MNE3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 - DUE 8 November 2024
MNE3701 Assignment 4 (COMPLETE ANSWERS) Semester 2 2024 - DUE 11 October 2024
MNE3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 - DUE 8 November 2024; 100% TRUSTED Complete, trusted solutions and explanations.
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MNE3701
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, Having acquired sufficient knowledge and skills on entrepreneurship and
small business management, you must demonstrate practical competencies in
managing business’s assets and risks. Think of any business you would like
to start and answer the following questions:
QUESTION 1 By using practical examples, critically discuss how you would
manage the assets of your business. (10)
Introduction
Definition of Business Assets: Explain what assets are in the context of a business
(tangible and intangible).
Importance of Asset Management: Briefly discuss why managing assets is crucial for
business success, including profitability, sustainability, and risk management.
Business Idea
Describe Your Business: Provide a brief overview of the business you wish to start (e.g.,
a café, tech startup, online retail store).
Type of Assets: Outline the specific assets relevant to your business (e.g., physical assets
like equipment, inventory, and premises; intangible assets like brand reputation, patents,
and customer relationships).
Managing Physical Assets
1. Inventory Management
o Use of inventory management systems to track stock levels.
o Just-in-time (JIT) inventory strategy to minimize holding costs.
o Example: Implementing software like Shopify or QuickBooks to manage stock
for an online retail business.
2. Equipment Maintenance
o Regular maintenance schedules to prolong the life of equipment.
o Utilizing warranties and service contracts for major assets.
o Example: A café using a maintenance service for espresso machines to prevent
breakdowns.
3. Facility Management
o Conducting regular inspections and maintenance of the business premises.
o Ensuring compliance with safety and health regulations.
o Example: An office space for a tech startup ensuring all electrical installations are
up to code.
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