Entrepreneurship Flashcards
Day to day operation of business
Method
Process of raw materials to transformed to final product
Manufacturing
Raw materials is known as
Input
Known as transformation phase
Process
Known as the final product
Output
Place of manufacturing
Manufacturing Site
The people who works for your product
Manpower
Enumerates duties and responsibilities of the potential employee
Job Description
Is the heading of Job Description
Job Title
Details the salary
Compensation and Benefit Range
4’Ms are the?
Methods
Manpower
Machines
Materials
It is called the Financial Gain
Profit
It is an office to register single owned business
SEC
It is an office to register partnership or corporation
SEC
This is an office where you register tradename
DTI
It is resources of data
Records
It is an office that collects taxes of business
BIR
BIR means
Bureau of Internal Revenue
DTI means
Department of Trade and Industry
SEC means
Securities and Exchange Commission
SSS, Pag-Ibig and Philhealth covers?
Owner, Workers, Employers & Employees
SSS means
Social Security System
PhilHealth means
Philippine Health Insurance Corporation
Pag-IBIG means
Pagtutulungan sa Kinabukasan; Ikaw, Bangko, Industria at Gobyerno
is an important part of the business plan because it simply states the details in operating the business.
Operation Plan
controls the implementation of business plan.
Operations management,
A strong operations plan should have the
4Ms
These are like manuals that need to be set both in manufacturing goods and rendering of services to serve as the employees’ guide in performing their tasks
Standard Operating Procedure (SOP)
is the process of translating raw materials into finished goods that are acceptable to the customer’s standards.
Manufacturing
the materials or ingredients to be used in creating the product
Inputs
the transformation phase where inputs are processed by manpower and machines to come up with the final product.
Process
the final product of the process stage, which is intended to be sold to target customers.
Outputs
in which the production process will take place must be considered by the entrepreneur depending on his/her objective and financial capacity.
MANUFACTURING SITE
cheapest and highly flexible
Home-based
this is advisable if business really need commercial space and home option is not anymore viable.
Commercial space for rent
requires the biggest amount of capital
Commercial space purchase
They are qualified employees that can handle operational functions that an entrepreneur should hire so that he/she can focus on strategic and management functions.
Manpower
divides the company based on specialty
functional structure
refers to companies that structure leadership according to different products or projects.
divisional structure
pulls advantages from a couple of different formats.
matrix structure
enumerates duties and responsibilities of the potential employee, including the scope and limitations and terms and conditions of employment.
Job description
is the heading of the job description which is the summary of what the employee will do.
Job Title
it details the potential salary and benefits that the employee will get.
Compensation and Benefit range
knowledge of basic things
Educational Background
what to expect from the applicant and what he/she can potentially contribute to the business based on the past positions and experiences.
Work Experience
this is important specially on technical jobs that require high proficiency.
Special Skill or Knowledge
worker’s integrity and how he/she deals with his/her co-workers, bosses and customers.
Work Attitude
the process to be followed effectively in manufacturing or delivering a product or service
Methods
the right human resources who will handle certain business operations
Manpower
the technology used in efficiently operating the business
Machines
to be used in creating a product or performing a service, which includes supply chain management.
Materials
is the amount you gain after selling your product.
Profit
represents the difference between net sales and cost of sales.
Gross profit
are those things that change based on the amount of product being
made and are incurred as a direct result of producing the product.
Variable cost
the entrepreneur should have a clear idea on what is his purpose of putting up his enterprise.
Objectives
this means that the entrepreneur must know what are the ______ he has to
perform in order to realize his objectives.
Task
This means that the entrepreneur should have a time table or a
schedule to follow for every task so that the tasks will be accomplished timely and
he can realize his objectives.
Time allocation
This means the entrepreneur should monitor the development of the
tasks and the accomplishment of the objectives.
Progress
for partnership
or Corporation
SEC
for your business
tradename
DTI
for getting the license to operate in the city or
municipality and payment of your local business taxes
Mayor’s Business Permit
for getting TIN, official
receipts and invoices, registering your books of accounts and paying your
national Internal revenue taxes
BIR
for registering yourself or
your company as an employer and for remitting your employees’ contribution
SSS, PhilHealth, and Pag-Ibig Fund registration
Cost that do not vary with the output
Fixed cost
total made from sales
Are expenses that have to be paid by a company, independent of any specific business activities
Revenue
Cost that vary with output
Is a corporate expense that changes in proportion to how much a company produces or sells.
Variable Cost
