Planning: This involves determining what products to produce, in what quantities, and by when. Entrepreneurs must also consider resource allocation, budget, and timelines.
Sourcing: Identifying and acquiring the necessary
suppliers and materials for production. This includes negotiating with suppliers, managing inventory, and ensuring the quality of raw materials.
Manufacturing: The actual creation of the product, which can involve various methods such as assembly lines, batch production, or custom fabrication. Entrepreneurs need to oversee this process to ensure efficiency and quality control.
Quality Control: Implementing
quality control measures to ensure that the final product meets the required standards and specifications. This can include testing, inspections, and continuous improvement practices.
Distribution: Getting the finished product to the customer. This involves logistics, supply chain management, and selecting the appropriate distribution channels.