entrepreneurship

• It suggests how raw materials will be transformed using the other factors in the production.

  Method
• It is not limited to muscular activities but also intellectual, creative abilities etc.

  labor
• It is another term used to describe factor inputs because of its transforming properties.


  Processors
• The following are productive inputs EXCEPT for one.

  Money
• Entrepreneurs can protect their product through

  patent
• The Kitchen Therapy bake cakes and pastries, and sugar is one of the must have in their grocery list. What does sugar represents in their production of goods?

  raw material
• It is a process of appointing a third party manufacturer to do the manufacturing operations of the business.

  Outsourcing
• Cost, quality and availability should be considered in choosing

  materials
• It is the first version of the product.

  prototype
• What is not a risk in outsourcing?

  Saves you from buying expensive machines
• is the engine that powers the business

  
  

  sales
• Production is both reactive and proactive almost simultaneously
• is the drive train that gets us where we are going

  production
• So, what are the 4Ms of Production?

  Method, Manpower, Machine and Materials
• the process of combining raw materials and how these are going to be transformed using the other factor inputs of production. This resource input is also called technology or techniques of production since it prescribes the intensity in the use of factor inputs.

  methods
• if labor is abundant and cheap in the locality, the firm might use more labor-intensive techniques. This only means that they will use labor more than other factor inputs. However, if labor is expensive and capital is cheap the firm or company may implement a capital-intensive technology. This means that will use more capital compare to the other factor inputs.
• Now in the production of pandesal,the mixing of ingredients will use manual labor intensively as applied by small bakeries. On the other hand, large bakeries in urban areas will use modern baking equipment and utensils that are capital-intensive

  methods
• the right human resources who will handle certain business operations. It is one of the highest cost of operating the business, but also the most instrumental to its success. - It does not only include labor or muscular power nut also intellectual, creative abilities and other qualities of individuals that can contribute to the production.

  Manpower
• technology used in efficiently operating the business. It was also described as the “best friend” of manpower in producing goods and offering services.


  machines
• to be used in creating a product or performing a service, which includes supply chain management

  materials
• However, through this entrepreneurs can closely monitor the quality of his product and can build his own name overtime making his own brand identity.


  Manufacturing own products or offer services
• of manufacturing or service activities to a third party, It also saves the entrepreneur from buying expensive machineries, but has it also has its risk such as: Profit shared with the third party, they run out of supply, when the outsource party closes its business and if they produced sub-standard products.

  Outsourcing
• the right to protect the entrepreneur regarding the product or service.

  patent
• a sign or symbol that helps to distinguish the product from the others

  trademark
• this is where entrepreneurs purchased finished products from manufacturer or offering the services of another company. The company can save the cost of the machines and manpower. However, the entrepreneur cannot own the brand name of the product or service and the manufacturer is not restricted to sell to the entrepreneur’s competitors.

  Purchasing own products or services from present suppliers –
• – it is a financial resource used to purchase all the resources needed by the firm for its operation.

  money
• 3 rules

  • Know who your target audience is
  • Focus on the Product Benefits
  • Use good product images
• – states that the third party will be given full access to any confidential information provided that it should be disclosed to anyone else.

  nondisclosure agreement