Entrep 3rd Quarter

• Workplace Structure Workplace structure is vital for the success of an organization. It helps clarify roles and responsibilities and promotes efficient communication and collaboration. A structured workplace also helps in decision-making and problem-solving. It fosters accountability and helps manage resources efficiently. Workplace structure is crucial for organizational success (Brady, 2021).
• Virtual Office-

  Start-up entrepreneurs widely utilize virtual workspaces due to their ability to enhance efficiency, reduce commuting costs, and provide increased flexibility. Virtual workplaces also significantly reduce overhead and technology expenses, providing a more cost-effective solution for modern work environments. Furthermore, it streamlines the accessibility, sharing, backup, and recovery processes for data. Its added functionality improves collaboration and productivity and ensures seamless business continuity.
• Physical Office -

  Office layouts have changed from cubicles to open, spacious areas that promote collaboration and increase employee visibility. Office layout plans are instrumental in defining the architecture of collaboration, cross-functional operations, and elements that prioritize productivity, learning, and employee satisfaction
• • Open Office Design.

  A workplace layout that is characterized by minimal walls or barriers between employees. It promotes a collaborative and open environment for communication and teamwork.
• Cellular Office Design -

  A workplace layout that incorporates private, individual workspaces known as “cells” or offices. The design typically features enclosed rooms or cubicles for each regular employee.
• Manufacturing / Plant. Manufacturing businesses like Apple, Samsung, Panasonic, and Sony, among others, have a range of selections to choose from when it comes to designing their production layouts; this, of course, depends on the total size of the equipment, products, and employees they have to work with. (Ingram, 2016).
• Combination Office Design. A workplace layout tailored to the organization's specific needs and preferences. This combination can create a dynamic and versatile office environment that supports productivity and collaboration
• Co-Working Space Design. A workplace layout consists of open work areas with shared desks. It promotes collaboration, flexibility, and a productive environment among employees.
• Product or line layout.

  In this layout, only one (1) product type is made in each area. The product is standardized and produced in large quantities. Raw materials are supplied and processed through one line to the finished product. It is commonly used if there is a need to produce more product quantity.
• Combination type of layout. It is a layout that utilizes a combination or a mix of other layouts. This type is possible if an item being made has different types and sizes. In such cases, machinery and equipment are positioned in a process layout.
• Fixed position layout. In this type of layout, the products are built in a fixed location, with all the necessary materials and equipment brought to that place. It is because the products are too heavy or the equipment needs to be permanently installed.
• Process or functional layout. This layout is helpful if there is a low production need. In this type of layout, machinery and equipment are positioned according to the nature or type of operations.
• PESTEL Analysis. This tool helps identify the external forces that can positively and negatively impact the business.
• PESTEL Analysis. This tool helps identify the external forces that can positively and negatively impact the business.
• Political. These factors determine the influence of government and its policies on a particular business or industry. It includes trade, fiscal, and taxation policies, among others.
• Economic. These factors determine the impact of the economy and its performance on a business and its profitability. It includes interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
• Environmental. These factors determine the influence of the surrounding environment and ecological aspects’ impact on a market or industry. It includes climate, recycling procedures, carbon footprint, waste disposal, and sustainability.
• Legal. These factors determine the importance of understanding legal laws and procedures in a given territory where a business operates. It includes employment legislation, consumer law, health and safety, and international and trade regulations and restrictions.
• Technological. These factors determine the impact of technological innovation and development on a particular market or industry. It includes digital or mobile technology changes, automation, research, and development.
• Social. These factors determine the social environment and emerging trends affecting business profitability. It includes changing family demographics, education levels, cultural trends, attitudes, and lifestyle changes.
• Cost-Plus Pricing (Markup). This method involves calculating all the costs associated with manufacturing a product or delivering a service and then incorporating a predetermined markup to determine the appropriate selling price. Cost-plus pricing ensures that all costs are covered and allows for a good profit margin.
• A predetermined markup percentage is a percentage added to a product or service's cost to determine its selling price. In contrast, a desired profit refers to the profit level that a business aims to achieve over time. It is typically an assumption or estimated amount based on factors such as cost of production, market competition, and inflation
• Leadership. Entrepreneurs display their passion, vision, and mission for the business in every interaction with investors, employees, and external stakeholders.
• Articulate. Entrepreneurs recognize the importance of facilitating communication in all directions within an organization. Communication skills are vital in various business areas, such as closing sales, boosting employee morale, resolving conflicts, and negotiating contracts
• Sociable. Entrepreneurs recognize that aligning the organizational approach with the unique characteristics of the business and its employees is crucial when managing people.
• Adaptable. Entrepreneurs must be decisive, passionate, adaptable, and willing to make changes
• Collaborative. Entrepreneurs know it is crucial to connect with managers, investors, partners, and stakeholders as equals. They understand the value of each person's contribution and do not focus on a hierarchical structure.
• Multifaceted. Entrepreneurs must be adaptable and multi-skilled. They must manage all business aspects, including sales, marketing, and client and stakeholder management
• Resilient. Entrepreneurs embrace failure and never give up easily. They constantly seek motivation and view setbacks as chances to gain wisdom and advance.
• Proactive. An entrepreneur should take the initiative to address problems before they happen, whether about finances, branching into a new market, or benchmarking the competitors
• Innovative. Entrepreneurs can grow their businesses and satisfy customers by developing new market offerings that meet the changing demands
• Risk-taker. Entrepreneurs are aware of the potential risks of starting a business and are proactive in mitigating these risks.
• Creative. Entrepreneurs who succeed possess a relentless curiosity that drives them to constantly explore novel concepts and prospects that evolve into profitable business ventures.
• Passion. Entrepreneurs' passion is a constant source of motivation and drives them to achieve their targets of revolutionizing outdated methods and introducing innovative business concepts.
• Motivation Theory Theories of motivation suggest that behavior is not random but rather driven by a purpose to achieve specific objectives. In other words, entrepreneurial motivation refers to an entrepreneur's drive to continue engaging in entrepreneurial activities. Entrepreneurial behavior can encompass a variety of actions, such as taking risks, identifying new opportunities, and pursuing innovation
• Intrinsic Motivation. People do the task at hand because they are passionate about the business. The following are the categories of intrinsic motivation: • Achievement motive - Have a strong motivation to succeed, achieve greatness, and conquer any difficulties and hurdles in the quest for objectives. • Power motive - The desire for control, influence, and the ability to impact others and change circumstances. • Affiliation motive - The act of pursuing, upholding, or revitalizing an emotional connection with others.
• Extrinsic Motivation. It is about motivating individuals to complete a task by offering rewards such as money, gifts, or treats. However, this type of motivation fades away when the reward is absent or not at par with their interest.
• Sole Proprietorship – it is initiated, organized, owned, and managed by a single person
• Partnership – two (2) or more partners who co-own a business to make a profit
• Cooperative – a duly registered group of persons with a common interest to voluntarily join to achieve a lawful social and economic end