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Name and discuss the THREE main types of resources that have to be considered when compiling a business plan - NSC Agricultural Management Practices - Question 3 - 2021 - Paper 1
Question 3
Name and discuss the THREE main types of resources that have to be considered when compiling a business plan. 1. **Human Resources**: These are the people involved ... show full transcript
Worked Solution & Example Answer:Name and discuss the THREE main types of resources that have to be considered when compiling a business plan - NSC Agricultural Management Practices - Question 3 - 2021 - Paper 1
Step 1
Name and discuss the THREE main types of resources that have to be considered when compiling a business plan.
Answer
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Human Resources: These are the people involved in the business. Identifying the skills and experience needed for various positions is crucial. Having a competent team can significantly affect the success of the business.
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Financial Resources: This includes all the capital required to start and maintain the business. It involves assessing initial capital, ongoing operational costs, and potential funding sources.
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Natural Resources: These resources play a vital role, especially in agriculture and production-based businesses. Availability of land and raw materials affects the scale and feasibility of the enterprise.