Lesson Notes By Weeks and Term v4 - JHS 3

Lesson Video

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Performance objectives

• Explain the importance of resource management.
• Identify different types of business resources.
• Describe strategies for managing these resources.
• Analyze a small business scenario.

Lesson summary

Welcome, future entrepreneurs! In our last lesson, we discussed starting a small business. But starting is only the first step. To succeed and grow, a business owner must be excellent at managing what they have. Think about the woman who sells delicious waakye near your house or the barber who gives the sharpest haircuts. Their success depends on how well they manage their money, their tools, and any helpers they have. This lesson will teach you the practical skills to manage the resources of a small business, a skill that is vital not just for business but for managing your own life effectively.

Lesson notes

What are Business Resources?

In simple terms, business resources are all the things an entrepreneur needs and uses to run their business smoothly, produce goods, or offer services to customers. Without resources, a business cannot operate. For a small business in Ghana, these are the valuable assets that make everything happen.

We can group these resources into four main categories: Financial Resources (Money) Human Resources (People) Physical Resources (Things) Informational Resources (Knowledge)

Let's break down how to manage each one. Managing Financial Resources (Money)