Navigating the local landscape

: strategies and challenges for innovative entrepreneurs upholding regional identity

Abstract

Local entrepreneurs are facing increasing challenges in recent decades. Striking a delicate balance between maintain the core values of a community and ensuring sustainability of their business while adapting to the consumer needs demands careful consideration. This paper aims to provide takeaways and insights gained from entrepreneurs who have confronted these challenges successfully. The qualitative data, derived from interviews, served as a foundation for this analysis. Furthermore, this study scrutinizes the impact of mass merchandisers on the development of the local business and, consequently, their influence in communities. Additionally, the paper investigates the character of the relationship between local suppliers and these retail entities. Key findings highlight that businesses strategically prioritizing innovation and regional identity tend to achieve greater success while having a higher engagement with the community, thereby demonstrating a more pronounced local multiplier. Recommendations for local entrepreneurs include the development of a comprehensive and updated business plan, investment in the digital and proactivity when seeking for financial support. Concerns and pressures from mass merchandisers emerged in the data, encompassing issues related to pricing, profit margins, quality compromises, and the incapacity to promote a differentiating brand. Nevertheless, the data highlights the evident dependence of suppliers on retail giants, particularly when aspiring to scale up. Therefore, it is suggested that mass merchandisers evolve in their relationship with local suppliers, primarily through redefinition of commercial parameters.

Date of Award	26 Jan 2024
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Nuno Moreira da Cruz (Supervisor)