Page 42 - Dinq Magazine August 2020 Edition

Continued from page 32

And the Ethiopian Store/Marts are rel- is always go side by side- be there and or from mainstream financial institu-
atively giants in the world of Ethiopia or will be there. One of these are damage tions.
ethnic markets. They represent the core reputation that leads to bankruptcy Many stores liquidated to pay off the

idea that such stores provide belonging while others can be costly and is time unsustainable debt hanging over the
and a form of cultural translation for consuming to repair no matter which grocery stores, dismaying/end their loy-
Ethiopian immigrants. Whether they are business industry they are in. So, repu- al customers. Some businesses were

literally making life possible by giving tation is everything for anyone, from owned by private equity-a form of fi-
people a way to earn money and make a any side we look at. The owners have nance in which investors buy, overhaul
living, or simply making the transition to to have in mind to take the risk assess- and that is the shadow challenges. As a

life in America less lonely or daunting, ment regardless of the business type result, most consumers have seen some
groceries and department stores serve a prior to opening their businesses. of their favorite stores closed from fi-
vital purpose to immigrant communities. Other than that, they do sale a handful nancial distress.
of certain traditional products and that This situation has happened on many

Risks: I proved one thing is true though; is it. On top of that, Ethiopian Stores Ethiopian businesses in the past to
nothing is free from risks. The success seems like have no return, refund, and force them close their doors after few

of business depends how well they com- layout design and store policy. That is years of market existence as a result of
municated with their customers and why once they sale their products they luck of risk prevention strategic: exter-
trusted. What I mean by that is the Ethi- don’t communicate and get feedback nal or internal causes and maladmin-
opian- owned stores don’t promote their from customers about their business, istration. As of the internal causes, the

business except few. And they don’t re- customer handling and products they Ethiopian owners do always operate
alize that providing good customer ser- sold. their business entirely on their own:
vice keeps customers connected. Those Finding a solution required more trust follow the traditional method of selling

who do, they give food test promotion and transparency between their con- products using traditional marketing
of their freshly homemade bread, pop- sumers and store owners to get feed- techniques they practically learnt either
corns, cup of coffee and put the Ethio- back to build a better relationship with from their parents, on-the-job training

pian coffee pots and cups on the middle consumers. This sounds good and very or from life experience back home
of the floor to demonstrate the Ethiopi- reasonable; but for them it looks hard which are one of they wish to transfer
an coffee ceremony during high Holi- due to social and cultural barrier that to the next generation, placing less em-

days which is a relevant to kids who have created to fulfill the expectations phasis on Americanized form of pro-
born and raised overseas. For further and still be a problem in Ethiopian motion, no prior market research or
readings, refer to Traditional Style Cof- stores operators. involves professionals before and after
fee Business articles, 2016, Dinq Maga- They can’t blame anybody but them- opening their business is a norm they

zine for detail. selves to go out of business. Few ever experienced.
Investment does have always conse- Stores used either community - based
quences-positive return but also has financing which complies with loan TO BE CONTINUED►

murky side no matter what. Business risk agreements or Islamic Law prohibiting
the collections or payment of interest

42 “ኢትዮጵያ ለዘላለም ትኑር“ ድንቅ መጽሔት - ነሐሴ 2012