Senior Entrepreneurship in the Neighborhood Stores: Bogota Study Case

Senior Entrepreneurship in the Neighborhood Stores: Bogota Study Case

Omar Alonso Patiño C. (EAN University, Colombia), Michael Enrique Torres Franco (EAN University, Colombia) and Laura Marcela Patiño G. (UNICAFAM, Colombia)
Copyright: © 2020 |Pages: 23
DOI: 10.4018/978-1-7998-2019-2.ch006

Abstract

Senior entrepreneurship is a topic that has recently given rise to research processes, given the change that occurs in the composition of the world population, with a declining birth rate and a life expectancy upward, and the permanent need of governments to generate more jobs. The first studies of senior entrepreneurship were conducted in the mid-90s, when it began to be identified that people over 50 were developing business initiatives, late, with particularities that differentiated them from the creation of companies in a general framework. In Colombia research processes have not been developed on this topic, and given the importance of it, this chapter presents the results of entrepreneurship in neighborhood stores, establishing the differences that are found between young entrepreneurs and mature entrepreneurs, in the integral management of their business.
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Retail Trade

The retail trade (also known as retail) is the place where a consumer and the product they want to buy coincide, including in this purchase the rent or provision of final goods or services for the use of the family or each of the people that integrate it (Crane & Hartley, 2011).

In accordance with the above, the function of the retail market is to intermediate between producers or distributors and clients and consumers in the supply of products through establishments that are responsible for selling (i) Food, beverages and tobacco (ii) textiles, clothing and leather (iii) medicines, toiletries and beauty products (iv) household equipment (v) spare parts and accessories for vehicles and accessories and (vi) fuels and lubricants (Godas, 2007).

The list of sectors in which there can be retail distribution establishments is comprehensive, however, there are few that meet the condition of being an integral part of a community, these are leading suppliers of mass consumption products, especially basic needs, which according to Giraldo, Briceño, and Ramírez (2009) are dairy, soft drinks, grains, confectionery, cleaning, and cooking products, liquors, vegetables, among other products of frequent consumption.

In this order of ideas, the neighborhood store and the pharmacy were the first expressions of the retail market and although they still exist, the market has specialized around them, giving rise to stores that individually sell each of the products or groups of products mentioned before, without this meaning loss of importance for the given store retains many of the characteristics with which it was born and that were not welcomed by the new business models.

Key Terms in this Chapter

CICO-FENALCO: It is the acronym of the Consumer Research Center of the National Federation of Merchants in Colombia.

Monotributo: A substitute for the income tax in Colombia.

Value Added Tax: Tax paid by the final consumer that varies depending on the product or service purchased.

Retailer: Intermediary between the wholesaler and the final customer.

Pagadiario: Also known as drop-by-drop, it consists of a financial strategy used by owners of microbusinesses to acquire debt in Colombia.

GEM: Acronym of Global Entrepreneurship Monitor, it is the largest organization related to the analyses of entrepreneurship on the planet.

Emerging Consumer: Medium-low consumers defined by not buying cheap brands and prefer to make an effort to acquire the leading brands of the market.

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