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I. INTRODUCTION

Resources in putting up business focus on the four resources needs by the businessman, which is the land, labor, capital, and entrepreneur. This is their guide for them to have an idea in managing and putting up a business.

The aims of this library paper is to help these beginners in the field of business. What resources are needed in putting up a business? Why an entrepreneurs need to know all the resources in putting up business? How does the resources may affect the starting business? Why does an entrepreneurs needs to consider all the resources in putting up business.

The significance if this library paper is to help those people who wants to put up a business, which dont have any experience in the business field, and for the business that was fail on their first try. This library paper will give them knowledge in those resources that can help for their business to be grow stronger, to compete to the competitors and also to know their responsibility as an owner of the business. So that their business can survive for a longer period of time and to achieve success.

II. BODY OF LIBRARY PAPER

A.

In starting business they are resources that must be consider to have a good

business. There are some factors affect business resources. The first one is the land.

Land refers to the location where the business must be put. There are some classification in choosing the best place in your business. The first one is you need to consider the location where there is a consumer buy your goods and services. The second one is you need to know if you can easily distribute your product to the market so that you can avoid delay in distributing your product such as goods or services. Land also pertains to all natural resources and materials that must be consider like the equipment and machinery, because many businessman starts make a mistake securing the equipment first before giving any thought to what they are doing.

They should first determine whether they need any equipment at all. , ( Francis Tolentino, 3. )

The businessman says that, because many people whos start business buy and buy an equipment that was not helpful to their business. Cause buying an equipment must be consider either it can use and useful or not. Consider also your investment.

3 Buying an equipment which is not use in your business, there is a tendency that your business will not grow up and maybe your business can be bank crupt.

The land is one resources needed in putting up a business because without land we dont have a product of goods and services that we can sell to our consumer because land includes the uses for agricultural and industrial purposes as well as natural resources taken from above or below of the soil. ( Dr.Conrado E. Inigo ) The second one is labor. Labor refers to the man powers whether if it is physical or mental efforts that used in creating goods and services. It is a primary factor of the production. The number of laborers may affect the number of production of goods and services. Because if your business have many laborers theres a chance that your rate of production increases and get a high profit which can be good to your business than if you have a few laborers for the big rate of production it may decrease and get a low profit.

In labor includes also the number and the skill of the employees, an entrepreneur must hire which depend on the complexity of the business operations. After hiring the employee they have to be oriented about the policies in the company and their duties and responsibilities, working hours and benefits as an laborer and they can be also train to develop more their skills. As an laborer the management must should be fair in paying the workers or the employee to get also their satisfaction. The labor is important

4 resources in putting up a business because they are the one who will do the production of raw materials to make it a finish product such as goods and services which can sell the consumer to gain a profit. ( Roberto G. Medina ) The third one is capital. Capital refers to money or financial asset in putting up business in order to gain profit. It is used to buy something and sell it again to realize financial profit. In putting up a business capital or start up money is the most important component of starting a business, because you cannot put a business without capital. Business start up money is especially critical because theres no guarantee that your business is going to make money right away, and certainly no guarantee that your new business will bring money for you and for your family to live. The amount of money takes to keep the business going. Operating capital in business includes expenses such as salaries, wages, rent, expenses, supplies, utilities, advertising, depreciation, and interest payments.

People wants to start business which dont have enough money can currently borrow from a financial institution, such as bank because according to study fifty percent of small and medium business are borrowing from a bank. But there are ways to raise funds for your business, without breaking the bank. Financing is a common problem that was encounter by all businessman especially for those trying to put up business.

Oftentimes, when the subject is financing a business comes up people think about loans, but there are ways of raising money for your business.

Before going raising money for your business, know how much you actually need to start a business. This is where your business plan, specifically the section of financial planning enters the equation. The financial plan will tell you how much you need to start a business and maintain the business. As a businessman you must raise enough

money to start up and sustain the business for a few months to trying to introduce your product to the market.

Once you know how much capital you will need, you can start raising money by looking at available sources of funding. Your savings would most probably be the first thing to get pop in your head. If you plan to use your savings as funding source, start with a small business venture, like buy - and - sell business and use the earnings of the business to grow it but try not to dip into your savings at a second time. However, in order to grow your savings and in view of your funding source, explore investing your savings in a high compliant financial instrument, like mutual funds, to grow faster your money faster.. Next to savings is a very popular way of raising funds is borrowing from friends and relatives. This kind of fund raising is popular because it often get a little interest or a no interest on their loans, has optional collateral requirements and very flexible payment terms. Though, the downside is that when one is unable to pay right away, ones the relationship seldom it take a burden of the problem. To prevent complications when borrowing from friends and relatives, it is best to put everything in writing. This

6 would mean out when how much you would have to pay. You also need to make the involvement of the debtors in the business to be clear which create control or management right in your business, will give debtors an ownership ability, or authority to make decisions in the business. These arrangement must be in first before borrowing from friends and relatives, in order to avoid problems in the future.

These ways in raising money without borrowing from a bank helps you to earn a high capital, that you can use to start expenses to your starting business. ( Reeza Singzon ) The last one is entrepreneur. Entrepreneur is a person who has a possession for new enterprise, venture or idea. He or she is the one who combines land, labor, and capital to create market new products like goods and services. Their main role is to maximize the uses of resources like in land they are the one find the good location where they can put up their business and also the one search for what raw material did they use to make a new product. In laborer the entrepreneur is the often times need to hire or employ at least one or two other people in order to get things done in their business. They are the one also gives an equal pay to his workers. The capital which they are the one who provide it enable to gain profit. When income is more evenly distribute, entrepreneurship also grows. youre business and to provide the other

7 But before an entrepreneur invest, there are several important questions he has to answer. Like, Do entrepreneur know enough about the type of business they entering? Can the business offer the goods and services at competitive price? What is the rate of return on his investment? The entrepreneur make all management decisions. Their generate profits to sustain the growth of their business, because the way of their life is a combination of creativity, challenge, hard work and satisfaction.

The successful entrepreneur attains a position of prestige in the community because of his many contributions to society especially in terms of general jobs to many people and providing needed goods and services. ( Dr.Conrado E. Inigo ) B. The entrepreneurial skill is one resources needed in putting in putting up a

business. This is one of the most important resources in a business because it organizes the land, labor, and capital. There are entrepreneurial skills that helps the business. The first one set a business to make it stronger and to achieve their goals. The entrepreneur idea includes the strategy in the business where the entrepreneur must know how its product become in demand to the market and how can be compete to other product that was already exist.

The entrepreneur also make a business plan that serve as a guide in their business. It is a written plan which they can use as reference to find out whether their business is stronger growing up or not. In the business plan also includes the policies on

8 the business which guide your employees to know the rules and regulation and their responsibility as an employee. When creating a business plan the entrepreneur first step is to have a direct evaluation of his skill and expertise. In business plan it also includes the goals or objective that may be desire by the different units and element of a business.

A complete business plan is a summary and evaluation of the business idea. It is written as a result of planning process. It shows the probability of success, the principles ability to make it work, the sources, the ability to make it work, the sources of funds and projected income flows and cash needs. ( Jm Riley) The second entrepreneurial skill is the knowledge and skills that the entrepreneur must have when they want their business to have staying power. Starting a business must have the knowledge about many different aspect of a business, have many different skills or at least have the skills you lack. For example you arent knowledgeable enough about accounting to keep your own books, for instance youre going to hire a book keeper or an accountant that will help you in your business. Cause managing people is only one skill that youre going to need to start a business that use to be successful but you also need to be knowledgeable about sales and marketing.

Business knowledge is critical before starting a business. All the force and determination in this world isnt going to help the entrepreneur if they dont have the

9 knowledge to actually run a successful business so they dont need to bother to research and plan for their business success immediately. Having a desire and to drive a business is not enough because all the entrepreneur have to do is to have the knowledge which they need to apply for their business to have successful carrier. ( Susan Ward ) The third entrepreneurial skill is fully committed entrepreneur. Successful

entrepreneurs are the who is fully committed to their business. Being entrepreneur must be prepare to put their heart and soul into what they are doing. They were truly believe in their product or services, they prepare to work long hours to get others to believe in their product or services and also be ready to go with the threats. The entrepreneurs must to do all this without safety net like salary of employees are use to, such as benefits and pension plans.

Having a commitment in business as an entrepreneur doesnt automatically lead to business success, because starting business will endure you, but you also have to be what you call a type D person; someone who has desire couple with drive and has strong discipline and determination, because the entrepreneur have not only the business ideas but able to execute them and the obstacles are the temporary barriers to work around.

10 Desire and drive alone are not enough to start a business also because as an entrepreneur they dont want their business to be temporary close. The discipline and determination are what give success to the business. The entrepreneur endurance needs to follow through their business idea that weather the storms and calms of the economic climate the business will stay stronger. ( Susan Ward ) C. The importance of knowing the resources in putting up business is to guide

those starting businesses in terms of guiding on what an entrepreneurs need to do. There is corresponding steps that an entrepreneurs need to follow in order to build a successful business. An entrepreneurs need to take down notes all the resources that needed in business and the resources that already available. Its like practicing cooking your favorite dishes. All the ingredients must be prepare and the recipe books will serve as your guide in cooking in order to perfect your dishes. Just like every time you make decisions making. You must read your guidelines or your business plan, in order to have a good management to your business.

It may also help in improving business by simply knowing all the need of a business in order to produce goods and services. If an entrepreneurs know all the needs of a business regarding to the production of goods and services it may create best product that can be consume by the consumers. If an entrepreneurs know all the needs of a business regarding to the production of goods and services it may create best product that can be consume by the consumers. Entrepreneurs in managing business,

11 whatever problem of a business might happen the entrepreneur can easily get some

solution. Its like solving mathematical problem we should understand the problem and find all the things that are missing, if we understand the problem, we can easily find some solution.

Every company encounter some problem whether big or small problems, but this problem may cause a company to improve or to close. But if an entrepreneurs analyze the situation carefully and use the entrepreneurial skill it may help to easily identify the

cause of the problem. Some problems comes from the resources which are the land, labor, capital, and entrepreneur. There are some instances that a company or business have a problem in terms of their man power there are tendency that the rate of productions of goods and services will decrease so the entrepreneurs need to add their man power so that the production of goods and services may increase, in this case if an entrepreneurs do some solution the tendency is theres an improvement of your business.

This improvement may affect to all the stuff and to the production of goods and services. Theres also some instances that the company have problem in their location the only way they do is to find a appropriate place which can easily access by the costumer. In this case the capability to sale all their product and it may improve your profitability.

12 Knowing the resources in putting up business gives success for their business because it helps you to know what resources needed in putting up a business such as the land, labor, capital and entrepreneur. This four resources have a different role in giving success to your business such as the land, you business in able set a good location of your

to access the customer who will buy your products. The labor or man

power which you consider the production of your product such as goods and services and also help your business to grow and aim a profit. Capital that you need to consider in starting a business, because you can able to start up business without the capital that will support to the needs of your business such as buying the raw materials to produce goods and services, paying the rent of your business, and giving a salary to your workers. The last is the entrepreneur which the one who organizes the three resources such as the land, labor, and capital and have entrepreneurial skill which help to the business and gives success.

In starting business you need to know first this four resources in order for you to know how your business will run, because starting a business is hard when you dont have any experience in handling business. But it will become easy if you consider the factors in starting a business. But it will become easy if you consider the resources as your guide in business which help your business to have staying power in the market, aim a high profit and able to solve the problem which you encounter leads your business to become successful.

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III. CONCLUSION

Therefore we conclude, that knowing the resources in putting up a business can help your business to ensure success and staying power. In the land which you know where is your business will be put up which you consider also the consumer who will be there one buy your products such as goods and services. The labor which is a man power that has a physical or mental effort in creating your products. The capital refers to start up money in your business that you need to buy the raw materials, need to pay the rent of your business that you give fair salary. In the capital also depends the profit of your business. The last one is the entrepreneur which is one of the most thing in business resources, because they are the one who organize the three resources such as land, laborer and the capital.

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IV. WORKSCITED

Inigo, Conrado E. JR., PHD., ( DBE ). Management for Filipinos: Philippine co., 1986. 6-7. Lemaire, Cindy and Walker, Madri Foster. Start and Run an Event Planning Business: USA. International self-counsel Press Ltd. 2005. 23-32. Luistro, Marlon Alexander. Batangueno Clan Rolling in Dough for 57 years.. Inquirer, July 16, 2002, Vol. 22. Nv 218. B2-3. Markham, Edwin. Labor, Colliers Encyclopedia. Vol 15, C69. 031. L8-L9. Personal Interview, February 20, 2012 Riley, Jm. Strategy: Resources of a Business. http://tutur24.net/business/strategy/resources.htm Singzon, Reeza. Business Gear. Entrepreneur (New Business Starter Guide), January.February 2010 Philippine, Vol., Number 101. 56. Ward, Susan. 5 Resources you need to Succeed to Start a Business. http://sbinfocanada.about.com/cs/startup/a/needtosucced.htm.