Small Business Management in a Market Economy

Small business management in a market Economy

Small business management in a market Economy


Many small businesses are started with much aggressiveness. Depending on the country or state in which they start, they are faced with government rules and regulations that are set for their existence. For instance, looking at a company called Young & Reckless started by a young entrepreneur named Chris Pfaff, which specializes mostly in design of street wears, and started in the state of Los Angeles and now grown to be a national designing company. Young and reckless company distributes to vast majority of sellers and has a series of stores including Macy’s Dillard’s and PacSun stores where numerous sales of its products are sold. Going by the above, it shows that small business management requires serious distribution lines that help the company to sell their products and become profitable. For a young business to grow and make good profits, receiving endorsements and sponsorships to raise capital and finances is a significant factor for existence in the business world. In our example of Young & Reckless, Chris received celebrity endorsements from Justin Beiber, a pop star and Puff Daddy who also is a pop star. The two celebrities have helped Young and Reckless Company as they are used to market his designed fashions thus increasing the company sales. Young and Reckless company shows how good management, proper funding of starting capital, good business ideology, human resources and methods of marketing used can be of significance to a company’s making good profits and secure their existence in a market economy.

Capital sponsorship is mainly important for managing a new venture. As shown in the interview with the Forbes staff, Chris stated that his cousin Rob had many sponsors from MTV reality show who helped him secure enough capital for starting and growing his small business by then. The sponsorship from MTV helped the company to become a nationwide business as it connecte him to many buyers who alternatively were watching the MTV shows. Further, Chris in the interview stated that Rob usually went with him to negotiate deals with DC Shoes or the Monster energy drinks companies. That’s when the young business man realized the idea of putting together a business and a significant brand with a good business brand as well as executing it.

Coming upwith a promising business idea requires extensive research on what one loves and wht they do best. For Chris coming up with the idea of a T-shirt company was triggered by the fact that he was a skateboarder ata a young age. More so, he stated that he was particularly concerned with his clothes. The young guru usually worn his clothes inside out as he cut holes in them. Cutting holes in his clothes triggered him to go back to his old love and found his new love for coming up with a brand as he put them together. This new found love made Chris to start the Young and Reckless clothing company. In addition, the MTV reality show had its second show with his cousin Rob’s Fantasy Factory, and they asked questions like why the Drama thing?, what the Fantacy company worked on? And by that said, Chris realized the reality show was nice ground of launching the Young and Reckless Company.

Understanding of the competition surrounding business is an important factor for existence nd profitability. Chris explains that on moving to LA from Ohio State, he started visiting street wear houses like Supreme shops. He found that their existence was only in Miami, LA and New York cities. He found that they were not in Akron, OH, where he came from. Furher, Chris investigated how the street wear shops bragged themselves of how they had one or more bricks and mortar stores as they resulted to customer rudeness. Despite the rudeness, when one got into the shops he or she felt like if they belonged to the brand. Learning to create the same feeing felt by customers in other businesses is vital for company developments.

Good customer connections and relations makes businesses grow and profitable. Making the brand to sound something lovable and preventing it from being used from the reasons it was not meant for makes a business mainly in designing last longer in the market. Appealing logos of the business like the one Chris wrote for his business makes the production and designing companies remain famous and successful. Further, having a well experienced staff who can make good designs of the company makes it a successful venture. Chris had a friend who helped him to do graphical designs and he sketched Young and Reckless Company logo.

Proper marketing of the company logo makes a venture acquire success. Chris hired a young man who usually pumped company logos and got inspiration from other brands and his t-shirts he won as a kid. This is one part of marketing a business. Using of celebrities seems a good method of marketing a company’s brand and taking appealing photo shoots, attending interviews and autograph signings by the celebrities. Appropriate channels of advertising and marketing products are important in growing the brand and making good profits. Young and Reckless chose you tube channels where he uploaded his videos. One should be aware of the marketing mistakes that may occur as they market their products. Chris stated that marketing is an amount of content reaching the viewing audience. Further, he stated that marketing is a quantity driven activity. One has to create enough content to be seen in the market taking care not to make low quality content.

Considering all the above, any young growing business in a market economy has to master all the factors of growth. These factors are competition and how to overcome it to be the best rand. Good staffing proves to be important since one employs people skilled in doing something significant. With all the above factors, a business gets in the line of success and productivity