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ENTERPRISE RESOURCES SKILLS - Coggle Diagram
ENTERPRISE RESOURCES SKILLS
What is Resources & Assets ?
Resources : any thing or quality that is useful, tangible or intangible.
Assets: both tangible and intangible, that are mobilized by entrepreneurs in the process of building a business, organization, or other initiative.
Types of Resources
• Manpower
• Material
• Financial(Money)
• Technological(Machine)
• Business Premise/Physical
Strategic vs Common Resources
Strategic : resources which provide a sustained competitive
advantage to a firm
Common: necessary for carrying out the firm’s usual activities but provide no specific advantage
Attributes of Strategic Resources
Valuable
Rare
Non-substitutable
Hard to copy
Key Factors to Consider
Essentiality (critical or noncritical)
Availability of supply
Cost
Strategic/competitive advantage
Statutory/Legal requirements
Quality vs. quantity
Resources Management
Objectives
To ensure any resources needed by the business is available at the time, quantity and specification(optimality)
To avoid unnecessary waste or purchase of resources
To ensure smooth operation of the business
Creativity and Innovation in Resource Management
Creative and innovative in acquiring resources
Cheap, reusable, multi-purpose, recyclable
Creative and innovative in managing resources
Efficient, reduce waste, generate revenue