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Managing A Business Is About Managing Resources Business management is about organizing and deploying resources according to some strategy, or plan. This plan is devised and executed under the leadership of one key person or a management team who undertake to operate a business and assume all risks and rewards of its ownership. Resources can be categorized as being entrepreneurial, operating or proprietary. Entrepreneurial resources are inherent in the entrepreneur. They include Strategies Strategic information Time Knowledge and know how Skills Experience Proprietary resources establish competitive capabilities. These include Reputation Experience Networks Trademarks Patents Copyrights Industrial design Processes and methods Legal Agreements and Licenses Operating resources are the required physical and logistical needs of the raison d’enterprise. These include Financial capital Cash flow Facilities Equipment People Raw materials Suppliers Distribution network Note each resource requires acquisition, monitoring , maintenance or management of some sort or another, and all listed resources are important to creating and operating a sustainable business. Entrepreneurial resources are created and developed through self improvement, using deliberately applied time and effort. Proprietary resources create a sustainable and defensible competitive advantage and should be aggressively developed and well managed. Reputation and experience takes time and development but the remaining proprietary resources are relatively easy to acquire. Exclusive and non exclusive licenses and commercial arrangements are widely available. Trademarks, patents, copyrights, and industrial designs are officially filed with the appropriate government authority by owners, to establish registered ownership. These resources are also subject to, and protected by, common, commercial, international and other prevailing statutes. Note enforcement of individual rights is up to registrants. Operational resources are those used to achieve the raison d’etre of the business. For many operating requirements, markets and industries of numerous alternatives exist and continue to develop in Canada, while other resources are subject to various economic and political forces. Important resources from each category are required to successfully operate a business and each resource should be individually managed within a master plan that moves the business forward. What resources do you need to make your business grow. Which are available, which require development? © 2008 John Voorpostel |
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