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• Sole Proprietorship


  The most basic type of business organization wherein an individual person owns the business
• Partnership


  Partners are personally responsible for the debts and obligations of the partnership
• Two Classifications of Partnership in the Philippines

  • General Partnership - wherein business partners share unlimited liability for the debts and obligations of the partnership
  • Limited Partnership - wherein some partners will have unlimited liability but limited partners' liability is only equal to the amount of their capital contribution
• Corporation


  An artificial being created by operation of law, having the right of succession, and the powers, attributes, and properties expressly authorized by law or incident to its existence
• One-person corporation


  A corporation with a single stockholder
• Cooperative


  An autonomous and duly registered association of persons with a common bond of interest who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable contributions to the capital required (must have at least 15 members)
• Organizational strategy


  Sums up all the actions that a company intends to take in order to achieve its business goals and objectives
• Four domains in decision making

  • Customer
  • Technology
  • Identity, culture and capabilities
  • Competitors
• Collaborate


  • Working with established industry players provides access to resources and supply chains that may enable the business to enter a larger market or customer base more quickly
• Compete


  • Challenging the established industry players provides more freedom to build desired value chains, works with underserved or neglected customers, and brings innovations to the marketplace
• Building a Moat


  Creating a long-lasting competitive advantage over competitors in terms of protecting products, profit, and market share
• Storming a Hill


  Working to speed up the commercialization of a product, service, or technology
• Business Goals


  Describe what a company wants to accomplish over a specific period of time, give business directions, help measure success, provide guidance for decision-making, and help reassess plans and targets
• Vision


  What the entrepreneur wants to attain in the future. Must align with the organization's mission, objectives, strategic directions, culture, and core values.
• Mission


  The action plan or strategy to achieve the vision
• Objectives

  Should be SMART (Specific, measurable, assignable, realistic, and time-related)
• Key result areas


  Pertain to a short list of overall goals that guide how company employees do their jobs. Is translated from the objectives.
• Key performance indicators


  A quantified performance measurement used to measure the company's success versus a set of targets and objectives. Helps determine a company's key financial, marketing, and operational achievements.
• Concepts of operations management

  • Quality control
  • Manufacturing standards
  • Brand recognition
  • Consistency of production outputs
• Standardization


  Concepts of operations management
• Brand is essential in marketing EXCEPT it restricts employee motivation
• First step in strategic brand development

  Create a dedicated brand team
• Brand development


  • A strategic process of creating a company product or service image that is distinct from its competitors
  • Includes aligning the brand with the objectives of the business, communicating the brand to its target audience, and maintaining the brand's consistency in terms of value and quality
  • Is a continuous process
• Marketing mix


  Key factors involved in the marketing of a product or service
• Considerations in selecting a product

  • Price
  • Quality
  • Availability
  • Supplier credibility
• Production system


  • The most serious issues are the inputs and the transformation process
  • Their quality determines the quality of the output
  • The factors involved in the input and the production process are usually referred to as the Four M's of production: Manpower, Method, Machine, and Materials
• MANPOWER


  Human labor force involved in the manufacture of products
• MANPOWER


  • Measured as the most serious and main factor of production
  • The entrepreneur must determine, attain and match the most competent and skilled employees with the jobs at the most appropriate time period
  • Educational qualifications and experience, status of employment, numbers of workers required, skills and expertise required for the job are some of the manpower criteria that must be highly considered by the entrepreneur
• MATERIAL


  Raw materials necessary in the production of a product
• MATERIAL


  • Materials mainly form part of the finished product
  • If the resources are below standard, the finished product will be of unsatisfactory as well
  • The entrepreneur may consider cost, quality, availability, credibility of suppliers and waste that the raw material may produce
• MACHINE


  Manufacturing equipment used in the production of goods or delivery of services
• MACHINE


  • In the process of selecting the type of equipment to purchase, the entrepreneur may consider types of products to be produced, production system to be adopted, cost of the equipment, capacity of the equipment, availability of spare parts in the local market, efficiency of the equipment and the skills required in running the equipment
• METHOD


  The process or way of transforming raw materials to finished products
• METHOD


  • The resources undergo some stages before it is finalized and becomes set for delivery to the target buyers
  • The selection of the method of production is dependent on product to produce, mode of production, manufacturing equipment to use and required skills to do the work
• Prototyping


  A duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions
• Prototyping


  • One of the important early steps in the inventing process
• Benefits


  The reasons why customers will decide to buy the products such as affordability, efficiency or ease of use
• Features


  Descriptive facts about the product or service
• Pretesting


  A sample of the product or service given to the consumer free of cost in order that he/she may try the product before committing to a purchase
• Supplier


  • Has loyalty and values your partnership
  • Leads you to the fulfillment of your business objectives, mission and vision