Entrep-w4-finals

Previously, you have learned that methods guide the entrepreneur in conducting the operations of
the business. Manpower, on the other hand, ascertains that these methods are carried out efficiently
geared towards the success of the venture.
 
Machines can be described as the “best friend” of manpower in producing goods and offering
services. Why do we say so? Because both the manpower and machine work hand-in-hand to deliver
quality products and/or services, respectively. It has become one of the 4Ms because it is a very important
aspect in goods and services production. Undeniably, this equipment has changed the way entrepreneurs
conduct business. Read on to know more about these.
 
For manufacturing equipment that is complicated to operate, the entrepreneur must ensure that
employees went through rigorous training or certification to run them smoothly. For other facilities such as
the storage of equipment and parking of delivery vehicles, the entrepreneur must ensure that the needed
space is allotted.
 
The following are the telecommunications and information technology facilities and their purpose/s
usually utilized by the entrepreneur.

A business' high-tech devices are considered an asset, specifically an investment. Even if acquiring these
high-tech devices initially costs a lot of money, the company will utilize them for more than a year, and an
inflow of future economic benefits can be expected if they are used continuously.
 You are now dealing with the last M of operations, Materials.
Raw materials are materials or substances used in the primary production or manufacturing of
goods.
Whether the entrepreneur will offer products or cater services, he or she has to pinpoint a number of
dependable suppliers of quality raw materials or supplies. Why is this necessary? Without quality raw
materials or supplies, manufacturers eventually cannot come up with quality goods. Without the needed
raw materials or supplies, service companies cannot deliver expected results.
With that, the entrepreneur has to decide what route to choose when it comes to materials
requisitioning such as: manufacturing own products/ services; outsourcing of manufacturing or service
activities to a third party; or purchasing own products or services from present suppliers. 

With the restriction of moving from one place to another due to community quarantine, what option in materials
requisitioning is the most effective and at the same time, the most practical? Why?

For logistics, warehousing, transportation and inventory are significant areas to oversee.

You are finally done with the four Ms of operations! Just a recap, these are your four Ms: Methods, Manpower,
Machines and Materials. We now proceed to The Business Model.

According to Don Debelak in his article “Developing a Great Business Model” on the Entrepreneur website, the
entrepreneur must apply the dynamics of the traffic lights in developing business models. With that, we consider the
two major colors, the green and the red.
 Continuous decision-making is common in business. Before diving into anything you want to bring
into your business, make sure it has been well reviewed and studied. The advantage or effect of an action
you're about to take on the business as a whole will be considered while deciding whether to go or stop an
action. As an entrepreneur, you must consider all possible consequences, both positive and negative,
because making the wrong judgment on an activity could lead to the failure of your business.