Resources Entrepreneurial Project Resources • Are all of the things used in producing goods and services. The technical term for resources is factors of production. • As you begin to brainstorm your business ideas, you must consider what resources are available to you. Skill Levels • Do you have the skills it will take to make the product that you want to make? If not do you know people who have the skill to make your product? Is their skill level comparable to the products that are already on the market? Is their skill level better? • Relates to – Communication – Talents – Technical skills- knowing how to use, tools, equipment, procedure and techniques. – Math Skills- help you to calculate costs and profits; establish record keeping. Skill Levels Cont’d - Time management- delegating the work so everything gets done. • Capital- tangible ( you can hold them) resources that help you create a business. • Building- facilities • Supplies- fabrics, notions, etc. • “Human” capital • Money (investment capital) Facilities • Where are you going to set up your place of business? Do you have a building in mind? • Site selection: – Look at location’s demographic- the characteristics of the surrounding community- gender, race, age, socio-economics. – How much competition, and how close to you? – Is the neighborhood growing? Increasing in income? • Physical building – Layout planning; administration, production, access to supplies. – Automation: expensive, but cuts production time, reduces errors, simplifies procedures. (Embroidery Machine rather than embroidery by hand.) Time • How much time is it going to take to start up your own business? Do you have the time it takes to invest into starting it up? How much are you willing to give up starting your own business? Questions • What skills will help someone calculate profits and establish record keeping? • What skill involves the use of tools, equipment, procedures, and techniques? • What is good criteria for selecting a retail business site? • What is a free enterprise system? • What is investment capital?