PROFILES OF SUCCESSFUL CRAFT MICRO-RETAILERS

Abstract

This research sought to provide insight on those strategies and business activities associated with successful micro-retail entrepreneurs, specifically in arts-related firms where minimal research has been conducted. The relationship with gender was also investigated. A series of empirical analyses was conducted, including factor analysis, cluster analysis and correlations. Initially, four diverse groups of micro-retailers were identified from self-definitions of success. More successful micro-retailers were found to value both personal satisfaction and financial success as indicators of success. Each of the four groups of micro-retailers who perceived themselves to be more successful engaged in distinct business strategies and activities. Results drawn from this study reveal that those micro-entrepreneurs seeking greater success should develop a strong customer satisfaction orientation and offer differentiated products that are more unique and of higher quality and priced appropriate to quality. Additionally, one strategy found to be unique to successful craft micro-retailers is to educate consumers about crafts and/or craft artisans and the region's culture.