The Fashion Industry Analysis
The creative industries have gained significance in terms of the economic well-being. It has been increasingly progressing as an important component for the economies that are based on modern post-industrial knowledge. The entrepreneurs that are involved in this sector are different from the ones that are found in other businesses, because creative entrepreneurs need to invest in the talent that they posses and the people involved (Musk, 2010).
The human creativity is an essential resource for advancing the economy. Industries in the twenty-first century would most certainly depend on the generation of knowledge, which is gained from the measures of creativity and innovation. This knowledge becomes a base …show more content…
Relatively to the mid of the 19th century when all of the clothing was handmade for every individual, being a home product or from tailors and dressmakers, the fashion industry of the modern age has more priority. At the start of the 20th century, due to the advancement in the new technologies, sewing machine, global capitalism, establishment of factory system and retail stores, there was an increase in the production of clothing with a speed. The clothes were being mass-produced, being sold at fixed prices and they were coming in standard sizes at that time. The first establishment of the fashion industry was in Europe and America. Even after this, at present, the creative industries are marked being international and highly globalized (Major, …show more content…
For instance, sourcing of the fabric by an American fashion company in China might be done and then the manufacturing of the clothes could be done in Vietnam and completed in Italy. After this, it would be shipped towards a warehouse that is in the United States, where it could be distributed to the retails outlets on an international level. In the U.S., the fashion industry has had one of the largest employers, and it tends to stay in this situation in the 21st century. Even so, there was an extreme decline in the employment rate as there was an increase in the production rate and the overseas movement, in particular to China (Flew, 2011).
The data and information of the fashion industry are usually reported for the national economies and these are depicted in terms of different sectors of the industry. This is due to the difficulty in obtaining the aggregate figures for the clothing and world production. However, the fashion industry in the 21st century still counts for an extreme share of the outcome in the world economic (Flew, 2011).
Entrepreneurship in the Creative