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Entrep W7

The document provides an overview of a 12th grade entrepreneurship lesson on operations. Specifically, it discusses the 4Ms of operations - method, manpower, machine, and materials. It explains each of the 4Ms and provides examples. It also covers the contents of production/technical feasibility, including production planning, raw materials, equipment requirements, packaging, and staffing levels. Finally, it outlines 7 steps for developing a business model, including sizing the value, confirming the solution, testing the strategy, getting expert feedback, piloting, collecting references, and targeting trade shows.

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55 views

Entrep W7

The document provides an overview of a 12th grade entrepreneurship lesson on operations. Specifically, it discusses the 4Ms of operations - method, manpower, machine, and materials. It explains each of the 4Ms and provides examples. It also covers the contents of production/technical feasibility, including production planning, raw materials, equipment requirements, packaging, and staffing levels. Finally, it outlines 7 steps for developing a business model, including sizing the value, confirming the solution, testing the strategy, getting expert feedback, piloting, collecting references, and targeting trade shows.

Uploaded by

claudine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GRADE LEVEL: 12 WEEK: 7

SUBJECT: Entrepreneurship LESSON: 1


TOPIC: The 4Ms of Operations
OBJECTIVES:
1. Describe the 4Ms of Operations in relations to the business opportunities
2. Explain the Contents of Production or Technical Feasibility
3. Develop a Business Model

LESSON PROPER
4Ms of Production
Method
o Refers to the system and step by step process in the business. Without a scalable process, it would be difficult to expand the
business. This means that the methods used in the main branch must be documented and must be replicated as well in other
branches
o Use of The Inventory Management System Ex. the manager can determine the volume of cars that need to be processed and
who will be responsible for each step of the process
o This process is good to eliminate damage to the product and to eliminate areas where time and manpower are wasted
o Controlling waste is the key to efficient and profitable production
Manpower
o Refers to the workers
o What is the ideal number of people it will take to perform these methods and what positions should they be in?
o How will the personnel be trained and measured for performance?
Machine
 Machinery is also important. Without the proper equipment, you will not be able to perform the needed tasks efficiently. You
may be able to use the manpower to do it but it is usually more efficient if machines are able to automate the work.
Materials
 Sourcing raw materials is critical in any business endeavor as the businessman would want to have the cheapest possible at
the highest quality.  

Contents of Production or Technical Feasibility 3. Equipment Required –The decision on equipment


1. Production Planning – this plan should indicate how requirements are influenced by the:
the different stages in a process are linked together. It - The cost and availability of the machinery
should identify the ‘bottlenecks’ in the process the - The availability of people who are skilled in
equipment that is required for each stage and where maintenance and repair
quality assurance procedures should be used. The - The availability and cost of spare parts and the
data that has been found from the market surveys is possibilities of local equipment fabrication
added to the process chart to indicate the scale of 4. Packaging –selection of packing materials frequently
production that is required. causes the problems from small producers and is
2. Raw Materials and Ingredients - it is necessary to often the main cause of delay in getting a business
calculate the amount of each ingredient that will be established.
needed to formulate a batch of project. Further, it is 5. Staffing Level –Decisions on the number and types
necessary to calculate the amount of losses that can of workers that are required to operate the proposed
be expected during preparation. business are taken in conjunction with decisions on
equipment procurement.

Developing a Business Model

7 steps Recommended in Establishing the Right Business Model

1. Size the value of your solution in the target segment.


Customers often complain that existing approaches are not intuitive or integrated, but old solutions may be familiar and locked in.
Estimate your costs, including a 50 percent gross margin, as a lower bound on a price. Products too expensive for the market won’t
succeed and prices too low will leave you exposed. Match with competitor prices and market demographics.
2. Confirm that your product or service solves the problem.
Look for feedback on how to make it a better fit. If it doesn’t relieve the pain, or doesn’t work, no business model will save you.
3. Test your channel and support strategy.
Now is the time to pitch the entire business model to a group of customers or a specially selected focus group. This is not just a
product pitch, but must include all elements of your pricing, marketing, distribution and maintenance. Here again is your chance to
make pivots for almost no cost.

4. Talk to industry experts and investors.


A small advisory board of outside people with experience in your domain can give you the unbiased feedback you need, as well as
connections for setting up distribution and sales channels. It’s also valuable to talk to potential investors for their views, even if you
are bootstrapping the effort.
5. Plan and execute a pilot or local rollout.
Good traction on a limited rollout is great validation of a business model. It allows you to test costs, quality and pricing in a few
stores or a single city, with minimum jeopardy and maximum speed for recovery and corrections. Save your viral campaign and major
inventory buildup for later.
6. Focus on collecting customer references.
Give extra attention to those first few customers, and ask for publishable testimonials and word-of-mouth support in return. If you
can’t get their support, even with your personal efforts, take it as a red flag that the business will probably not scale at the rate you
projected.
7. Target national trade shows and industry association groups.
You need positive visibility, credibility and feedback from these organizations as a final validation of your business model, as well as
your product model, in the context of major competitors. This may also be a great source for leads as a key part of that final rollout
and scale-up effort.

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