entrep

• Manpower

  • The right human resources who will handle certain business operations.
  • One of the highest costs of operating a business but is also the most instrumental to its success.
• Machines

  • The technology used in efficiently operating the business.
  • Can be described as the “best friend” of manpower in producing goods and offering services.
• Materials

  • To be used in creating a product or performing a service, which includes supply chain management.
• Manufacturing

  • The process of translating raw materials into finished goods that are acceptable to the customer’s standards.  
  • Three elements: input, process, output.
• Inputs - the materials or ingredients to be used in creating the product
• Process - the transformation phase where inputs are processed by manpower and machines to come up with the final product.
• Output - the final product of the process stage, which is intended to be sold to target customers
• Manufacturing site - in which the manufacturing process will take place
• HOME-BASED

  • most startups do not have financial capacity to establish a manufacturing site. Thus, their only option is to manufacture goods at home.
  • The cheapest and flexible.
• COMMERCIAL SPACE FOR RENT

  • This is advisable if the business really requires a commercial space for the processing of goods and if the home option is not viable anymore.
  • Expensive that home-based.

   
• COMMERCIAL SPACE PURCHASE

  • this option requires the biggest amount of capital expenditure, but also provides the entrepreneur substantial freedom and flexibility to design and run the commercial space.
  • Compared with renting, purchasing is commercial space is considered more of an investment that an expense
• Location - where the delivery of raw materials and finished goods will be conducted.
• Two options for floor plan:

  1. Product-based layout - where the facilities are prearranged according to the flow of the manufacturing operation
  2. Process-based layout - where the facilities are grouped according to their function.
• Service Blueprint - detailed flowchart of the of the service business.
• Bottleneck - is a part of the process where there is an apparent inefficiency and where the customer waits longer, it must be addressed immediately to avoid customer complaints.
• DISTRIBUTION - is the process of bringing the products or services to customers. 
• Job Description (Job Identification)

  • enumerates the duties and responsibilities of the potential employee, including the scope, limitations, and terms and conditions of employment.
  • Originates from Job Analysis.
• Job title - the heading of a job description, which the summary of what the employee will do.
• Compensation and benefit range - details the potential salary and benefits that the employee will get.
• Duties - describe the job that employee will assume with allowance for flexibility.
• Responsibilities and accountabilities - must be communicated well to the employee so that he or she knows what to expect with the job.
• Work Schedules - including work hours must be clearly indicated in the job description. The specific days and working hours must be written so that the employee will be able to align the work schedule with his or her personal schedule.
• Employee Qualification (Job Specification)

  • is the set of specific qualities, knowledge and experience, a person must possess to perform a particular job.
  • Based on the job description
  • Involves personal attributes, skills, knowledge, educational qualification and experience
• Educational background - this gives the entrepreneur an idea on the degree of the candidate’s knowledge of basic things. 
• Work Experience - this will tell him or her what to expect from the applicant and what he or she can potentially contribute to the business based on his or her past positions and experiences.
• Specific Skill or Knowledge - this one is important especially on technical jobs that require high proficiency.  It will be easy for entrepreneurs to place highly skilled people into specialized jobs because they can help right away.
• Work Attitude - this deals with the worker’s integrity and how he or she deals with his or her co-workers, bosses, and customers.
• Headhunters - help companies find a set of people suited for their requirements. They usually charge a finder’s fee once the entrepreneur has decided to accept an applicant.
• Manpower Agencies - recruit temporary employees under a short contract, usually on a six-month period.
• JOB CONTRACT - generally summarizes the terms and conditions of the candidate’s employment with the business. 
• TRAINING PEOPLE - is one of the biggest investments of an entrepreneur or a businessman. Therefore, the entrepreneur must devise strategies on how to keep employees satisfied working in the company.
• EMPLOYEE ORIENTATION - usually a one-to-two-day session that summarizes the history of the business, its vision, mission, policies and procedure, culture, and norms of the business.
• Key Performance Indicator KPI and KRA - are the bases of the entrepreneur for rating the performance of the employee-if the employee is exceeding the expectations, meeting expectations, or seldom meeting expectations.

   
• On-the-job Training (OJT) - the most practical tool in training the employee under a supervision of a team leader or manager.
• BUDDY SYSTEM - is a training program wherein an expert team member is assigned to assist the new employee in his or her function. The objective of the expert employee is to train the new employee until he or she masters the job.
• MENTOR-MENTEE PROGRAM - is a training program for supervisors, wherein they will be mentored by senior executive or senior officer of the business.
• SUCCESSION PLAN - ensure the business operations still continue even in their absence or the absence of key employees, or when they decide to resign or retire.
• Telecommunications and Information Technology - These pieces of equipment include mobile phones or smartphones, tablet computers, phablets, landline phones, laptops or desktops computer, POS machines, etc.
• Logistics - This is where the entrepreneur/manufacturer is responsible for manufacturing, warehousing, transportation, inventory management, marketing, and selling the product or service.
• Warehousing - is storing the finished goods manufactured in a facility until they are distributed to end users.