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Resources: What you need to run your business
Apparel 2
Objective 4.01
Resources
All of the things used in producing goods and services. AKA “Factors of Production”
As Apparel 2 begins to brainstorm their business ideas **, they must consider the resources available to them.
Skills Do you have the skills it
will take to make the product?
Do you know people with those skills?
Is their skill level comparable to the products already on the market?
Is their skill level higher than yours?
Skills
Communications
Talents: things you’re good at
Technical Skills **
Knowing how to use tools, equipment, procedures and techniques
Math Skills **
Help you to calculate costs and profits; establish record keeping
Time Management Skills **
Delegating the work so that everything gets done
Capital Resources
Tangible (you can hold them) resources that can help you create a business.
Capital resources
Building and facilities
Supplies – fabrics and notions
Human capital – workers
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 demographics: the characteristics of the surrounding community – gender, race, age**, socio-economics.
Site Selection
How much competition* and how close are they to you? (number of businesses and size).
Is the neighborhood growing*? And increasing in income?
Physical Building
Layout planning: administration, production, access to supplies
Automation
Making production faster with machines
Expensive* but cuts production time, reduces errors, simplifies procedures
Ex: machine embroidery instead of by hand
Time
How much time can you dedicate to the business?
What are you willing to give up to start your own business?