of the work and tasks that they are asking of their employees and other staff
members. Being able to reach out to employees can make a huge difference, especially to a mall
store, which more often than not could be young kids. Zumiez founder Tom Campion started a
program in the 80s where he took employees that sold over $100,000 out to dinner. (Lewis) To
me, this is a great idea. When you launch a company and grow you do not ever want to forget
where you came from or how you got there, and rewarding employees is probably the best way
to do this.
Cons
You might have to do all the work
May have to make less money
May have to work long hours
Sense of frustration
Sources
Bates, Rob. "Interview with Signet CEO Michael Barnes." JCK Online. N.p., 5 Apr. 2013.
Web. 01 Apr. 2016. <http://www.jckonline.com>.
Ding, Erin. "Marbles CEO Has Mindset for Success and Is Playing to Win." Chicago Tribune,
23 Jan. 2012. Web. 02 Apr. 2016.
Lewis, Mike. "Zumiez Founder Tom Campion Shares Insight on Building a Sales Based
Culture." Transworld, 28 Oct. 2010. Web. 03 Apr. 2016. <http://business.transworld.net>.
Moore, Anne. "This Entrepreneur Wants You to Play Mind Games." Crain's Chicago
Business. N.p., 15 May 2014. Web. 17 Apr. 2016.