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Business : Key Resources

When I ask entrepreneurs what resources they need, most of them say that they need money, or capital as we call it in business jargon. However, they usually leave out other resources that are sometimes more important than capital.

The resources are needed to create value for your customers. They are considered your assets and they are needed to sustain and support your business. These resources can be categorized into four main categories:

1.Physical resources- such as raw material, buildings, vehicles, transportation, storage facility, machines and factory.
2.Human resources, or staff- such as a talented engineer or marketing experts. These resources are more important in companies in the knowledge-intensive and creative sectors. 3.Intellectual resources- such as your brand, patents, copyrights, partnerships, and customer databases. This can include recipes for those who deals with food. Or it can include a particular way of doing things (that maybe only you know).
4.Financial resources- such as cash, credit etc.
I will give you a concrete example. If you produce jeans, you will need to have: work space, machines to stitch, people to manage the machines, materials (e.g. fabric, thread and zips) and money to keep the operations going. You may also need to protect your handbags and could for example build a strong brand that customers relate to you and your business.

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Vipul Mehrotra

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