The document discusses the 4Ms of operations - Manpower, Method, Machine, and Materials. It describes Manpower as the workers and challenges in finding honest and capable employees. Method refers to the processes and day-to-day operations that must follow industry standards. Machines are important for efficiently performing tasks. Sourcing raw Materials cheaply and with high quality is critical. The document also discusses the importance of hiring the right people, as bad hires can damage a company through costs, safety issues, theft, or hurting morale. Good hires embody company values and work hard with the needed skills.

1. ENTREPRENEURSHIP
Group 3

2. Module 5
Describe the 4Ms (Manpower,
Method, Machine, Materials) of
operations in relation to the business
opportunities.

3. Manpower
this is the worker. When setting up a business, finding
honest
and capable people is always a challenge. In my
experience, people can be
honest but may not be capable or competent and some
are capable but not
honest. It is a rare find to find someone with all the ideal
qualities. So for a
businessman, they must be able to treasure their
employees who are both
capable and honest as they are integral to the growth of
the business

4. Method
the process to be followed in effectively manufacturing or
delivering
a product or service. It is the day-to-day operations of a
business. Internally,
the process must abide with industry standards and
policies (ex. ISO
Certification).

5. 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.

6. Materials
sourcing raw materials is
critical in any business
endeavor as the
businessman would want to
have the cheapest possible at
the highest
quality.

7. Module 6
Recruiting Qualified
People for
One’s Business Enterprise

8. The Importance of Hiring the Right People
When you hire the right people in a company,
you will be able to gain the
following benefits:

9. •You will slash the costs of the hiring
process
A good hire avoids both the second hiring
process
and the added cost.

10. •You won’t have to deal with the
damage that a bad hire can do to
your company
Bad hires can have a negative impact for a lot of different
reasons.
Some of them can pose a safety risk to customers or
colleagues (hence the
need to run criminal background checks). Others might
steal from your
company, hurt your client relations through incompetence,
or create a
negative atmosphere in the workplace. Bad hires will
almost always

11. •You will preserve the morale of your
internal teams
a bad hire can hurt the
morale of your entire staff, whether by
spoiling the work culture with a
bad attitude or by forcing other team
members to pick up the slack
behind his or her lackluster work.

12. •You will protect your image as an
employer
Hiring the right people will protect your
reputation on both
fronts.

13. You won’t let good candidates go out
the door
In the world of business, it is no secret that the spirit of
competition is
a vital principle. When it comes to recruitment, you will
want to attract the
best and the brightest people to serve as the
foundations and grassroots of
your company. Your people will be your company’s
greatest resource.

14. Look for employees who:
•Embody the company’s values.
• Work hard and work smart.
• Have the specific skills required.
• Learn quickly when new skills are needed.
• Are able to work with little supervision.
• Take initiative to make things happen.
• Are comfortable in the uncertainty of an entrepreneurial
situation.
• Are flexible to business needs and changing
requirements.

15. Thank you!!!!