Micro-business Planning

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A resource is any physical or virtual entity of limited availability; a stock or supply of money, materials, staff and other assets that can be drawn on by a person or organisation in order to function effectively.[1]

There are six broad types of resources[2]:

  • Financial: this includes money, shares and other assets
  • Physical: refers to tangible property such as equipment and office space
  • Human resources: includes the knowledge, training, experience, as well as the time of the business owner and employees
  • Technological: are embodied in a process, system or physical transformation, eg. unique software products and tailored information system architecture
  • Reputation: encompasses the perceptions that people in the business' environment have of the business
  • Determine resource and equipment requirementsOrganisational: include the business' structure, routines and systems

Various types of resources are required to exploit an opportunity as well as to operate a business and deliver products and services to customers. The resources required will vary and depend on the nature, type and size of your business. It is necessary to determine the resource requirements of your business and acquire these in order to effectively operate your business. However, access to resources can be difficult, particularly for start-up businesses.  It is important in the planning stage to determine your requirements, and the methods of obtaining these. Many resources are acquired and attained over time. However, in the start-up phase the important resources are capital, knowledge, work space and any supplies or equipment that is required. The limitations to your resources can greatly affect the nature of your business. For example, many business owners will start up a service-based business operated from their home due to the limited resources they have on hand. As the business grows and establishes, and more resources are acquired, the business owner will be at liberty to utilise these resources to expand and diversify the business.

[1] Innovative Business Resources

[2] Entrepreneurship and Small Business - Schaper and Volery

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Micro-business Operating Plan

Q.1 What are some of the resources and equipment you will need to start and effectively operate your micro-business? Give Answer