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INTRODUCTION TO BUSSINESSES AND MANAGEMENT (Bussiness plan (exuctive…
INTRODUCTION TO BUSSINESSES AND MANAGEMENT
Business Input/Factors of Production
Enterprise
Risk-takers
Decision-makers
Coordinators
Capital
Finances
Factories / offices
Machines
Labour
Skilled/ Unskilled
Permanent/ Temporary
Land
Site for buildings
Raw materials
Business Function
Human Resource Management
Identifies, recruits, select and trains employees
Provide motivational system to workers
encourage them to work productively
Finance and accounts
monitoring flow in and out of business
keeping and analyzing accounts
provide financial informations
Marketing
corcerning about price
where to promote
how to distribute for sale
Operations Management
ensure adequate resources are available
Economic Sectors
Secondary
Transform raw materials into products (manufacturing)
construction
food manufacturing
brewing
Tertiary
firm that provide services
insurances
banking
telecommunications
Primary
acquiring raw materials (extractive)
metals have to be mined
oil drilled from the ground
rubber tapped from the trees
Quartenary
IT bussiness and information service providers
R and W
bussiness consulting
information gathering
Starting a bussiness
Entreprenuer
takes the financial risks and managing a new venture
Intraprenuer
Takes direct responsibility for turning an idea into a profitable
Personalities
Innovative
Commitment and self-motivation
Multi-skilled
Leadership skills
Believe in Oneself
Risk-taker
Steps
Identifying market oppurtunities
Sourcing financial (capitals)
Determining a location
Building a customer base
Problems
compeition
lack of record-keeping
lack of financial and working capital
poor management skills
changes in the bussiness environment
Bussiness plan
exuctive summary
description of the bussiness oppurtunity
marketing and strategy sales
management team and personnel
operations
financial forecasts