Resources by keara



Entrepreneurial Project

• 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)
• 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.)
• 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?
• 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?

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