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Unit 5 Types of Business Resources and Mapping

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25 views

Unit 5 Types of Business Resources and Mapping

Uploaded by

Dinesh Bidari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Unit 5: Types of Business Resources and Mapping 4 LHs

• Human resources: Skills, teams, and leadership;


• Financial resources: Funding sources, budgeting, and
financial planning;
• Physical resources: Infrastructure, technology, and
equipment;
• Informational resources: data, information and
knowledge systems;
• Resource mapping: concept and application.
Human Resource
• Human resources (HR) refer to the people within an
organization and their skills, abilities, knowledge, and
experience.
• In entrepreneurship, human resources are crucial
because they are the driving force behind innovation,
strategy implementation, and day-to-day business
operations.
• Entrepreneurs rely on their team to turn ideas into reality,
solve problems, make decisions, and build relationships
with customers, partners, and stakeholders.
Components of Human Resources in Entrepreneurship

• Skills and Expertise


• Leadership
• Motivation and Commitment
• Communication
• Collaboration and Teamwork
Importance of Team as a Human Resource in Entrepreneurship

• Entrepreneurship requires collaboration, creativity, and


the collective effort of individuals who bring diverse skills,
ideas, and perspectives.

• Diverse Skill Sets and Expertise


• Idea Generation and Innovation
• Workload Distribution and Efficiency
• Support and Motivation
• Collective Ownership and Accountability
Financial Resources
• Financial resources refer to the monetary assets and capital that a business
needs to fund its operations, invest in growth, and achieve its financial
objectives.
• Financial resources include all the funds required to run a business, from
initial startup capital to ongoing working capital and long-term investments.

Key components of financial resources


1. Funding sources.
• Investing their own savings
• Borrowing from family
• bank loans are a common funding source
• ownership equity or convertible debt
• crowd funding
• Grants and Subsidies
2. Budgeting
• Operating budget,
• Capital budget, and
• Cash flow budget.
3. Financial planning
• Financial planning is the process of evaluating an organization’s
current financial situation and developing a strategy to achieve
specific financial goals over time.
• It involves forecasting future financial performance and making
informed decisions about budgeting, saving, investing, and risk
management.
• Financial projections
• Funding strategy
• Risk management
Physical Resources
• Physical resources refer to the tangible assets required by a
business to operate effectively, produce goods or services, and
deliver value to customers.
• These resources include infrastructure, machinery, equipment, and
technology—all essential for ensuring smooth business operations.
1. Infrastructure:

• Infrastructure refers to the physical and organizational structures


needed for the operation of a business. It includes the buildings,
facilities, roads, utilities, and communication networks required to carry
out business activities.
Components:
• Offices/Workspaces:
• Physical locations where business operations, meetings, and employee
work are carried out. These could be corporate offices, manufacturing
units, retail outlets, or warehouses.
• Warehouses and Storage Facilities:
• Essential for storing raw materials, finished goods, and inventory.
• Transportation and Logistics Systems:
• Roads, trucks, or delivery systems that are vital for the movement of
goods and services within and outside the business.
• Utilities:
• Water, electricity, gas, and internet connectivity are necessary for
business operations, particularly in manufacturing or technology-
based businesses.
2. Machinery and Equipment:
• Machinery and equipment include the tools and machines needed for
production, manufacturing, or service delivery.
Components:
• Production Machinery:
• These are machines used in manufacturing processes, such as assembly lines,
machinery for product creation, and equipment for packaging.
• Service Equipment:
• Businesses in the service sector, such as restaurants or hospitals, rely on equipment
like kitchen appliances, medical instruments, or technology infrastructure to perform
services.
• Office Equipment:
• Desks, chairs, computers, printers, and other office essentials needed for
administrative and operational functions.
3. Technology and Software:

• Technology and software are tools that enable businesses to operate efficiently
and stay competitive. These resources allow for automation, improved
productivity, and better service delivery.
Components:
• Information Technology (IT) Systems:
• Hardware such as computers, servers, and networking equipment that support business
functions, from basic operations to customer service and logistics.
• Software and Applications:
• Specialized software for business operations like accounting, project management,
customer relationship management (CRM), enterprise resource planning (ERP), and more.
• Digital Infrastructure:
• Websites, e-commerce platforms, mobile apps, and social media accounts that facilitate
online business operations and customer engagement

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