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Entrepreneurship Module: 4 M’s of Production and Business Model

Have you ever dreamed of becoming the next multi-millionaire? If you’re thinking that winning the lottery is the only way to become one, well, think again. It is not chance that gives you millions, instead being a millionaire is a result of hard work and determination. Starting your own business is a good beginning towards fulfilling your dreams.

You may often hear the word entrepreneur and entrepreneurship. But what do these terms mean? You may refer to an entrepreneur as the person managing the business and entrepreneurship as the business venture. Some may say there is no difference. So, what does this module provide you towards reaching your dreams?

1. It outlines the concepts and basic principles, and processes of developing a business plan.

2. It helps you understand the environment and market in your locality as a factor in developing a business concept.

3. It allows you to experience starting and operating your own business.

Substantial knowledge of entrepreneurial principles and processes is important as this increases the chances of making your business successful.

In this module, you are guided with a set of learning parts that will help you understand the underlying principles of entrepreneurship.

In developing a business plan we also have to consider the importance of the 4M’s of operations in all business opportunities; the Manpower, Method, Machine, and Materials, because it helps you to identify the problems of the business in the future and in actual situations especially in the production process and marketing.

In application of your 4M’s of production, it is best to consider the customer’s point of view in terms of their influences as to why they will buy a particular product, your product aims to answer each consumer’s wants or needs and meets with their expectations over the product, and how do suppliers, value chain and supply chain affect the business and production.

This module will guide you to demonstrate understanding of the 4M’s of operations and for you to be able to:

  • Describe the 4M’s (Manpower, Method, Machine, Materials) of operations in relation to the business opportunity;
  • Appreciate the importance of production process, business model and business plan.
  • Apply the concept of 4M’s of production in a small manufacturing business.

Entrepreneurship Quarter 2 Self-Learning Module: 4 M’s of Production and Business Model

ENTREP12_Q2_M6_4M_S-OF-PRODUCTION-AND-BUSINESS-MODEL

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