Petroleum Retail Outlet as a Sustainable Entrepreneurial business even during pandemic situations and its operational risks

Abstract

Petroleum Retail Outlet business and its entrepreneurship is a very prestigious and valuable business in all parts of India. Today’s government liberalization for all the Oil Marketing Companies has made the establishment of a petroleum retail outlet much easier. This study investigates the entrepreneurship management of Petroleum Retail Outlets and their profitability in the current Indian market scenario. The objective of the study is to identify the key factors that contribute to the success of these businesses, and to understand the challenges and opportunities faced by entrepreneurs in this industry. The study is implemented on a financial analysis of a Petroleum Retail Outlet in investment and returns. The petroleum retail outlet business is a recession proof business and has shown a breakeven sales volume even during the pandemic conditions. The results of the study show that effective management practices, such as inventory control, cost management, and customer service, are critical to the profitability of these businesses. In addition, the study identifies regulatory compliance, competition, and changing consumer preferences as the major challenges faced by entrepreneurs in this industry. The study provides insights and recommendations for entrepreneurs and policymakers to enhance the performance and sustainability of Petroleum Retail Outlets in India in relation to its operational risks and safety measures. SWOT analysis table for petroleum retail outlet is also presented.