Entrepeneurship Weeks 6-8

• Implementing of a Business Operations Plan

  1. Create a table of organization to show a graphical description of the manpower complement of the business

  2. Prepare a job description for each member of the organization so that everyone is aware of what is expected of him or her

  3. List the qualifications of employees needed and decide where to source them

  4. Decide on where to source candidates

  5. Interview the potential candidates and ask them relevant questions about the Job

  6. Choose the best candidates and provide a job offer. The job offer should contain the following details

  7. Ensure there is an employee training and development program for the business
• Separate entity


  The business is a separate and distinct personality from the business owners
• From the day an entrepreneur choose to engage in a business, all his or her transactions related to the business should be recorded
• The entrepreneur must understand that his personal transactions must be separate and distinct from his or her business transactions
• The normal balance of the asset side is "debit"
• The normal balance of liabilities and owner's equity is "credit"
• The normal balance of expense side is "debit"
• The normal balance of the income side is "credit"
• 1. accounts


  A summary of the debit and credits for each balance sheet or income statement account that will be offset from each other to come up with the ending balance
• The ending balance of these T-accounts will be reflected in the general ledger that will eventually be reflected in the balance sheet and income statement
• The importance of Keeping Business Records
• Financial Statement Analysis and Overall Interpretation of Business Results
• A good idea can be stolen, but no one can steal your execution.
• The first step to starting your own business is identifying the problem that needs solving
• Entrepreneurial mindset - ability to see opportunities where others don't
• Market Research - Gather information about potential customers, competitors, and industry trends
• Business Plan - A document outlining your company's goals, strategies, financial projections, and marketing plans
• It serve as a powerful analytical tool to review the past performance of the business, to understand the current performance of the business and to project future business performance. BUSINESS RECORDS
• This is where the facilities are prearranged according to the flow of manufacturing operations. PRODUCT-BASED LAYOUT
• This is where the facilities are grouped according to their functions.

  PROCESS-BASED LAYOUT