04 Retail/Marketing/Business Applications

04.2 Retailing

04.2.3 Entrepreneurship

Granger, M. and Sterling, T. (2003). Fashion entrepreneurship: Retail business planning. New York: Fairchild Publications. ISBN 1-56367-233-2 (paper), $65.00, 394 pages.

Reviewed by Karen Biers, Utah State University

Fashion Entrepreneurship guides the student through a sequential process of starting and operating a business. The authors begin with articulating the business concept and progress to reality and the drafting of a business plan. Each chapter introduction provides a review of the process covered in the preceding chapters and gives directions to the next step in the process. The authors include a case study, with discussion questions, to illustrate the business concept covered in the chapter. Anyone who wants more information on the concept discussed will find the suggested readings helpful. The text includes a chapter, written by Jana Hawley that focuses on conducting business on the Internet. Throughout the text, Granger and Sterling have provided sample forms including, but not limited to, a business mission statement, merchandise budget, financial plan, and a business plan. The text is designed to have students develop sections of the business plan as the business concept is covered. Included with the text is a CD titled "The Business Mentor: The Entrepreneur's Business Planning Advisor". This CD contains a sample business plan and a sample feasibility study. It includes several exercises such as the business concept, business criteria, assessing strengths and pitfalls of the business idea with an option to pursue or not to pursue the idea, and personal assessment exercise that addresses such topics as "Explain how the business will provide sufficient money to meet your minimum needs. Project what the business concept can pay you in salary, benefits and profit." The self-assessment exercise also addresses the impact of the business on the entrepreneur's family.
The CD includes a template for a business plan and a business feasibility plan. Each chapter contains a table titled "Writing the Plan." The table directs students to the business plan template section where the information is to be recorded, making the process understandable and easy to use. An instructor's guide is available for the text. The guide includes two sample syllabi and lecture outlines. The lecture outlines include teaching and assignment suggestions as well as suggestions for guest speakers.
This is an excellent text for use with students in upper division classes and would be an excellent resource for professionals who are currently operating a retail business or are thinking of starting a retail business. The extensive glossary will assist readers in understanding business and fashion terminology. Although the text focuses on the fashion industry, the business concepts are applicable to many industries and the business plan and feasibility templates on the CD could be used with any business. Granger and Sterling provide an in-depth analysis of the retail business for defining the target market, clarifying product selection, selecting a location, and planning entrance and exit strategies to operational procedures related to merchandising, personnel, and business control.