What skills does a retail entrepreneur need?

A retail entrepreneur needs 24 essential skills including commercial law, law of obligation, guarantee customer satisfaction, identify suppliers, implement marketing strategies. Core competencies include .

Will AI replace retail entrepreneur jobs?

The AI disruption score for retail entrepreneur is 46/100 (moderate risk). Some tasks may be automated but the role will evolve rather than disappear entirely.

RetailSales workersISCO 5221

retail entrepreneur

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

European Skills Framework

Skills and knowledge areas required for this occupation based on European classification.

Essential (24)

commercial lawcommercial lawThe legal regulations that govern a specific commercial activity.law of obligationlaw of obligationThe legal procedures that regulate the rights and duties arising between individuals.guarantee customer satisfactionguarantee customer satisfactionHandle customer expectations in a professional manner, anticipating and addressing their needs and desires. Provide flexible customer service to ensure customer satisfaction and loyalty.identify suppliersidentify suppliersDetermine potential suppliers for further negotiation. Take into consideration aspects such as product quality, sustainability, local sourcing, seasonality and coverage of the area. Evaluate the likel...implement marketing strategiesimplement marketing strategiesImplement strategies which aim to promote a specific product or service, using the developed marketing strategies.study sales levels of productsstudy sales levels of productsCollect 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 ...set up pricing strategiesset up pricing strategiesApply methods used for setting product value taking into consideration market conditions, competitor actions, input costs, and others.analyse data for policy decisions in tradeanalyse data for policy decisions in tradeAnalyse 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.perform customers’ needs analysisperform customers’ needs analysisAnalyse 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.manage staffmanage staffManage 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 wor...recruit employeesrecruit employeesHire new employees by scoping the job role, advertising, performing interviews and selecting staff in line with company policy and legislation.monitor company policymonitor company policyMonitor the company's policy and propose improvements to the company.negotiate sales contractsnegotiate sales contractsCome to an agreement between commercial partners with a focus on terms and conditions, specifications, delivery time, price etc.organise product displayorganise product displayArrange 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 stand...manage financial riskmanage financial riskPredict and manage financial risks, and identify procedures to avoid or minimise their impact.plan marketing campaignsplan marketing campaignsDevelop 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.develop business casedevelop business caseGather relevant information in order to come up with a well-written and well-structured document that provides the trajectory of a given project.handle financial overviews of the storehandle financial overviews of the storeMonitor the financial situation, analyse the store's sales figures.implement sales strategiesimplement sales strategiesCarry 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.perform project managementperform project managementManage 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 g...supervise sales activitiessupervise sales activitiesMonitor 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 encoun...build business relationshipsbuild business relationshipsEstablish 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 orga...provide customer follow-up servicesprovide customer follow-up servicesRegister, follow-up, solve and respond to customer requests, complaints and after-sales services.control of expensescontrol of expensesMonitor and maintain effective cost controls, in regards to efficiencies, waste, overtime and staffing. Assessing excesses and strives for efficiency and productivity.

Optional (16)

accounting techniquesaccounting techniquesThe techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.e-commerce systemse-commerce systemsBasic digital architecture and commercial transactions for trading products or services conducted via Internet, e-mail, mobile devices, social media, etc.competition lawcompetition lawThe legal regulations that maintain market competition by regulating anti-competitive behaviour of companies and organisations.market pricingmarket pricingPrice volatility according to market and price elasticity, and the factors which influence pricing trends and changes in the market in the long and short term.operate cash registeroperate cash registerRegister and handle cash transactions by using point of sale register.maintain relationship with customersmaintain relationship with customersBuild a lasting and meaningful relationship with customers in order to ensure satisfaction and fidelity by providing accurate and friendly advice and support, by delivering quality products and servic...examine merchandiseexamine merchandiseControl items put up for sale are correctly priced and displayed and that they function as advertised.carry out cross merchandisingcarry out cross merchandisingPlace a particular item in more than one location within the store, in order to attract customer attention and increase sales.arrange ordering of products for customersarrange ordering of products for customersOrder products from suppliers after deciding on the required amount of stock needed.maintain relationship with suppliersmaintain relationship with suppliersBuild a lasting and meaningful relationship with suppliers and service providers in order to establish a positive, profitable and enduring collaboration, co-operation and contract negotiation.create annual marketing budgetcreate annual marketing budgetMake the calculation of both the income and expenditures that are expected to be paid over the coming year concerning the marketing related activities such as advertising, selling and delivering produ...comprehend financial business terminologycomprehend financial business terminologyGrasp the meaning of basic financial concepts and terms used in businesses and financial institutions or organisations.keep records of merchandise deliverykeep records of merchandise deliveryKeep records of goods deliveries; report discrepancies to control costs in order to maintain correct inventory levels.ensure point of sale material availabilityensure point of sale material availabilityImplement and monitor all activities related to the equipment and materials available at point of sale.check deliveries on receiptcheck deliveries on receiptControl that all order details are recorded, that faulty items are reported and returned and that all paperwork is received and processed, according to the purchasing procedures.maintain financial recordsmaintain financial recordsKeep track of and finalise all formal documents representing the financial transactions of a business or project.