BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The resources you need to start a business can be broken into five broad categories: financial, human, educational, emotional and physical resources.

Detailed explanation-2: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-3: -Three standard company resources that combine to create competitive advantage are a company’s financial strength, its enterprise knowledge and its workforce. If financial resources are weak, the company is not able to produce enough to grow.

Detailed explanation-4: -The four types of tangible resources are financial, organizational, physical, and technological. The three types of intangible resources are human, innovation, and reputational. As a manager or entrepreneur, you will be challenged to understand the strategic value of your firm’s tangible and intangible resources.