Those who do succeed typically spend signficant time raising capital, doing market research and developing a realistic business plan before launching their new company. Financial Resources The most important element in starting a business is funding.
Every business model requires them, and it is only through them that companies generate Value Propositions and Revenues. Key resources can be physical, financial, intellectual, or human.
A microchip manufacturer needs capital-intensive production facilities, whereas a microchip designer depends more on human resources. Key resources can be owned or leased by the company, or acquired from key partners. Key Resources can be categorized as follows: Physical Physical assets such as manufacturing facilities, buildings, vehicles, machines, systems, point-of-sales systems, and distribution networks come into this category.
Large retailers like Wal-Mart and Amazon.
Intellectual Under intellectual resources come brands, proprietary knowledge, patents and copyrights, partnerships, and customer databases. All are increasingly important components of a strong business model. Intellectual resources take time to engender and develop. Consumer goods companies like Nike and Sony rely heavily on their brands.
Microsoft and Adobe depend on software and related intellectual property that is continually being developed. Qualcomm, a supplier of chipsets for broadband mobile devices, built its business model around patented microchip designs that now earn the company substantial licensing fees.
Human All enterprises need human resources, but those resources are particularly prominent in knowledge-intensive and creative industries. A pharmaceutical company relied heavily on human resources: Ericsson, the telecom manufacturer, will opt to borrow funds from banks and capital markets, for example, using those funds to provide vendor financing that in turn ensures orders are placed with Ericsson rather than with the competition.
Relevant Case Studies Google used customer data collected from search engines and its Analytics program to develop its Ad service. GlaxoSmithKline monetized unused internal assets as a patents pool on neglected tropical diseases.
Amazon developed sophisticated technology which it then offered in cloud services. Skype employed largely free resources to undercut telecom prices.
EasyDiagnosis employed its medical knowledge to create an online medical diagnosis expert system. Aurora Health Care analyzed its medical records with business intelligence systems to offer a superior service.
What are key resources? Name the four types of key resources.Apr 30, · physical resources in a business plan Станислав Чижиков Business plan & start: Why a mall kiosk is a good business & How to open a kiosk in a mall - Duration: Identifying business resources you'll be starting your business with already, and accounting for the resources you'll need to acquire after launching the business, is a crucial step in business planning.
Key resources can be physical, financial, intellectual, or human. A microchip manufacturer needs capital-intensive production facilities, whereas a microchip designer depends more on human resources. Key resources can be owned or leased by the company, or acquired from key partners.
These items represent the physical resources of your business. What are Physical Resources in Business? Related Study Materials. Just a few seconds while we find the right plan for you.
The physical resources of a business include all the tangible resources owned and used by a company such as land, manufacturing equipment and office equipment. Information technology and its attendant equipment, computers, networks, servers and others, are included in the category of physical resources.
Physical Resources Whether a small home business or a retail operation with multiple locations, every organization must have the appropriate physical resources to survive.