The Entrepreneur's Journey (03:53)
Richard Skorman started his bookstore right out of college in 1975. He expands it to a bookstore and restaurant. Skorman acquires used books from several avenues.
Enjoying a Bookstore (04:38)
Richard Skorman discusses creating a niche for his bookstore; it is difficult to compete with new and online bookstores. Skorman discusses the allure of a used bookstore, diversification and customer relationships.
Dynamics of a Bookstore Business (02:44)
In the beginning, Richard Skorman specializes in books that are classics in all the fields. He discusses adaptability, online sales, repeat business, and trends.
Skorman's Vision (03:22)
Richard Skorman reflects on the different combinations in his business, including a movie theater at one point, to fill an area of the community. He discusses restocking fees and shipping.
Booksellers Need Adaptability (02:15)
Richard Skorman discusses what the book business is like in 2011 and reflects on the different aspects of operating it. He buys, sells, and trades books within the store.
Behind the Business (02:38)
Richard Skorman discusses personality traits in the book industry and the necessary skills to be successful.
Lessons Learned From the Journey (02:51)
Dr. Tom Duening summarizes Richard Skorman's journey into starting a bookstore and the necessary adaptability to become successful.
The Entrepreneur's Advice (03:39)
Richard Skorman discusses the necessary inventory for a used book store. He discusses start-up costs and the importance of buying well.
Building an Inventory (03:32)
Richard Skorman discusses how to buy well; you have to know your customers. He explains the standard procedures for buying and pricing books as well as the incentives for trade.
A Successful Bookstore (03:40)
Richard Skorman discusses the time invested in his bookstore, business hours, and approaching customers. He reflects on the amount of time it takes for a book business to become profitable.
Sources for Books (03:19)
Richard Skorman discusses techniques to build a unique and structured inventory for a book business. Resources for purchasing hurt books and remainder books are no longer readily available.
Richard Skorman explains how he manages his book inventory and other products. Merchandising is something one can learn by paying attention to sales and customers.
Book Market (04:02)
It is very important to find a niche in the book industry. Richard Skorman targeted college oriented and hard to find used books when he first started his business. A variety of books encourages larger clientele.
Building the Culture of a Bookstore (01:53)
Richard Skorman explains how to match a niche market with the culture of a store; it's important to notice how others market their materials.
Relating to Customers (02:13)
Richard Skorman explains how to win customer loyalty; treat regulars very well, and have enough turnover to keep the selection interesting. There are two negative sides to the business; shoplifting and not purchasing books.
Used Bookstores Versus Commercial Stores (03:11)
Richard Skorman discusses his approach to a bookstore ambiance and making the bookstore a nice place to work. Skorman explains how he serves customers beyond just selling books.
Expressing Values (04:08)
Richard Skorman discusses personal values in relation to types of inventory. He gives examples of controversial books and situations he faces at his store. Skorman only advertises during Christmas and special events.
Managing a Bookstore (02:42)
Richard Skorman discusses his development from a bookstore to a broader market in order to fulfill customer needs.
Choosing Bookstore Inventory (02:57)
Richard Skorman has help in selecting the products for his store. He emphasises not to take it personally when a product does not sell. Skorman learns by doing and asking for help.
Starting a Bookstore (02:13)
Richard Skorman explains his approach to an individual who wants to get into the book industry.
Summary of the Entrepreneur's Advice (04:41)
Dr. Tom Duening summarizes Richard Skorman's journey from starting a bookstore in 1975 to his current business. He emphasizes smart business choices and adaptability to be successful.
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