ENTREP

• operation management - controls the implementation of the business plan
• 4 Ms of production are: manpower, machines, materials, and method
• 4 Ms are also called 4 critical domains associated to manufacturing
• Manpower - refers to the human resources involved in the production process. It includes the skills, knowledge, and labor required to manufacture a product.
• Manpower considerations involve the number of workers, their expertise, training, and efficiency in carrying out tasks.
• Machines encompasses the equipment, tools, and technology used in the production process. This includes both heavy machinery for manufacturing tasks and smaller tools for assembly or precision work.
• Materials refer to the raw substances or components used to create a product. These can range from natural resources like metals, minerals, and agricultural products to synthetic materials like plastics and composites.
• Materials refer to the raw substances or components used to create a product. These can range from natural resources like metals, minerals, and agricultural products to synthetic materials like plastics and composites.
• Methods represent the processes, procedures, and techniques used to transform raw materials into finished products. This includes production planning, scheduling, quality control measures, and workflow optimization.
• When outsourcing the entrepreneur must protect its product through trademark or a patent and a non- competing or nondisclosure agreement.
• Product description -a piece of writing that conveys the features and benefits of a product
• A Prototype is an initial creation of a product that shows the basics of what product will look like, what it will do and how it will work.