Entrepreneur

• Introduction of 4 M's
• Manpower


  The human workforce involved in the manufacturing of products
• Method


  The process of converting raw materials into a finished product
• Machine


  The technology utilized in efficiently operating the business
• Materials


  The supply chain management, including the raw materials to be used in making a product or service
• The 4M's (Manpower, Method, Machine, and Materials) are factors involved in the production process
• The operation plan is a significant piece of the marketable strategy since it essentially expresses the intricacies in working the business
• Manpower measures to be considered by the entrepreneur

  • Educational attainment and work experience required
  • Status of employment, whether permanent or temporary
  • Number of workers required
  • Skills and expertise required
  • Appropriate time the worker is needed
  • Conduct of background checking and issuance of requirements
  • Amount of compensation and other mandatory benefits
  • Availability of potential workers in the community
• The method aspect denotes the day-to-day operations or the sequence of operations that should be clearly defined to ensure proper execution and consistency of product quality
• Manpower


  The most vital factor in production
• Manpower


  • Business entrepreneurs must determine, acquire, and match qualified employees with jobs in the most appropriate period
• Manpower measures to be considered by the entrepreneur

  • Educational attainment and work experience required for the activity
  • Status of employment, whether permanent or temporary
  • Number of workers required for the activity
  • Skills and expertise required for the activity
  • Appropriate time the worker is needed
  • Conduct of background checking and issuance of requirements
  • Amount of compensation and other mandatory benefits
  • Availability of potential workers in the community
• Method


  • The sequence of operations should be clearly defined to ensure proper execution thus assuring the consistency of the quality of the product
  • The method aspect denotes the day-to-day business activities
  • It exemplifies how a business entrepreneur will run the entire business from all facets of the business operations
• Factors determining the selection of production method

  • The plant size and production schedules are determined based on projected demand
  • The number and capacity of the machine and equipment are determined
  • The plant location has a long term effect on business operations
  • Strategic plant layout which helps in lowering production cost
• Machine


  • Most organizations would not have the option to work without the guide of machines
  • Machines can be described as the "closest friend" of labor in creating products and services
  • Machines have become one of the 4Ms because they are a significant part of producing products and services, and they have changed how entrepreneurs lead the business
  • Machines are limited to physical equipment as well as relate to technologies that help business operations become standardized and consistent
  • Without machines, business activities will be cumbersome, expensive, and poor quality
• Significant elements on the process of selecting the type of equipment to purchase

  • Types of product to be produced
  • Production system to be adopted
  • Cost of equipment
  • Capacity of equipment
  • Availability of spare parts in the local market
  • The efficiency of the equipment
  • The skills required in running the equipment
• Materials


  • The raw materials needed in the production of products and services
  • Includes direct and indirect or consumable materials
• Important factors in the selection of raw materials

  • Identify the cost of materials
  • Monitor the quality of materials
  • Maintain the availability of materials
  • Secure the credibility of suppliers
  • Determine the waste that the raw materials may produce