INVESTING IN YOU...with Arlette L.M. Jeet-Falone MBA
Insights into what production is and its role in the entrepreneurial venture by Arlette L-M Jeet
What production is:
Production is the process by which an idea or vision is physically manifested on the earth. It is a process through which something is created. Capital, labor, land (or natural resources), and entrepreneurship are the four elements that constitute production. The process of converting these inputs to outputs of goods and services is what we call production.
Product design process according to James Moultrie; “The product design process is the set of parallel and sequential technical activities by which an idea is translated into a manufactured reality. This process is distinct from the business process of new product development, which also encompasses the broader organizational aspects of bringing products to market.”
Further Insights into production and its role in the entrepreneurial venture:
Keeping the definition of production in mind it is clear to see that production plays a key role in the entrepreneurial value. The relationship between production and entrepreneurship is ever-present. The entrepreneur’s desire to have his/her idea physically manifested as a product that can be sold for a gain/profit, is foremost within his/her mind.
It is this process of production that is the real vehicle whereby we as entrepreneurs have our vision materialized into products that others can benefit from whilst we obtain some form of profit for allowing our vision to be produced.
One may note that entrepreneurship affects production and it is argued that production is influenced by the entrepreneurial value in the following ways, what entrepreneurs decide to produce, how they decide to produce, how much they decide to produce, quantity and value of what is produced; all affect production. Whilst the actual process of production factors into the entrepreneurial value since the vision of the entrepreneurs has to be produced through some form or process of production. It is further submitted that the entrepreneurial spirit is one that cannot be denied. The entrepreneur will ensure he/she finds a way to have his/her vision produced. This is evidenced in the life of Henry Ford in building the V 8 engine. When his engineering team concluded they could not build it, Mr. Ford simply insisted that they produce it and eventually they did produce what he envisioned.
From the above discussion it is hereby submitted that the main role of production is to be the bridge by which the vision of the entrepreneur is physically manifested. When this vision is produced, not only do the entrepreneur and his/her team receive profit but those to whom these creations are sold, receive the benefit and/or utility from the effort put forward by entrepreneurial teams.
Arlette L-M Jeet
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Napolean Hill. Think and Grow Rich.1937.
Arlette L-M Jeet with her Team
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