ENTREPRENEUR

• MANPOWER- Talks about human labor force involved in the manufacture of products.
• MANPOWER- It is measured as the most serious and main factor of production
• MANPOWER CRITERIA - Educational qualifications and experience, status of employment, numbers of workers required, skills and expertise required for the job
• MATERIAL- Talks about raw materials necessary in the production of a product.
• MATERIAL - It is mainly form part of the finished product.
• In material the entrepreneur must consider the following - cost, quality, availability, credibility of suppliers and waste
• MACHINE- Discusses about manufacturing equipment used in the production of goods or delivery of services.
• In the process of selecting the type of equipment to purchase or in machine, the following must be considered- 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.
• Production Method- discusses the process or way of transforming raw materials to finished products
• RESOURCES - undergoes some stages before it is finalized and becomes set for delivery to the target buyers.
• PRODUCT DESCRIPTION -Is the promotion that explains what a product is and why it’s worth buying?
• PRODUCT DESCRIPTION- provide customers with details around the features and benefits of the product so they’re obliged to buy.
• PROTOTYPING- A duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions.
• One of the important early steps in the inventing process is making -prototype
• SUPPLIER- An entity that offers goods and services to another business.
• SUPPLY CHAIN - main part of the value contained within its products
• SUPPLIERS- are your business partners.
• SUPPLY CHAIN- it is a structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer
• VALUE CHAIN- it is a method or activities by which a company adds value to an item, with production, marketing, and the provision of after-sales service.
• VALUE CHAIN- The main goal and benefit of this, and therefore analysis, is to make or support a competitive benefit
• VALUE CHAIN includes customer-planning-innovation-product development-supplier alignment and sourcing
• VALUE CHAIN - It is customer to product
• SUPPLY CHAIN- it is supplier to customer
• SUPPLY CHAIN includes; material suppliers-logistics-production-sales and marketing-customer
• BUSINESS MODEL- describes the reasons of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts/\.
• BUSINESS MODEL INNOVATION - The development of business model construction and variation and forms a part of business plan.
• BUSINESS MODEL - It is a company's plan for how it will make revenues and make a profit.
• BUSINESS MODEL - It describes what products or services the business plans to manufacture and market, and how it plans to do so, as well as what expenses it will incur.
• BUSINESS PLAN- is an important tool for you to have an idea about the future of your business
• BUSINESS PLAN- a document that defines in a detail company's objectives and how it will achieve them.
• There are important phases in developing your business model, namely; Identifying the specific audience; establishing business process; recording a business resources; developing strong value proposition; determining key business partners; and creating a demand for today’s generation strategy and be open for innovations.
• BUSINESS PLAN - It will be your guide in the moment you will be implementing and operating your business proposal.
• You can also make use of the business plan in securing investment capital from financial institutions or lenders
• The most serious issues in the whole production system are the inputs and the transformation process. Their quality determines the quality of the output.
• Cost of Goods Sold / Cost of Sales - refer to the amount of merchandise or goods sold by the business for a given period of time.
• Cost of Goods Sold / Cost of Sales - This is computed by adding the beginning inventory to the Net Amount of Purchases to arrive with Cost of goods available for sale from which the Merchandise Inventory end is subtracted.
• Merchandise Inventory, beginning - refers to goods and merchandise at the beginning of operation of business or accounting period
• Purchases - refer to the merchandise or goods purchased
• Merchandise Inventory, end - refers to goods and merchandise left at the end of operation or accounting period
• Freight-in - refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer